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What if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these sources simply paid for your car expense.

Have I 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 call Cashflow.

Again, I understood that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a healthy amount of cash coming in each month from various sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation 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 mechanically." For the sake of brevity, I will only be using both terms interchangeably.

After hearing the words"passive income,", many of us instantly begin 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. .

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Is a blissful and passive lifestyle really possible Is it possible to plan my army career for nearer to such a lifestyle

An asset is something which puts money in your pocket every month. It is a lifestyle and prosperity multiplier.

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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth 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 over. The residual cash is that stream of income or cash flow.   Finally, when we begin looking at these 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 have to be hard.  However, you have to learn and behave.

Now, if you all of the above makes sense, a funny thing will begin happening.  When you begin talking to folks 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 the ones that will NEVER be wealthy. .

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Every one of those entities are money making systems. They create income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars each month but made two million dollars a month, it is an asset.

Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and was that the earning

If there was a machine that spit out two dollar bills once you gave it a single visit this web-site dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care if this machine billed you 50 percent interest on your dollar before generating you the two bucks 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 who hear the word get disappointed when they recognize there is a lot of education and some 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 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 hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our army support should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How can we make certain that it doesn't create more stress than enjoyment.

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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.

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