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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And these sources 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 become wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of money coming in each month from various 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, job, or even job 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 mechanically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty 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 each month. It may be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Educate yourself to this point which you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there's still a significant amount left . The leftover money is that flow of income or cash flow. Finally, when we start looking at these income flows collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you'll soon begin to realize that there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each of those entities are money making systems. They produce income while costing more information very minimal personal work or time. Even if one of those ended over at this website up costing me a million dollars a month but made two million dollars each month, it is an asset.
Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was the earning
When 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 all day! Moreover, you wouldn't care if that machine billed you 50 percent interest on your buck prior to 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 word get disappointed when they realize there's a great deal 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 Bonuses scheme, but it is a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the military, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military service must be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure 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 of our savings towards producing assets... a.k.a. rental properties.