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What if you just had two individual sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And those sources just paid for your automobile expense.
Perhaps you have beaten this concept to departure 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 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 several resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of the 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty in 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 which takes money away from you every month. It may be a temporary lifestyle enhancer, but 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 in a higher cost that all of its expenses and there's still a significant amount left over. The leftover money is that flow of income or cash flow. Finally, when we begin looking at such income streams 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 need to be difficult. But you must learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you'll soon begin to this article understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. check it out .
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Each of these entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars a month, it is an advantage.
Honestly, who cares how much you are spending on an asset every month when 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 that 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! Moreover, you wouldn't care if this machine charged you 50% interest on your dollar prior to generating you the two dollars it spit out. .
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Since passive income inherently means that I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that hear the word get disappointed when they realize there's a great deal 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 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 extra income. So far as our professional prioritiesour military support must be at the very top. So how can we ensure that we're setting our new real estate investing business up for enormous 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 concentrate all our savings towards producing resources... a.k.a. rental properties.