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What if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And these sources just paid for your car expense.

Have I 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 call Cashflow.

Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as a portion 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to remain alert while on your own 24-hour responsibility in the barracks. .

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Can be a blissful and passive lifestyle actually possible Is it possible to plan out my army career to get nearer to such a lifestyle

An asset is something that puts money in your pocket each month. It's a lifestyle and wealth multiplier.

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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.

Educate yourself to this point that you can find and buy American Real Estate that you rents at a higher price that all its expenses and there's still a significant amount left . The residual cash is that stream of income or cash flow.   Finally, when we begin looking at such income streams collectively, it becomes known as"residual income" .

Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be hard.  But 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 to folks about finances you'll 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 the ones that will NEVER be wealthy. .

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Each of these entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each month but made two million dollars a month, it's an advantage.

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

If 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! Moreover, you wouldn't care if this machine billed you 50% interest on your buck before generating Source you the two check my source bucks it spit out. .

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Because 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 recognize there is a great deal of education and some significant setup needed on the front right here end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I was taught by a number of my army and veteran mentors. .

As members of the military, we often think it would be very hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army service must be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make certain it doesn't produce more anxiety than pleasure.

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The trick 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.

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