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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And these sources just 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from several sources 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, project, or even occupation as part of the equation.
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Both conditions"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 instantly 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 alert while on your own 24-hour duty at the barracks. .
An asset is something that 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 from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to this point which you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left over. The residual cash is that stream of income or cash flow.  Finally, when we begin looking at such income streams collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be difficult. 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 folks about finances you'll soon begin to understand that 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 wealthy. .
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Each of those entities are money making systems. They produce income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars a month but made two million dollars each month, it is an asset.
Honestly, who advice cares how much You're spending on an asset every month when it earns you more than what you spend Now let's 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 this machine all day! In addition, you wouldn't care whether this machine charged 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 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 that hear the word get disappointed when they recognize there's a great deal of education and a few significant setup required on the front end of their 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 army and veteran mentors. .
As members of the military, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support must 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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The trick is to leverage our VA benefits, minimize our personal click over here now housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.