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What if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources just paid for your automobile expense.
Perhaps you have beaten this concept to departure 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 life during my younger years... I would 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 out of my new hobby, job, or even job as a portion of this equation.
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Both terms"residual income" and"passive income" attempt 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 immediately snap into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty in the barracks. .
An asset is something that 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 prosperity killer.
Teach yourself to this point which you can find and buy American Real Estate that you rents at a higher cost that all its expenses and there's still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we begin looking at these income streams collectively, it will become known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need check out this site to be hard. However, 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 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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Every one of those entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of these 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 if it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was the earning
If 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! In addition, you wouldn't care whether that machine billed you 50 percent interest on your dollar 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 who hear the word get disappointed when they recognize there is a lot of education and a few significant set up required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our military service should be in the very top. Just how can we ensure that we're setting our new property investing business up for massive success How do we make sure it doesn't create more anxiety 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.