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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources just paid for your car expense.
Have I beaten this concept to death 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 become rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of cash coming in every month from several sources and retire early. Or do WHATEVER I wanted after the army 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 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 awake while on your 24-hour duty 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 that takes money away from you every 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 which you rents at a higher cost that all of its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes 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 have to be difficult. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you'll soon begin to understand that there are two different kinds of people in the world: those that understand the difference between an asset and a liability, and the ones 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 each month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what if 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'd be glued to this machine all day! Moreover, you wouldn't care if this machine charged you 50% interest on your buck before generating one of the two dollars it spit out. .
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Since passive income inherently means I do not have 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 recognize there's 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 fast scheme, but it's a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army service must be at the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure it doesn't create more anxiety than enjoyment.
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The trick is to leverage our VA click here for more info benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.