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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these sources just paid for your automobile expense.
Perhaps you have beaten this concept to departure 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 wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in each month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even occupation as part of the equation.
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Both conditions"residual income" and"passive income" try 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 start 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, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Teach yourself to this point which you can find and buy American Real Estate which you rents in a higher price that all its expenses and there is still a significant amount left over. The residual cash is that flow of income or cash flow. Finally, when we begin looking at such income streams collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be difficult. But you have to learn and behave.
Now, if you you can look here all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances you will soon begin to realize that there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars a month, it's an asset.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's 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 after you gave it a single dollar bill, you would be glued to this machine all day! Moreover, you wouldn't care if that machine billed you 50% interest on your buck before generating one of the two dollars it spit out. .
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Since 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 great deal of education and a few significant setup required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I was taught by some of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly Read Full Report difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our military service should be at the very top. Just how can we ensure that we are setting our new property investing business up for massive success How do we make certain that it doesn't produce 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.