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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these sources simply 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 realized that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of cash coming in every month from various sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even occupation as part of this equation.
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Both terms"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 immediately start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility at the barracks. .
Can be a blissful and passive lifestyle actually possible Is it Feasible to plan my military career for closer to such a lifestyle
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate that you rents at a higher cost that all its expenses and there is still a significant amount left over. The residual money 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 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 begin happening. When you start talking to people about finances you will 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 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 from this source me a million dollars a month but made two million dollars each 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 so was that the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care whether this machine billed you 50 percent interest on your dollar before 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 amount of residual income.
Since some people that hear the word get disappointed when they realize there's a great deal of education and some significant setup required on the front end of the 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 a number of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support should be in the very top. So how can we ensure that we're setting our new property investing business up for massive success How do we make sure 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 our savings towards producing assets... a.k.a. rental properties.