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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in each month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even occupation as part of the 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 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, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility at the barracks. .
An asset is something that puts money in your pocket every 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, however a long-term way of life and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be hard. However, you must learn and act.
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 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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Every one of those entities are money making systems. They produce income while costing very minimal personal work or time. Even if one of these ended up costing me a million dollars a month but made two this article million dollars each month, it's an asset.
Honestly, who cares how much you visit this site right here are 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 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'd be glued to that machine all day! In addition, you wouldn't care whether this machine billed you 50 percent interest on your buck prior to generating one of the two bucks it spit out. .
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Since 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 word get disappointed when they recognize there's a lot 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 fast scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. More Info .
As members of the army, 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 service should be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How can we make sure 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 our savings towards producing assets... a.k.a. rental properties.