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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in every month from various resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even occupation as part of this equation.
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Both terms"residual income" and"passive income" try 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 start 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 remain awake while on your own 24-hour duty at the barracks. .
Can be a blissful and passive lifestyle actually possible Is it Feasible to plan my military career for nearer to such a lifestyle
An asset is something that 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 from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow. Finally, when we start looking at these income flows collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be hard. However, you must learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you will soon begin to understand there are two different kinds of people in the world: those that understand the difference between an asset and a liability, and the ones 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 effort or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an read more 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 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! In addition, you wouldn't care whether this machine billed you 50 percent 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 need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people who hear the word get disappointed when they realize there is a lot of education and some significant set up required on the front end of their 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 was taught by some of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our army support must be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure that 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 our savings towards producing resources... a.k.a. rental properties.