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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources simply paid for your car expense.
Perhaps you have 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 become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in every month from various resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as part of this equation.
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Both terms"residual income" and"passive income" attempt to capture the identical 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 immediately start 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 alert while on your 24-hour responsibility in the barracks. .
Is a blissful and passive lifestyle really possible Is it Feasible to plan out my military career for closer to such a lifestyle
An asset is something that 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 from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to this point which you can find and buy American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow. Finally, when we start looking at these income flows collectively, it will become known as"residual income." .
Admittedly, official website setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be difficult. However, you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you'll soon begin to realize there are two different kinds of people in the world: those that understand the i thought about this difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each of those 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 a month but made two million dollars a month, it is an asset.
Honestly, who cares how much You're spending on an asset 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
If 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 all day! In addition, 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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Because passive income inherently means that 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 term get disappointed when they realize there is a great deal of education and some significant setup needed 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 was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service must be at the very top. Just how can we ensure that we're setting our new property investing business up for massive success How do we make certain it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.