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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 these 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 understood that I DID NOT want to be rich when I was 65 if it cost me my life during my younger years... I'd rather have a healthy amount of money coming in each month from several resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even job 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 mechanically." For the sake of brevity, I will only be using both terms interchangeably.

After hearing the words"passive income,", many of us immediately start 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 alert while on your own 24-hour responsibility in the barracks. .

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Can be a blissful and lively lifestyle really possible Is it Feasible to plan my army career for nearer to such a lifestyle

An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.

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A liability is something that takes money from you each month. It might be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.

Teach yourself to the point which you can find and buy American Real Estate which you rents in a higher price that all its expenses and there is still a significant amount left over. The residual money is that stream of income or cash flow.   Finally, when we start looking at such income streams collectively, it becomes known as"residual income" .

Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be hard.  But you have to learn and act.

Now, if you all of the above makes sense, a funny thing will begin happening.  When you begin talking to people about finances you will soon begin to understand 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 these entities are money making systems. They produce income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars each month, it's an advantage.

Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now click for source let us take it one step further... what if the spending was automatic and so was the earning

If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine daily! Moreover, you wouldn't care whether that machine charged you 50 percent interest on your dollar 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 that hear the word get disappointed when they realize 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 fast scheme, but it's a hell of a lot better than what I was taught by some of my military and veteran mentors. .

As members of the military, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support must be in the very top. Just how can we ensure that we are setting our new property investing business up for enormous success How can we make sure that it i thought about this 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 concentrate all our savings towards producing assets... a.k.a. rental properties.

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