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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources just paid for your car expense.
Perhaps you have beaten this concept to death at this point Great. 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 be rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash 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 job as a portion of the equation.
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Both terms"residual income" and"passive income" try 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 back into it, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty in the barracks. .
An asset is something that puts money in your pocket each month. It's 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 lifestyle and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents at a higher cost that all of its expenses and there's still a significant amount left over. The residual cash is that flow of income or cash flow. Finally, when we start looking at such income streams collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct have a peek at this site education, Real Estate Investing does NOT have to be difficult. However, you must learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you will 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 the ones that will NEVER be wealthy. .
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Each of these entities are money making systems. They create income while costing very minimal personal work or time. Even if one of those ended up costing me a million dollars a month but produced two million dollars a month, find out this here 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 us 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 once you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck prior to generating one of the two bucks it spit out. .
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Because passive income inherently means that I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people that hear the term get disappointed when they realize there's a lot of education and a few significant setup 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 army and veteran mentors. .
As members of the army, we often think 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 at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How do we make certain that 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 concentrate all our savings towards producing resources... a.k.a. rental properties.