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What if you just had two individual sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to death 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 understood that I DID NOT want to become rich when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even job as part of the equation.
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Both conditions"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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money away from you every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and purchase American Real Estate that you rents in a higher price 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 these income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be difficult. 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 folks about finances you'll soon begin to understand that there are this article two different kinds of people in the 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 work or time. Even if one of those ended up costing me a million dollars each month but produced two million dollars each month, it's an asset.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and was the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care if this 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 need 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 word get disappointed when they realize there is a great deal of education and some significant set up required 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 army and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our military support must be at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure that it doesn't create more stress 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 assets... a.k.a. rental properties.