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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And those sources simply paid for your automobile expense.
Perhaps you have 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 realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of cash coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even occupation as part of this equation.
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Both conditions"residual income" and"passive income" try to capture the identical 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to the point that you can find and purchase American Real Estate which you rents in a higher cost 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 such income flows collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, pop over to this web-site with the proper 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 people about finances you'll soon begin to understand 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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Each of these entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it's an advantage.
Honestly, who cares like this how much you are spending on an asset every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine all day! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar prior to generating you the two dollars it spit out. .
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Since passive income inherently means I do not have 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 recognize there's a lot of education and some 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 military and veteran mentors. .
As members of the army, we often think it would be very hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army support must 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 produce more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.