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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources 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 realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in every month from various sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as part of this equation.
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Both terms"residual income" and"passive income" attempt 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty at the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to the point which you can find and buy American Real Estate which you rents at a higher cost that all its expenses and there is still a significant amount left . The leftover cash is that stream of income or cash flow.  Finally, when we begin looking at such income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, go to this web-site with the correct education, Real Estate Investing does NOT need to be difficult. But you have to learn and behave.
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 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 these entities are money making systems. They produce 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, it's an advantage.
Honestly, who cares how much you are 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 so was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care if that machine charged you 50% interest on your buck prior to generating you the two bucks it spit out. .
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Since 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.
Because some people who hear the term get disappointed when they realize there is a great deal of education and a few significant set up required on the see this website front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our military service should be in the very top. So 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 create 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 assets... a.k.a. rental properties.