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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources just paid for your car expense.
Perhaps you have beaten this concept to departure 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 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each 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 occupation 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 immediately start 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 stay alert while on your 24-hour duty at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity 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 wealth killer.
Educate yourself to the point which you can find and buy American Real Estate which you rents at a higher price that all of its expenses and there's still a significant amount left over. The residual money is that stream of income or cash flow. Finally, when we start looking at these income flows collectively, it will become 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. But you have to learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start 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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Every one of those entities are money making systems. They produce income webpage while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but made two million dollars each month, it is an advantage.
Honestly, who cares how much you are 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 was automatic and was the earning
If there was a machine that visit this site right here spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck prior to generating you the two bucks it spit out. .
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Because 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 realize there is a great deal of education and some significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by a number of my military and veteran see it here mentors. .
As members of the military, we often think it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support should be in the very top. So 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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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.