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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing additional work. And those sources simply paid for your car expense.
Perhaps you have beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become rich 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 each month from various sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of the equation.
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Both terms"residual income" and"passive income" attempt 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 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 stay awake while on your 24-hour duty in the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left . The leftover money is that flow of income or cash flow.  Finally, when we begin looking at these income streams collectively, it becomes known as"residual income" .
Ironically, 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 must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll soon begin to understand that there are two different kinds of people in this world: those that understand the difference between an asset discover this and a liability, and those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing very minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but made two million dollars a month, it's an asset.
Honestly, who cares how much you are spending on an advantage every month when it earns you more than what you spend link Now let us take it one step further... what should the spending was automatic and was that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to that machine daily! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your buck before generating one of the two bucks it spit out. .
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Since passive income inherently means 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 term get disappointed when they recognize there is a lot of education and a few significant set up needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I had been taught by a number of my military and veteran mentors. .
As members of click here to read the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army service should be at the very top. So how can we ensure that we are setting our new property investing business up for massive success How do we make certain that it doesn't produce more stress 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.