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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those resources just paid for your car expense.
Perhaps you have beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I understood 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 healthy amount of money coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even job as part of the equation.
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Both terms"residual income" and"passive income" try 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 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, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty in the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to the point which you can find and purchase American Real Estate which you rents at a higher price that all of its expenses and there's still a significant amount left over. The residual money 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 Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be hard. However, you must learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you will 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 those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing quite 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 advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what should 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'd be glued to this machine all day! In addition, you wouldn't care whether that machine billed you 50 percent interest on your buck before generating you 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.
Because some people who hear the term get disappointed when they realize there's a great deal of education and a few significant set up 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 had been taught by a number of my military and veteran mentors. .
As members of the military, we often think go right here it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service should be at the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make certain it doesn't create more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.