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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources 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 exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from several resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as a portion of the equation.
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Both conditions"residual income" and"passive income" try 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 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, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity 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 lifestyle and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there is still a significant amount left over. The residual 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 easy... however, with the correct education, Real Estate Investing does NOT need to be difficult. 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'll 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 those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an advantage 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 so was 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 that machine daily! In addition, you wouldn't care if that machine billed you 50 percent interest on your dollar before generating you the two bucks it spit out. .
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Because 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 who hear the term get disappointed when they realize there's a great deal of education and some significant setup needed on the front end of the navigate here journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I was taught by a number of my army 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 extra income. So far as our professional priorities, our army service must be at the very top. Just how can we ensure that we are setting our new property investing business up for enormous success How do we make certain it doesn't create more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.