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What if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources just paid for your automobile expense.
Have I 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 predict Cashflow.
Again, I understood that I DID NOT want to become rich when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from several resources 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 occupation as a portion 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 instantly 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, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate which you rents at a higher price that all of its expenses and there is still a significant amount left over. The residual money is that stream of income or browse this site cash flow.  Finally, when we start looking at such income streams collectively, it becomes known as"residual income." . you could check here
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 must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will soon begin to understand 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 those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but made two million dollars a month, it's an asset.
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 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 would be glued to this machine daily! Moreover, you wouldn't care if this machine charged you 50 percent 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 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 recognize there's a lot of education and a few significant setup needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich 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 army, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our army service 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 stress than pleasure.
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The trick 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.