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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And these sources just paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to become rich 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 sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of this equation.
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Both terms"residual income" and"passive income" try to capture the identical 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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility in the barracks. .
An asset is something which 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 each month. It might be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there's still a significant amount left over. The leftover money is that flow 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 easy... discover here however, with the proper education, Real Estate Investing does NOT need to be difficult. But you must 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 realize 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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Every one of these entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars each month, it is an advantage.
Honestly, who cares how much you are 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 the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine all day! Moreover, you wouldn't care whether this machine charged you 50% interest on your buck prior to generating you the two dollars 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 word get disappointed when they realize there is a lot of education and a few significant set up required on the front end of the 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 believe it would be very hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army support must be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure it doesn't create more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.