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What if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply 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 what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy 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 every month from various 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 occupation as a portion of this equation.
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Both conditions"residual income" and"passive income" attempt 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 back into it, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour responsibility in the barracks. .
Is a blissful and passive lifestyle actually possible Is it possible to plan my army career for nearer to such a lifestyle
An asset is something which puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It might 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 which you rents in a higher price that all 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 such income streams collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be Your Domain Name hard. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin 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 those entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but made two million dollars a month, it is an asset.
Honestly, who cares how much you are spending on an asset 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 so was 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 if that machine billed you 50% interest on your buck prior to generating one of the two bucks it spit out. .
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Because passive income inherently means 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 that hear the term get disappointed when they recognize there's a lot of education and some significant setup required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick 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 visit 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. As far as our professional priorities, our army service should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure it doesn't produce 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 resources... a.k.a. rental properties.