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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) each month with no doing additional work. And those resources just paid for your car 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'd rather have a wholesome amount of cash coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as part of this equation.
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Both conditions"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 into it, have a sip of your Monster Energy drink, and try to remain awake while on your 24-hour responsibility at 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 away from you each month. It might 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 in a higher cost that all of its expenses and there is still a significant amount left over. The residual 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 simple... however, with the proper education, Real Estate Investing does NOT need to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you'll soon begin to understand that there are two different kinds of people in the world: those that 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 these ended up costing me a million dollars each month but produced two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an asset 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 the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to find out this machine daily! In addition, you wouldn't care whether that machine charged you 50 percent interest on your dollar prior to generating one of the two dollars it spit out. .
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Since passive income inherently means 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 who hear the term get disappointed when they recognize there is a lot of education and a few significant my explanation 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'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 very hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military service should be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How do we make certain it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and my website focus all our savings towards producing resources... a.k.a. rental properties.