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Imagine if you had two individual sources 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 call Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the military 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 conditions"residual income" and"passive income" try to capture the same concept of,"making money mechanically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something that takes money from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to the point that you can find and buy American Real Estate that you rents at a higher cost that all of its expenses and there's still a significant amount left . The residual cash is that flow of income or cash flow.  Finally, when we start looking at such income flows collectively, it will become known as"residual income." .
Admittedly, setting up your own Real Estate click to investigate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT have to be hard. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will soon begin to understand there are two different kinds of people in the world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of these entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but produced two million dollars a month, it is an asset.
Honestly, who cares how much you are spending on an asset every month when 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 once you gave it a single dollar bill, you'd be glued to this machine daily! Moreover, you wouldn't care whether this machine billed you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because passive income inherently means that I do not need 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 i loved this term get disappointed when they realize there's a lot of education and some significant set up needed on the front end of the journey 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 was taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service must be at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How can we make sure that it doesn't create more anxiety than enjoyment.
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They key 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.