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What if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra 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 exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash coming in every month from various 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, project, or even job as part of the equation.
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Both terms"residual income" and"passive income" attempt 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 quickly snap into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point which 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 leftover money is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT have to be hard. But you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks 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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Each of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let's 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! Moreover, you wouldn't care whether this machine billed 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 I do not have to spend the most expensive thing in life, time, in order to earn a certain visit this site right here amount of residual income.
Because some people that hear the term get disappointed when they recognize there is a lot 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 helpful resources quick scheme, but it is a hell of a lot better than what I was taught by a number of my army and veteran mentors. .
As members of the military, we often believe it would be very hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military support should be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure that it doesn't produce more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.