Residual Income In Poland - Passive Residual Income for Beginners
What if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these resources just paid for your car expense.
Have I beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even occupation as a portion of this equation.
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Both terms"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 back into it, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility at the barracks. .
Can be a blissful and passive lifestyle actually possible Is it Feasible to plan my military career for closer to such a lifestyle
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents in a higher cost that all its expenses and there is still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we begin looking at such income streams collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you'll 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 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 effort or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was that the earning
When 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 daily! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar before generating one of the two bucks it spit out. .
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Because passive income inherently means that I do not need try this site 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 recognize there's a lot of education and some significant setup needed on the front end of their 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 had been taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army support should be in the very top. So how can we ensure that we're setting our new property investing business up for enormous success How do we make sure that it doesn't create more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.