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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources just 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 call Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 if it cost me my life during my younger years... I'd rather have a healthy amount of cash 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, job, or even occupation as part of this 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 immediately 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 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents in a higher price that all of its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow. Finally, when we begin 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 proper education, Real Estate Investing does NOT have to be hard. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll soon begin to understand 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 create income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars each month but click to read made two million dollars each 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 the earning
If 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 this machine billed you 50% interest on your buck prior to generating you the two dollars 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.
Because some people who hear the term get disappointed when they realize there is a great deal of education and some significant setup 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 had been taught by a number of my army and veteran mentors. .
As members of the army, we often think 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 massive success How do we make certain it doesn't create more stress than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.