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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And those sources just paid for your automobile 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 exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to become wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in every month from several sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as part of the 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 quickly snap back into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour responsibility 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 which takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we begin looking at these income streams collectively, it will become 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 need to be difficult. However, you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand that there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but made two million dollars a month, it is 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 if the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills once you More hints gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care if this machine charged you 50% interest on your dollar before generating one of 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.
Since some people that hear the word get disappointed when they recognize there is a great deal of education and a few significant setup required 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 a number of my army and veteran mentors. .
As members of the military, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our army support must be at the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How can we make sure that it doesn't produce more stress than enjoyment.
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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. anonymous rental properties.