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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources simply paid for your automobile expense.
Have I 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 predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in every month from several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even job as part of the equation.
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Both conditions"residual income" and"passive income" attempt 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 immediately 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, take a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket every 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, however a long-term lifestyle and wealth killer.
Educate yourself to the 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 begin looking at such income streams 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. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will 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 these entities are money making systems. They create income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars a month, it's an advantage.
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 was that the earning
When there was a machine that Click Here spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether that machine charged you 50% interest on your buck before generating one of the two bucks it spit out. .
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Since 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 that hear the term get disappointed when they realize there's a great deal of education and a few significant set up required 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 was taught by some of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military 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 can 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 read the article personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.