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What if you had two separate sources earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources just paid for your automobile expense.
Have I 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 predict Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in each month from various sources and retire early. Or do WHATEVER I wanted after the army 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" 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 immediately 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 remain awake while on your own 24-hour responsibility 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 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 purchase 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 these income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT simple... more tips here however, with the correct 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 start talking to folks about finances you will soon begin to realize 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 these entities are money making systems. They produce income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars a visit homepage 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's take it one step further... what if the spending was automatic and was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine daily! Moreover, you wouldn't care whether that machine billed you 50% interest on your dollar prior to generating you the two bucks 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.
Since some people who hear the word get disappointed when they recognize there is a lot of education and some significant set up required on the front end of their 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 was taught by a number of my army and veteran mentors. .
As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service must be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain that 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 concentrate all our savings towards producing assets... a.k.a. rental properties.