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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And these resources just paid for your automobile expense.
Perhaps you have beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to become rich when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from various 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 part of the equation.
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Both conditions"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 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 which puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to this point that you can find and buy 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 leftover cash is that stream of income or cash flow. Finally, when we begin looking at such income streams collectively, it will become 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 difficult. However, you have to learn and act.
Now, in case 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 there are two different kinds of people in this world: those that 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 very minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it is an advantage.
Honestly, who cares how much you are 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 so was the earning
If 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 daily! Moreover, you wouldn't care if 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 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 term get disappointed when they realize there is a lot of education and some significant setup required on the front end of the journey to financial freedom (our"Why"). my sources Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I was taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army support should be at the very top. Just how can we ensure that we are setting our new property investing business up for enormous success How do we make sure it doesn't produce 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.