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What if you just had two separate sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And these resources simply paid for your car expense.
Have I 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 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 wholesome amount of money coming in each month from various sources and retire early. Or at least do WHATEVER I wanted after the army 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 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 start 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 alert while on your own 24-hour responsibility in 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 which takes money from you every month. It may 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 purchase American Real Estate that you rents at a higher price that all its expenses and there is still a significant amount left over. The residual cash is that flow of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be hard. But you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to realize that there are two different kinds of people in this world: those that understand the difference look at here now 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 if 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 advantage every month if 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 after you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether that machine billed you 50% interest on your buck prior to generating one of the two dollars it spit out. .
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Because passive income inherently means that this hyperlink 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 term get disappointed when they realize there's 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 fast scheme, but it's a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the military, we often think see page it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our military service must be in the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How do we make sure that it doesn't produce more stress 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 assets... a.k.a. rental properties.