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What if you just had two separate sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources just paid for your car expense.
Have I 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 realized that I DID NOT want to become wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome 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 from my new hobby, project, or even occupation as part of this equation.
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Both conditions"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 immediately start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap 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. .
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 each month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents in a higher price that all its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow. Finally, when we start looking at such income flows collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the proper 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 begin 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 the ones 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's an asset.
Honestly, who cares how much you are 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 was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine all day! In addition, you wouldn't care if that machine charged you 50% interest on your dollar before generating you the two dollars it spit out. .
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Since 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.
Because some people who hear the word get disappointed when they realize there's a lot of education and a few significant set up required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick 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 very hard, or perhaps even impossible, for next us to find time to earn additional income. So far as our professional priorities, our military support should be at the very top. So how can we ensure that we are setting our new property investing business up for enormous success How do we make sure it doesn't create more stress 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 producing resources... a.k.a. rental properties.