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What if you just had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these resources simply paid for your car 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 understood 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 several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even occupation as a portion of the equation.
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Both terms"residual income" and"passive income" attempt 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 begin 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, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket every month. It is 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 prosperity killer.
Educate yourself to this point that you can find and buy American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left . The residual cash is that stream of income or cash flow. Finally, when we start looking at such income flows collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to realize there are two different kinds of people in this 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 produce income while costing quite minimal personal work or time. Even if one of these 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 why not check here an advantage every month if it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was that the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine daily! In addition, you wouldn't care if that machine charged you 50% interest on your buck before generating you the two dollars it spit out. .
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Since passive income inherently means that 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 that hear the term get disappointed when they realize there is a lot of education and some 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 was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service 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 can we make certain it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.