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What if you just had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And these resources simply 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 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 lifestyle during my younger years... I'd rather have a healthy amount of money coming in each month from various resources and retire early. Or do WHATEVER I wanted after the army 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 conditions"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 begin 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 awake while on your own 24-hour responsibility at 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 each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and buy American Real Estate which you rents at a higher cost that all of its expenses and there is still a significant amount left over. The leftover cash is that stream of income or cash flow. Finally, when we start looking at such income streams 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 have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will that site soon begin to realize there are two different kinds of people in this 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 those entities are money making systems. They produce income while costing very minimal personal work or time. Even if one of these 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 are 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 so was that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care if this machine charged you 50% interest on your buck prior to generating you the two dollars it spit out. .
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Because passive income inherently means 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 that hear the word get disappointed when they realize there's a great deal of education and a few 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 some of my military and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army service should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do 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 focus all of our savings towards producing assets... a.k.a. rental properties.