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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And those resources simply 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 call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from various 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, job, or even occupation as part of the 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 immediately begin 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 alert while on your own 24-hour duty in the barracks. .
An asset is something which 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 from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to the point which you can find and buy American Real Estate which you rents in a higher price that all its expenses and there is still a significant amount left over. The residual money is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes known as"residual income." .
Ironically, setting hop over to here up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand that there are two find more info different kinds of people in this 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 produce income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars a 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'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 once you gave it a single dollar bill, you would be glued to that machine all day! Moreover, you wouldn't care if that machine charged you 50 percent interest on your dollar before generating one of the two dollars it spit out. .
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Since passive income inherently means that reference I do not have 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 recognize there's a lot of education and some significant set up needed on the front end of their journey to financial freedom (our"Why"). 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 military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour 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 massive success How can we make sure that it doesn't create more stress than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.