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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these sources simply paid for your car expense.
Have I 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 be rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the military 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 terms"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 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 stay alert while on your own 24-hour responsibility at the barracks. .
An asset is something that 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 every month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to this point which you can find and buy American Real Estate which you rents at a higher cost that all of its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we start 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 correct education, Real Estate Investing does NOT have to be hard. However, you must learn and act.
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 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 these Visit This Link entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars each month, it is an asset.
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'd be glued to that machine all day! Moreover, you wouldn't care whether this machine billed you 50 percent interest on your dollar before generating one of 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.
Since some people who hear the word get disappointed when they recognize there's 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 quick scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. . visit the website
As members of the military, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military support should be in the very top. his comment is here So how can we ensure that we're setting our new property investing business up for enormous success How do we make certain that it doesn't create more stress than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.