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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources 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 what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of money coming in each month from several 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 occupation 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 automatically." 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 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 that takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant why not try here amount left . The residual 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 simple... however, with the correct education, Real Estate Investing does NOT have to be hard. But you must learn and why not try these out act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people 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 the ones that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much You're spending on an advantage 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 check these guys out 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! In addition, you wouldn't care if this machine billed you 50 percent interest on your dollar before generating you 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.
Because some people who hear the word get disappointed when they recognize there is a lot of education and some significant set up needed 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 some of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military support should be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure it doesn't create more stress than pleasure.
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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.