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What if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing additional work. And these sources simply paid for your car 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 understood that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from various sources 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 job as part of the equation.
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Both terms"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 instantly begin 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, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something that 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, but a long-term way of life and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we begin looking at such income streams browse around these guys 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 difficult. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you'll 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 these 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 each month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an advantage 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 that the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine charged you 50 percent interest on your buck before generating you the two dollars it spit out. .
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Because passive income inherently means that I do Visit Website 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 realize there is a lot of education and a few significant set up required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I had been taught by some of my military and veteran mentors. . advice
As members of the military, we often believe it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure that it doesn't produce 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.