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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing extra work. And these resources just paid for your car 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 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 life during my younger years... I'd rather have a healthy 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 out of my new hobby, project, or even job as part of this equation.
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Both conditions"residual income" and"passive income" try to capture the same 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. .
An asset is something that puts money in your pocket every month. It's 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 way of life and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate that you rents in a higher cost that all its expenses and there's still a significant amount left over. 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." .
Ironically, 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 have to learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you will soon begin to realize that 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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Every one 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 a month but produced two million dollars a month, it is an asset.
Honestly, who cares how much you are spending on an asset every month when it look at these guys earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued index to that machine all day! Moreover, you wouldn't care if that machine charged you 50% interest on your buck prior to generating one of the two dollars 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.
Since some people that hear the word get disappointed when they recognize there is a lot of education and some significant set up needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very hard, or perhaps my link even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military support should be at the very top. So how can we ensure that we are setting our new property investing business up for massive success How do we make sure that it doesn't create more anxiety than pleasure.
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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 assets... a.k.a. rental properties.