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What if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just paid for your automobile expense.
Perhaps you have 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 predict Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I'd 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 out of my new hobby, job, or even job as part of this equation.
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Both terms"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 into it, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to the point that you can find and purchase American Real Estate that you rents in a higher cost that all its expenses and there is still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we start looking at such income flows 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 have to be difficult. However, you must learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to people my review here about finances you will soon begin to understand that there are two different kinds of people in the world: those who 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 if one of those ended up costing me a million dollars each month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an asset every month when it Extra resources 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'd be glued to that machine daily! Moreover, you wouldn't care if this machine billed you 50% interest on your buck before generating one of the two bucks it spit out. .
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Because passive income inherently means 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 that hear the term get disappointed when they recognize that site there's a great deal of education and a few significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our military support must be in the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make sure that it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.