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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And these sources simply paid for your car expense.
Have I 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 realized that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash 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 out of my new hobby, job, or even job as a portion of this equation.
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Both conditions"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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have a sip of your Monster Energy drink, and try to remain awake 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 away from you every month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents at a higher cost that all 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 such income flows 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 have to be hard. However, you have to learn and act.
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 realize that 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 create income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an asset 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 this machine daily! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your buck before generating you the two bucks it spit out. .
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Because passive sites income inherently means that I do not need 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's a lot of education and some significant setup 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 was taught by some of my military and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support must be at the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make certain 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 concentrate all of our savings towards producing assets... a.k.a. rental properties.