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What if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And those resources just paid for your car expense.
Have I beaten this concept to death at this point Great. 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 rich 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 out of my new hobby, project, or even occupation as a portion of the 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 instantly 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, have a sip of your Monster Energy drink, and try to remain awake 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 prosperity multiplier.
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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we begin 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 proper education, Real Estate Investing does NOT need to be hard. But you must learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to realize that there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an asset 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 was the earning
If there was a machine that spit out two dollar bills check my reference once you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care if that machine billed you 50 percent interest on your buck before generating one of the two bucks it spit out. .
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Since passive income inherently means that 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 that hear the word get disappointed when they recognize there's a great deal of education and a few significant setup needed on the front end of the 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. .
As members of the army, we often believe it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army support must be in the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How can we make sure it doesn't create more stress than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.