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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 those resources simply paid for your car expense.
Have I beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call 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 wholesome amount of cash coming in every 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 job as a portion of the equation.
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Both terms"residual income" and"passive income" try to capture the same 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 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 stay awake while on your own 24-hour responsibility in the barracks. .
An asset is something that 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 from you each month. It may 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 purchase American Real Estate that you rents at a higher cost that all 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 start looking at these income streams collectively, it will Your Domain Name 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 have to be difficult. However, you must learn and act.
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 soon begin to realize that 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. .
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Each of these entities are money making systems. They produce income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but made two million dollars a month, it is an advantage.
Honestly, who cares how much you are spending on an advantage 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 the earning
If 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 daily! Moreover, you wouldn't care if this machine charged you 50% interest on your dollar before generating you the two bucks it spit out. .
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Because passive income inherently means I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people who hear the term get disappointed when they realize there's a great deal of education and a few significant setup needed on the front end of the 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 had been taught by a number of my army 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 additional income. So far as our professional prioritiesour military service should be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How can we make sure it doesn't produce more stress 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 resources... a.k.a. rental properties.