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Imagine if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And those sources just paid for your car 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 exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of money coming in every month from several resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even job as part of this equation.
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Both conditions"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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take 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 that puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to the point that you can find and purchase American Real Estate that you rents at a higher cost that all its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we start looking at such income streams 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 have to learn and behave.
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 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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Every one of these 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's an advantage.
Honestly, who cares how much You're spending on an advantage every month if 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
If 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! In addition, you wouldn't care whether that machine billed you 50% interest on your buck prior to generating one of the two bucks it spit out. .
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Because passive income inherently means that I do not have to spend the most expensive thing in life, time, in order to earn a certain useful source amount of residual income.
Because some people that hear the term get disappointed when they realize there's a great deal 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's a hell of a lot better than what I had been taught by some 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. As far as our professional prioritiesour army support must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do we make certain it doesn't produce more anxiety than enjoyment.
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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 resources... a.k.a. rental properties.