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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources simply paid for your car expense.
Perhaps you have 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 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as part of this equation.
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Both conditions"residual income" and"passive income" attempt 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, have a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility in 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 prosperity killer.
Educate yourself to the point which you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left . The leftover money is that stream of income or cash flow. Finally, when we start looking at such income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real find more info Estate Investing does NOT need to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people 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 the ones that will NEVER be wealthy. .
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Each of these entities are money making systems. They create income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending great post to read was automatic and was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether this machine charged you 50% interest on your buck prior to generating one of the two bucks it spit out. .
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Since 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.
Since some people that hear the term get disappointed when they recognize there's a lot of education and a few significant set up required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by some of my army and veteran mentors. home .
As members of the army, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army service must be in the very top. So how can we ensure that we are setting our new property investing business up for massive success How can we make certain that it doesn't produce more stress than enjoyment.
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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.