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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these resources simply paid for your automobile 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 predict Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as a portion of the equation.
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Both terms"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 alert while on your 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate that you rents at a higher price that all its expenses and there other is still a significant amount left over. The residual money is that stream of income or cash flow. Finally, when we start looking at these income streams collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be hard. However, you must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to realize there are two different kinds of people in the world: those that 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 produce income while costing very minimal personal my latest blog post work or time. Even though one of these ended up costing me a million dollars each month but produced 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 if the spending was automatic and was that 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 go to this web-site this machine daily! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar prior to generating one of the two bucks it spit out. .
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Since 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 term get disappointed when they realize there's a lot of education and a few significant set up needed 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 military and veteran mentors. .
As members of the army, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service should be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make certain it doesn't create more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.