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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these resources simply 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 what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in each month from several resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, 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 instantly begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty at the barracks. .
Is a blissful and lively lifestyle actually possible Is it possible to plan out my army career to get nearer to such a lifestyle
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to the point that you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we begin 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. But you have to learn and behave.
Now, in case you visit this web-site all of the above makes sense, a funny thing will start happening. When you begin talking to folks image source about finances you will soon begin to realize 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 create income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars each 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 us take it one step further... what should 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 would be glued to this machine daily! In addition, you wouldn't care whether that machine billed you 50 percent interest on your dollar prior to generating you the two dollars it spit out. .
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Since passive income inherently means that I great site 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 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 had been taught by a number of my army and veteran mentors. .
As members of the army, we often believe it would be very difficult, or maybe 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. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make certain that it doesn't create more anxiety 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 assets... a.k.a. rental properties.