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What if you just had two individual sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And these resources simply paid for your automobile expense.
Have I beaten this concept to death at this point Good. 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 wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in every month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even occupation as a portion of the equation.
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Both terms"residual income" and"passive income" try 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, take a sip of your Monster Energy drink, and try to remain awake while on your 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket each month. It's 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, but a long-term way of life and prosperity killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents at a higher price that all its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we begin looking at such income flows collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be hard. But you have to learn and behave.
Now, in case 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 the ones 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 effort or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an asset 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 that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care if that machine billed you 50% interest on your dollar prior to 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 realize there is a lot of education and a few significant setup needed on the front end of the 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 had been taught by a number of my army 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 prioritiesour army support should be at the very top. So how can we ensure that we're setting our new real estate investing business up for enormous success How do we make sure that it doesn't create more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our Related Site savings towards producing assets... a.k.a. rental properties.