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What if you just had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And those resources simply paid for your car expense.
Have I beaten this concept to death 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 if it cost me my life during my younger years... I would rather have a wholesome amount of money coming in each month from several 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 a portion of the equation.
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Both terms"residual income" and"passive income" attempt to capture the same 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 stay awake while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every 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 might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Educate yourself to the point that you can find and purchase American Real Estate which you rents at a higher price that all of its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes 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 have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you'll soon begin to realize that 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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Every one of these entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of those 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 are spending on an advantage every link month when it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to that machine daily! Moreover, you wouldn't care whether that machine billed you 50% interest on your see this buck before generating one of the two dollars it spit out. .
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Since 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.
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 required 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 a number of my army and veteran mentors. .
As members of the military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our army service must be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make sure it doesn't produce more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.