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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these resources just paid for your automobile expense.
Perhaps you have beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in each 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 a portion of the equation.
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Both conditions"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 immediately start 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, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour duty at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left over. The residual 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 must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking see post to people about finances you will soon begin to realize that there are two different kinds of people in the 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 those entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was the earning
If there was a machine that spit out Home Page 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 whether this machine billed you 50 percent interest on your buck prior to generating you the two bucks it spit out. .
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Since passive 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 term get disappointed when they realize there is a great deal of education and some significant setup needed on the front end of the 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 army and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military service must be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How go right here can we make sure it doesn't produce 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 assets... a.k.a. rental properties.