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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources simply paid for your car expense.
Have I beaten this concept to death 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 realized that I DID NOT want to be rich when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of money coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as a portion of the equation.
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Both terms"residual income" and"passive income" try to capture the identical 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 quickly snap into it, have a sip of your Monster Energy drink, and try to remain alert while on your own 24-hour duty in the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth 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 way of life and prosperity killer.
Teach yourself to this point that you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there's still a significant amount left . The leftover cash is that stream look at this site of income or cash flow.  Finally, when we start looking at these income streams collectively, it becomes known as"residual income." .
Admittedly, 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. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand that 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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Each of those entities are money making systems. They create income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but made two million dollars a month, it is 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's take it one step further... what should the spending was automatic and was the earning
When 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! Moreover, you wouldn't care if that machine billed you 50 percent interest on your dollar prior to generating you the two dollars 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 that hear the word get disappointed when they recognize there is a great deal of education and a few significant setup needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich navigate to this site 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 army, we often think it would be very hard, or maybe even content impossible, for us to find time to earn extra income. So far as our professional prioritiesour army support should be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How do we make sure that 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.