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What if you just had two individual sources earning you $250 paychecks ($500 total) each month with no doing additional work. And these sources simply paid for your automobile 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 predict Cashflow.
Again, I understood 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 every month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of 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 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, have 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 each month. It's a lifestyle and wealth 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 way of life and prosperity killer.
Educate yourself to this point which you can find and buy American Real Estate that you rents at a higher cost that all its expenses and there's still a significant amount left . The leftover money is that stream of income or cash flow.  Finally, when we begin looking at these income flows collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper 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 folks about finances you will soon begin to realize there are two different kinds of people in the world: those that understand the difference between an asset and a liability, and those 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 a month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an asset every month if 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 that 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 this machine all day! In addition, you wouldn't care whether this machine check out this site charged you 50 percent interest on your buck prior to generating one of the two bucks 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.
Because some people that hear the term get disappointed when they realize there is a lot of education and a few significant set up needed 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 military, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army service should be in the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make certain that 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 concentrate all our savings towards producing resources... a.k.a. rental properties.