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What if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And those sources just paid for your automobile 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 understood that I DID NOT want to become rich when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in every month from various resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation 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 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, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty at the barracks. .
An asset is something which 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 lifestyle and prosperity killer.
Teach yourself to this point that you can find and buy American Real Estate which you rents in a higher cost that all its expenses and there's still a significant amount left . The leftover money is that flow of income or cash flow. webpage Finally, when we start looking at these income streams collectively, it will become known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be difficult. But 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 this world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each of those entities are money making systems. They produce income while costing very minimal personal work or time. Even if one of these ended up costing me a million dollars each month but made two million dollars each 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 us 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 once you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care if this machine charged you 50 percent interest on your dollar prior to generating one of the two dollars it spit out. .
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Since passive income inherently means that 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 that hear the term get disappointed when they realize there is a lot 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 quick scheme, but it's a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military service should be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure it doesn't produce more anxiety than pleasure.
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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.