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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And those resources just paid for your automobile expense.
Have I beaten this concept to departure 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 life during my younger years... I would rather have a wholesome amount of cash coming in each month from various 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 mechanically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately 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, have 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 each month. It is a lifestyle and prosperity multiplier.
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A liability is something that 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 that you can find and buy American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left . The leftover money is that stream of income or cash flow.  Finally, when we begin looking at such income flows collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you'll soon begin to realize that there are two different kinds of people in the 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 these entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars a month but made two million dollars each month, it's 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 us take it one step further... what if the spending was automatic and was that 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 all day! In addition, you wouldn't care whether this machine charged you 50 percent interest on your buck prior to generating you 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.
Since some people who hear the word get disappointed when they recognize there is a lot of education and some significant setup required on the front end of their 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 military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. As far look these up as our professional prioritiesour military service should be at the very top. So how can we ensure that we're setting our new property investing business up for enormous success How can we make certain that it doesn't produce more anxiety than enjoyment.
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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 assets... a.k.a. rental properties.