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Imagine if you just 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.
Have I 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 understood that I DID NOT want to become rich when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even occupation as part of the equation.
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Both terms"residual income" and"passive income" try to capture the identical 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 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 stay alert while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you every month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to the point which you can find and buy American Real Estate which you rents in a higher cost that all its expenses and there is still a significant amount left over. The residual money is that stream of income or cash flow.  Finally, when we begin looking at these 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 need to be hard. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you'll soon begin to understand that there are two different kinds of people in this world: those her latest blog that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each of these entities are money this post making systems. They create income while costing very minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but made two million dollars a month, it's an asset.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what if 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 would be glued to this machine all day! In addition, you wouldn't care if that machine billed you 50 percent interest on your dollar before generating you the two dollars it spit out. .
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Since 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 that hear the term get disappointed when they recognize there's a great deal of education and a few significant setup required 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 was taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service should be at the very top. So how can we ensure that we're setting our new property investing business up for enormous success How do we make sure that 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 of our savings towards producing assets... a.k.a. rental properties.