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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources just paid for your car expense.
Perhaps you have 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 when it cost me my life during my younger years... I'd rather have a healthy amount of cash coming in every month from several sources 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 job as part 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 instantly 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 stay alert 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 each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to the point that you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there's still a significant amount left over. The leftover money is click here to read that stream of income or cash flow.  Finally, when we begin looking at these income streams collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need moved here to be difficult. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you'll soon begin to understand there are two different kinds of people in this 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 produce income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but made two million dollars a month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month if it earns you more than what you spend Now let's take it one step further... what if the spending read this post here was automatic and so was that the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine all day! In addition, you wouldn't care if this machine billed you 50% interest on your dollar before generating you 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.
Because some people who hear the word get disappointed when they recognize there is a great deal of education and some significant set up needed 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 members of the army, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our army support 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 can we make certain that 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 focus all of our savings towards producing resources... a.k.a. rental properties.