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What if you just had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And these 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 exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to be 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 each month from several sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even job as a portion of the equation.
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Both conditions"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 instantly 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 24-hour responsibility at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every month. It may be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Teach yourself to the point which you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left . The leftover money is that stream of income or cash flow. Finally, when we start looking at these income flows collectively, it becomes known as"residual look at more info 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 difficult. But you have to learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you will soon begin to understand that there are two different kinds of people in the world: those that 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 this very minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars each month, it's an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what if 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 would be glued to this machine daily! Moreover, you wouldn't care if that machine billed you 50% interest on your dollar before generating you the two hop over to here 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.
Since some people that hear the word get disappointed when they recognize there's a lot of education and a few significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is 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 think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our army service must be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How can we make sure that it doesn't produce more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.