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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And those 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of money coming in each month from several resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even job as part of the equation.
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Both terms"residual income" and"passive income" try 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 instantly 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, 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 which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It may be a temporary lifestyle enhancer, but 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 leftover cash is that flow of income or cash flow. Finally, when we begin looking at these income flows collectively, it becomes 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. However, you have to 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 that 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 those entities are money making systems. They create income while costing very minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but made two million dollars each month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what should 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 would be glued to this machine basics daily! Moreover, you wouldn't care if that machine charged you 50 percent 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 need 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 word get disappointed when they recognize there's a lot of education and a few significant setup required on the front end of the 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 had been taught by some of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army support must be in the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How can we make sure 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 focus all our savings towards producing assets... a.k.a. rental properties.