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What if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources simply paid for your automobile 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 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 would rather have a wholesome amount of money coming in each month from several 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 a portion of this equation.
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Both terms"residual income" and"passive income" attempt 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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty in the barracks. .
An asset is something that 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 every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents at a higher cost that all of its expenses and there is still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we start looking at such income streams collectively, it will become 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. But you must learn and behave.
Now, if 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 that 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 those entities are money making systems. They create income while costing very minimal personal work or time. Even if one of these ended up costing me a million dollars each month but made two million dollars a 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 should the spending was automatic and so was 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 that machine daily! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar prior to generating one of the two dollars it spit out. .
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Because passive income inherently means 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 word get disappointed when they realize there is a great deal 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 fast scheme, but it is 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 exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service should be at the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How do we make certain it doesn't create more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards visit this site right here producing resources... a.k.a. rental properties.