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Imagine if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply 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 what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash 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 from my new hobby, job, or even occupation as a portion of the equation.
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Both conditions"residual income" and"passive income" try 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have a sip of your Monster Energy drink, and try to remain awake while on your 24-hour duty at the barracks. .
An asset is something that 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 each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and buy American Real Estate which you rents in a higher cost that all its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we begin looking at such income flows collectively, it becomes 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. However, you have to learn and act.
Now, in case 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 realize 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 produce income while costing quite minimal personal work or time. Even if one of those ended up costing me a advice million dollars each month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was that 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 that machine all day! In addition, you wouldn't care if this machine charged you 50 percent interest on your dollar before generating you the two bucks it spit out. .
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Since passive income inherently means 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 term get disappointed when they realize there's a great deal of education and some significant setup required on the front end of the 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 had been taught by a number of my military and veteran mentors. .
As members of the army, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army support should be find out this here at the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How do we make certain it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.