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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply paid for your automobile expense.
Have I beaten this concept to death 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 understood that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the army 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 terms"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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents at a higher cost that all of its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we start looking at such income streams collectively, it will become 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. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances you'll soon begin to understand 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 those entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
Honestly, who cares how much you are spending on an advantage every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was that 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 to that machine all day! In addition, you wouldn't care whether this machine charged you 50% interest on your buck before generating you 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.
Since some people that hear the term get disappointed when they realize there's a lot of education and a few significant setup required on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's 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 find out this here be very hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army service should be in 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 certain it doesn't create 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.