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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) each month without you doing extra work. And these resources simply paid for your automobile expense.
Have I beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized 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, job, or even job as part of this equation.
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Both conditions"residual income" and"passive income" try 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 start 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 remain alert while on your own 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Educate yourself to the point which you can find and buy American Real Estate which you rents at a higher price that all its expenses and there is still a significant amount left over. The leftover cash is that stream of income or cash flow.  Finally, when we start looking at these income flows collectively, it you could try this out will become known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper 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 folks 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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Each of those entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month if it earns you more than what you spend Now let us take it one step further... what if the read 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'd be glued to this machine all day! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar before generating you the two dollars it spit out. .
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Because 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 who hear the term get disappointed when they realize there is a great deal of education and a few significant setup needed on the front end of the 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 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. As far as our professional priorities, our military support must be at the very top. Just how can we ensure that we are setting our new property investing business up for massive success How can we make certain it doesn't produce more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.