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What if you just had two individual sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources just paid for your automobile 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 what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even job as part of the equation.
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Both terms"residual income" and"passive income" try to capture the same 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 in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left over. The leftover money is that stream 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 have to be hard. However, you have to 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 understand that there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of these entities are money making systems. They create income while costing quite minimal personal work or visit our website time. Even if one of these ended up costing me a million dollars each month but made two million dollars a month, it's an asset.
Honestly, who cares how much You're 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 the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this 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 I do not need 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 great deal 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 quick scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do we make sure that it doesn't produce 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 assets... a.k.a. rental properties.