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What if you just had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources simply paid for your car expense.
Have I beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of money coming in every month from various resources and retire early. Or do WHATEVER I wanted after the army 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" try 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 immediately snap into it, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility in 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 which takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to the point that you can find and buy American Real Estate which you rents in a higher cost that all its expenses and there is still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we begin looking at such income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you'll soon begin to understand 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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Every one of these entities are money making systems. They produce income while costing very minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but made two million dollars each month, it is an asset.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and was the earning
When there was a machine click reference that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine all day! Moreover, you wouldn't care if this machine billed you 50% 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 realize there is a great deal 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 quick scheme, but it's 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 army, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. So 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 property investing business up for enormous success How can we make certain that it doesn't create more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.