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What if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And these sources just paid for your car expense.
Have I beaten this concept to death 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 understood that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in each month from several 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, project, or even job as a portion of the equation.
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Both terms"residual income" and"passive income" attempt to capture the same concept of,"making money automatically." 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, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point that you can find and buy American Real Estate which you rents in a higher price that all its expenses and there's still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we start looking at these income streams collectively, it will become known as"residual income" .
Ironically, 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 act.
Now, if 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 the 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 these entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it is an asset.
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 should the spending was automatic and so was 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 daily! Moreover, you wouldn't care if this machine charged you 50% interest on your buck prior to generating you the two dollars 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 who hear the term get disappointed when they realize there is a lot of education and a few significant set up 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 some a fantastic read of my military and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our army service must be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain it doesn't create more stress than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.