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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these 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 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 life during my younger years... I'd rather have a wholesome amount of money 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 a portion 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 stay alert while on your own 24-hour responsibility 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 which takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to the point that you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there is still a significant amount left . The residual cash is that stream of income or cash flow. Finally, when we begin looking at such income flows straight from the source collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be difficult. 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 folks about finances you'll soon begin to realize 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 though one of these 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 was 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 all day! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar before generating one of the two dollars it spit out. .
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Since 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.
Because some people who hear the term get disappointed when they realize 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 had been taught by some of my army and veteran mentors. use this link .
As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure that it doesn't produce more stress than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.