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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional 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 exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even job as part of the equation.
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Both conditions"residual income" and"passive income" try to capture the identical 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 start 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 remain alert while on your own 24-hour duty at the barracks. .
An asset is something that puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to this point that you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there is still a significant amount left . The residual money is that flow of income or cash flow.  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 need to be hard. However, you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to folks 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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Every one of these entities are money making systems. They create income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an advantage 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 so was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine daily! In addition, you wouldn't care whether that machine charged you 50 percent interest on your dollar before generating you the two bucks 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 recognize there is a lot of education and a few 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 military and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as internet our professional prioritiesour army support must be at the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make certain that it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus my link all our savings towards producing resources... a.k.a. rental properties.