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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources simply paid for your car expense.
Have I beaten this concept to death at this point Great. 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 wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of cash coming in every month from various sources and retire early. Or 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 this 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 quickly snap back into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to the point which you can find and buy American Real Estate that you rents at a higher price that all its expenses and there is still a significant amount left . The leftover money is that stream of income or cash flow. Finally, when we begin looking at such income flows collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... view website however, with the proper education, Real Estate Investing find out here does NOT need 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'll soon begin to understand that there are two different kinds of people in this 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 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 Check Out Your URL a month but produced two million dollars each month, it is an advantage.
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 if the spending was automatic and so was that the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care if that machine charged you 50 percent interest on your buck prior to generating you the two dollars 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 amount of residual income.
Since some people that hear the word get disappointed when they realize there is a great deal of education and a few significant set up required on the front end of the 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 difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our army support should 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 can we make certain that 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 concentrate all of our savings towards producing resources... a.k.a. rental properties.