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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these sources just 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 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash 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 out of my new hobby, project, or even job as a portion 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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, have a sip of your Monster Energy drink, and try to stay awake while on your 24-hour responsibility in 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 that takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents at a higher cost that all of its expenses and there is still a significant amount left over. The leftover cash 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 simple... however, with the proper education, Real Estate Investing does NOT have to be difficult. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks 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 those 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 these ended up costing me a million dollars each month but made two million dollars each month, it is an advantage.
Honestly, who cares how much you are spending on an advantage every month if it earns you more than what you spend Now let's take it one step further... what if the spending was my explanation automatic and 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 that machine daily! Moreover, you wouldn't care whether that machine charged you 50% 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 that hear the term get disappointed when they recognize there is a great deal of education and a few significant setup required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I had been taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military support must be at the very top. So how can we ensure that we're 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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They key is to leverage our why not try this out VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.