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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month without you doing extra work. And these resources just paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in every month from several sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as a portion of this 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 immediately begin 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, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty at the barracks. .
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 every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents at a higher cost that all its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we start looking at such income flows collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be hard. However, you must learn and behave.
Now, if 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 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 those entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it's an asset.
Honestly, who cares how much you are 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 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 this machine all day! Moreover, you wouldn't care whether this machine charged you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because passive income inherently means that I do click here now not need 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 term get disappointed when they realize 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 fast scheme, but it's a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military support should be in the very top. Just how can we ensure that we are setting our new property investing business up for massive success How do we make sure it doesn't create more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.