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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just paid for your car expense.
Perhaps you have beaten this concept to departure at this point Good. 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 be rich when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from several sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, 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 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 immediately snap into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty 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 away from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents in a higher price that all its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow.  Finally, when click for info we begin looking at such income streams collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and act.
Now, if 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 who understand the difference between an asset and a liability, and those 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 made two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what should 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 that machine daily! In addition, you wouldn't care if that machine billed you 50% interest on your buck prior to generating you the two dollars it spit out. .
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Because passive income inherently means that I do not have 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 recognize there's a lot of education and a few significant setup required on the front end of their 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 was taught by some of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support 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 can we make sure that it doesn't create more anxiety than pleasure.
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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.