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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional 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 realized that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of the equation.
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Both terms"residual income" and"passive income" attempt 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 immediately 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 which puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and buy American Real Estate which you rents in a higher price that all of its expenses and there's still a significant amount left . The leftover cash is that stream of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be difficult. However, you have to learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll 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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Every one of these 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 each month but made two million dollars each month, it's 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 find more the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine billed you 50 percent interest on your buck before generating one of the two dollars it spit out. .
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Since passive income inherently means 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 that hear the term get disappointed when they realize there is a lot of education and some significant set up required on the front end of their 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 had been taught by a number of my army and veteran mentors. .
As members of the military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support must be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make certain 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 resources... a.k.a. rental properties.