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What if you had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just 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 what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of cash coming in every month from several sources 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 part of this equation.
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Both conditions"residual income" and"passive income" attempt 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 instantly 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, have a sip of your Monster Energy drink, and try to remain awake while on your 24-hour responsibility in 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, however a long-term way of life and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents in 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 streams 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 NOT need to be difficult. But you have to learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you'll soon begin to realize there are two different kinds of people in this 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 those entities are money making systems. They create 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 each month, it is an asset.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and so was that the earning
When there was a machine that spit out two dollar browse around this web-site bills once you gave it a single dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care if that machine charged you 50 percent interest on your dollar prior to 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 that hear the term get disappointed when they realize there is a great deal of education and a few significant setup needed 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. .
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 at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure it doesn't create more anxiety 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.