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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month without you doing extra work. And these sources simply paid for your car expense.
Have I beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in each 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 job as part of the equation.
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Both conditions"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 back into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point which you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left over. The residual cash is that stream of income or cash flow.  Finally, when we begin looking at such income flows collectively, it will become 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. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you'll soon begin to understand there are two different kinds of people in the 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 create income while costing very minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but made two million dollars each month, it is an asset.
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
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! In addition, you wouldn't care whether this machine billed you 50% interest on your buck before generating you the two bucks 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 click this link order to earn a certain amount of residual income.
Since some people that hear the word get disappointed when they recognize there's a great deal of education and a few significant set up needed visit this page 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 you can look here better than what I had been taught by some of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service must be in the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How can we make certain that it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.