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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources simply paid for your car 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 realized 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 healthy amount of money coming in every 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, project, or even occupation 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 instantly begin 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 stay awake 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 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.
Teach yourself to the point that you can find and purchase American Real Estate which you rents in a higher cost that all its expenses and there's still a significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we begin looking at such income flows collectively, it becomes 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 have to be difficult. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you will soon begin to understand there are two different kinds of people in the world: those who understand the difference pop over here between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but made two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an advantage 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 was that the check 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 that machine daily! Moreover, you wouldn't care if that machine billed you 50% interest on your buck before generating one of the two dollars 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 who hear the word get disappointed when they realize there's a lot of education and some significant set up needed 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 a number of my army and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military service should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure it doesn't produce more anxiety than enjoyment.
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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 assets... a.k.a. rental properties.