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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these resources 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 realized that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash coming in each month from several resources and retire early. Or do WHATEVER I wanted after the military 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 terms"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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately 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 that puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there's still a significant amount left over. The residual money is that flow of income or cash flow.  Finally, when we start looking at these 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 news NOT have to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll 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 the ones that will NEVER be wealthy. .
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Every one of these 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 produced two million dollars a month, it's an asset.
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
If there was a machine that spit out two dollar bills after 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 dollar before generating one of the two bucks it spit out. .
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Since passive income inherently means I do not need to spend the most expensive thing in life, time, in order to find more info 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 set up needed on the front end of their 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 additional info what I was taught by a number of my army and veteran mentors. .
As members of the military, we often think it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our military service should be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain that it doesn't create 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 resources... a.k.a. rental properties.