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What if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra 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 exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in every month from various resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, 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 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 remain 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 prosperity multiplier.
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A liability is something that takes money away from you each month. It might be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Educate yourself to this point which you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there's still a significant amount left over. The leftover 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 easy... however, with the proper education, Real Estate Investing does NOT need to be difficult. But you must learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start 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 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 effort or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is 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's 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 once you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine charged you 50 percent interest on your dollar before generating one of the two dollars it spit out. .
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Because passive income inherently means that 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 who hear the word get disappointed when they recognize there's a lot of education and a few significant setup required on the front end of the More hints 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 army and veteran mentors. .
As members of the military, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service should be in the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How can we make certain that it doesn't produce more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.