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Imagine 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 automobile expense.
Perhaps you have beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from several resources 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 occupation 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money 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 buy American Real Estate that you rents in a higher price that all of its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we start looking at these income streams collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you'll soon begin to understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Every one of these entities are money making systems. They create income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but made two million dollars each month, it is an advantage.
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 if 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'd be glued to that machine all day! In addition, you wouldn't care whether that machine billed you 50 percent interest on your buck before 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.
Because some people that hear the term get disappointed when they recognize there's a great deal of education and some significant setup needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army support must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How can we make certain it great post to read doesn't produce more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.