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What if you just had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to become wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from several resources 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, job, or even occupation as part of this equation.
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Both conditions"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 instantly begin 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, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty 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 from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow. Finally, when we start looking at these income flows collectively, it will become 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 hard. However, you must learn and behave.
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'll soon begin to realize that there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars a month but produced two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and was that 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! Moreover, you wouldn't care if this machine billed you 50% interest on your dollar find out this here prior to generating you the two dollars 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.
Since some people who hear the term get disappointed when they recognize there is 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 very difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our army service should be in the very top. So how can we ensure that we're setting our new property investing business up for enormous success How can we make certain it doesn't create more stress 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 resources... a.k.a. rental properties.