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What if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources simply paid for your automobile expense.
Have I 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 when it cost me my life during my younger years... I'd rather have a healthy amount of cash coming in each month from several sources 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 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 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 every month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher cost that all its expenses and there is still a significant amount left over. The residual cash is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with go to these guys the proper education, Real Estate Investing does NOT have to be hard. But you have to 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 realize there are two different kinds of people in this world: those who 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 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 made two million dollars each month, additional info it's an asset.
Honestly, who cares how much you are spending on an advantage every month when it earns you more than what you spend Now let us 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 would be glued to that machine daily! Moreover, you wouldn't care whether that machine billed you 50% interest on your dollar before generating one of 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, find in order to earn a certain amount of residual income.
Because 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 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 some of my military and veteran mentors. .
As members of the military, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our military support must be in the very top. So how can we ensure that we are setting our new property investing business up for enormous success How do we make sure that it doesn't produce more stress than pleasure.
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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.