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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these sources simply paid for your car 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 be rich when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in each month from several sources and retire early. Or 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 same 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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty in the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we begin looking at such income flows collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be difficult. But you must learn and act.
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 who understand the difference 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 effort or time. Even if one of these ended up costing me a million dollars a month but made two million dollars each month, it's an asset.
Honestly, who cares how much you are spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine all day! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck before 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.
Because some people who hear the term get disappointed when they realize there is a lot of education and a few significant setup needed 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 military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service must be in the very top. So how can we ensure that we are setting our new real estate blog here investing business up for massive success How can we make certain that it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.