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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just paid for your automobile expense.
Have I beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from various 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, project, or even job as part of this equation.
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Both terms"residual income" and"passive income" try 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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility in the barracks. .
Can be a blissful and passive lifestyle actually possible Is it possible to plan my military career for nearer to such a lifestyle
An asset is something that puts money in your pocket every 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 may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate which you rents in a higher price that all of 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 begin looking at these income streams 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 need to be hard. However, you must learn and act.
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 will soon begin to realize there are two different kinds of people in the 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 produce income while costing very minimal personal work or time. Even if one of those ended up costing me a million dollars a month but produced two million dollars each month, it's 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 should the spending was automatic and was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to Read Full Article this machine daily! In addition, you wouldn't care whether that machine charged you 50% interest on your buck before generating one of the two bucks it spit out. .
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Because passive income inherently means that I do not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people that hear the term get disappointed when they realize there is a great deal of education and some significant setup 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 had been taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army support must be at the very top. So how can we ensure that we're setting our new property investing business up for enormous success How can we make sure it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.