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What if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And these resources simply 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 exactly 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'd rather have a healthy amount of money coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military 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 terms"residual income" and"passive income" attempt to capture the same 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 immediately snap back into it, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to the point that you can find and purchase American Real Estate which you rents at a higher cost that all its expenses and there's still a significant amount left over. The leftover cash is that stream of income or cash flow.  Finally, when we begin looking at these income flows collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be difficult. However, you must learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances you'll soon begin to realize 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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Every one of those entities are money making systems. They create income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars each month but made two million dollars each month, it's an asset.
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 site web 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 would be glued to that machine all day! Moreover, you wouldn't care if that machine charged you 50% 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.
Because some people that hear the term get disappointed when they realize there is a great deal of education and a few 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'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 think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our army service should be in the very top. Just how can we ensure that we are setting our new property investing business up for massive success How can we make sure that it doesn't create more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of anchor our savings towards producing assets... a.k.a. rental properties.