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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 those sources just paid for your car expense.
Perhaps you have beaten this concept to death at this point Good. 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 become rich when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of cash 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 job as part of the equation.
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Both terms"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, take a sip of your Monster Energy drink, and try to stay alert while on your 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 from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to the point that you can find and purchase American Real Estate which you rents at a higher price that all 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 collectively, it will become 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, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you'll soon begin to understand that there are two different kinds of people in this world: those that 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 here personal work or time. Even though one of these ended up costing me a million dollars a month but made two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was the earning
When 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 daily! In addition, you wouldn't care if this machine billed you 50% interest on your buck prior to generating you the two dollars it spit out. .
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Since passive income inherently means that I do not need to spend the most expensive thing in life, time, in order to earn a certain you could look here amount of residual income.
Since some people who hear the term get disappointed when they recognize there is a great deal of education and a few significant set up required 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 what I had been taught by some of my army and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our military support should be at the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How do we make certain that it doesn't create Get the facts more stress than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.