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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these resources simply paid for your automobile 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 realized that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in every month from several 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, job, 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 instantly 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 awake while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every 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, however a long-term way of life and prosperity killer.
Educate yourself to this point which you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we start 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 proper education, Real Estate Investing does NOT have to be hard. But 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 folks about finances you will soon begin to realize there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but produced two million dollars each month, it is an advantage.
Honestly, who cares how much you are spending on an advantage 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 was that the earning
If there was a machine that spit out two visit this web-site 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 before generating one of the two dollars it spit recommended you read 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.
Because some people who hear the word get disappointed when they realize there is a great deal of education and some significant set up required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is 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. As far as our professional prioritiesour army support must be in 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 sure it doesn't produce more stress than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.