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What if you had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those sources simply paid for your car expense.
Have I beaten this concept to death at this point Good. 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 become rich 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 each month from various resources 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 job as a portion of the equation.
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Both terms"residual income" and"passive income" try 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and prosperity 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 way of life and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate which you rents at 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 start looking at these income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be hard. But you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you'll soon begin to realize that 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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Every one of these entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of those 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're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and was the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care whether that machine charged you 50 percent interest on your dollar before generating you the two dollars it spit out. .
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Because passive income inherently means I do not need to spend the most expensive thing in life, great site time, in order to earn a certain amount of residual income.
Because some people who hear the word get disappointed when they recognize there's 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 quick scheme, but it's a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military support must be in the very top. So how can we ensure that we are setting our new property investing business up for enormous success How do we make sure it doesn't create more stress 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.