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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those resources just paid for your automobile expense.
Have I beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I understood 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 healthy amount of cash coming in each month from several sources 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 occupation 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 instantly begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take a sip of your Monster Energy drink, and try to remain 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 that takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Teach yourself to this point that you can find and buy American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left over. The leftover money is that flow of income or cash flow. Finally, when we start looking at such income flows 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 have to be difficult. However, you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances basics you will soon begin to understand there are two different kinds of people in this world: those that 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 quite minimal personal work or time. Even if one of these ended up costing me a million dollars each month but made two million dollars each month, it's an asset.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what anchor you spend Now let us take it one step further... what should the spending was automatic and was that 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 this machine daily! Moreover, you wouldn't care whether that machine charged you 50% interest on your buck prior to 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.
Because some people who hear the word get disappointed when they recognize there's a great deal of education and a few significant setup needed on the front end of the 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 have a peek here had been taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military service should be in the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make certain 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.