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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources 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 call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each 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, project, or even occupation as a portion 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 into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty in 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 which takes money away from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate which you rents in a higher price that all its expenses and there's still a significant amount over here left . The leftover money is that flow of income or cash flow.  Finally, when we start looking at these income streams collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... 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 you can find out more 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 those entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars a month, it is an asset.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and so was the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine daily! In addition, you wouldn't care whether that machine charged you 50 percent interest on your buck prior to generating one of the two bucks it spit out. .
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Because 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 word get disappointed when they recognize there is a lot of education and a few 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 was taught by some of my dig this army and veteran mentors. .
As members of the military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our military service must be in the very top. So how can we ensure that we are setting our new property investing business up for massive success How can 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.