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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And those resources simply paid for your automobile expense.
Perhaps you have 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 call Cashflow.
Again, I realized that I DID NOT want to be rich when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even occupation as a portion of this equation.
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Both terms"residual income" and"passive income" attempt to capture the same 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 immediately snap into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to the point which you can find and purchase 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 begin looking at such income flows collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be difficult. But 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 people about finances you will soon begin to realize that there are two different kinds of people in this 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 produce income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars each month, it is an advantage.
Honestly, who this hyperlink cares how much you are spending on an advantage every month when it earns you more than what you spend Now let's take it one step further... what should 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! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your dollar prior to 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 that hear the term get disappointed when they recognize there's a lot of education and a few significant set up required on the front end of their 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 a number of my army and veteran mentors. .
As members of the military, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army service should be in the very top. Just how can we ensure that we are setting our new property investing business up for massive success How can we make sure it doesn't produce more stress 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 image source properties.