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What if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And those resources simply paid for your automobile expense.
Perhaps you have 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 money coming in each month from several resources 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 occupation as part of this equation.
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Both terms"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 quickly snap into it, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility 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 which takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents at a higher cost that all its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow.  Finally, when we begin 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 correct education, Real Estate Investing does NOT have to be hard. However, you must learn and find act.
Now, in case 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 this world: those who understand the difference between an asset and a liability, and the ones 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 those ended up costing me a million dollars each month but made two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month if it earns you more click here to find out more than what you spend Now let's take it one step further... what should the spending was automatic and so was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine daily! In addition, you wouldn't care if that machine billed you 50 percent interest on your buck prior to generating you the two bucks 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 helpful resources to earn a certain amount of residual income.
Since some people who hear the word get disappointed when they realize there is a great deal of education and a few significant set up required 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 a number of my military and veteran mentors. .
As members of the military, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service should be in the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain that it doesn't produce more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.