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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just 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 exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 if it cost me my life during my younger years... I would 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 army 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 terms"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 instantly start 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, 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 that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to the point which you can find and buy American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant amount left over. The residual money is that stream of income or click now 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 correct education, Real Estate Investing does NOT need to be difficult. But you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks 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 those 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 work or time. Even though one of those ended up costing me a million dollars a month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck prior to generating one of 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 that hear the term get disappointed when they recognize there is a lot of education and some significant set up needed on the front end of the 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 was taught by some of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military service must be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure that it doesn't create more stress than pleasure.
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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.