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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And these resources simply paid for your automobile 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a healthy amount of money coming in each month from several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as a portion of this equation.
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Both conditions"residual income" and"passive income" attempt to capture the identical 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, have a sip of your Monster Energy drink, and try to remain awake 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 away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left over. The leftover cash is that stream of income or cash flow.  Finally, when we begin looking at these income flows collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT have to be hard. However, you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll soon begin to realize 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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Each of those entities are money making systems. They create income while costing very minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but produced two million dollars a month, it's 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's take it one step further... what if the spending was automatic and 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! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because passive income inherently look these up means that internet 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 who hear the term get disappointed when they realize there is a great deal of education and some 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's a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military support must be in the very top. So 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 enjoyment.
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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.