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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing extra work. And those resources just paid for your car 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 what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in every month from several sources and retire early. Or 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 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 start 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 alert while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point which you can find and buy American Real Estate which you rents at a higher cost that all its expenses and there is still a Clicking Here significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we start looking at these income streams collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need 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 begin article source talking to folks about finances you will soon begin to understand there are two different kinds of people in this 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 create income while costing quite minimal personal work or time. Even though one of those ended up costing me a million dollars each month but made two million dollars a month, it is 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 if the spending was automatic and so 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 this machine daily! In addition, you wouldn't care if that machine charged you 50% interest on your dollar before generating you the two dollars it spit out. .
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Since passive income inherently means I do not need 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 realize there is a great deal of education and a few significant set up required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick 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 military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support must be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make sure it doesn't create more anxiety than enjoyment.
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They key is his explanation to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.