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What if you had two separate sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources 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 predict Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 if 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 do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of the equation.
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Both terms"residual income" and"passive income" attempt to capture the same 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 instantly begin 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 alert while on your own 24-hour responsibility at the barracks. .
An asset is something that puts money in your pocket every month. It is 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 way of life and wealth killer.
Teach yourself to the point that you can find and purchase American Real Estate that you rents in a higher cost that all its expenses and there is 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 becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be difficult. But you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you will 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 those that will NEVER be wealthy. .
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Each of those entities are money making systems. They produce income while costing quite minimal personal work or time. Even though 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're spending on an advantage every month if it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck before generating you the two bucks it spit check my reference out. .
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Because 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.
Because some people who hear the word get disappointed when they recognize there's a great deal 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 go right here a number of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army support must be at the very top. Just how can we ensure that we are setting our new property investing business up for massive success How do we make certain it doesn't create more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.