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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources simply paid for your automobile 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 what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as a portion of this equation.
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Both terms"residual income" and"passive income" attempt 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 into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour duty at the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle 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 of its expenses and there is still a significant amount left over. The leftover money is that flow 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 Estate Investing does NOT have to be difficult. But you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to realize there are two different kinds of people in this 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 create income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars each month but made two million dollars a month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so 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 this machine all day! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your dollar prior to generating one of the two dollars 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.
Because some people who hear the word get disappointed when they recognize there's a lot 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 find is a hell a knockout post 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 maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our army service must be at the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure it doesn't create 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 assets... a.k.a. rental properties.