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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources simply 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 what Real Estate Investors call 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 healthy amount of money coming in each 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 a portion of this equation.
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Both conditions"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 instantly 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, take a sip of your Monster Energy drink, and try to remain alert while on your own 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we begin looking at these income streams collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be difficult. However, you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin 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 read this article 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 very minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but blog here made two million dollars a month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month if 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 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 this machine daily! In addition, you wouldn't care if that machine charged you 50% interest on your buck prior to 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.
Since some people who hear the word get disappointed when they realize there's a great deal of education and some significant setup required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I had been taught by a number of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military support must be at the very top. Just how important link can we ensure that we're setting our new property investing business up for massive success How do we make certain it doesn't produce more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.