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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those sources simply paid for your automobile expense.
Have I beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even job as part of this equation.
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Both terms"residual income" and"passive income" attempt to capture the identical concept of,"making money automatically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty in the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Educate yourself to this point which you can find and buy American Real Estate which you rents at a higher cost that all of its expenses and there's still a significant amount left over. The residual cash is that flow of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT have to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you'll soon begin to realize there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and the ones that will NEVER be Resources wealthy. .
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Every one of those entities are money making systems. They create income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an advantage every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was that the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine all day! In addition, you wouldn't care whether that machine billed you 50% interest on your dollar before generating one of the two dollars it spit out. .
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Because passive income inherently means that I do not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people who hear the term get disappointed when they recognize there's a great deal of education and a few significant set up required on the front end of their journey this page to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I had been taught by some of my army and veteran mentors. .
As members read the full info here of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army service must be in the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make certain it doesn't create more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.