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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in each month from various resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, 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 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 24-hour responsibility in the barracks. .
Is a blissful and passive lifestyle really 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 wealth killer.
Educate yourself to the point that you can find and purchase American Real Estate that you rents at a higher cost that all its expenses and there is still a significant amount left over. The leftover money is that stream of income or cash flow. Finally, when we begin looking at these income flows collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be hard. However, 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 people about finances you'll soon begin to Check Out Your URL understand there are two different kinds of people in the 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 these entities are money making systems. They produce income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but made two million dollars each month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and was the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine daily! In addition, you wouldn't care if that machine charged you 50 percent interest on your dollar before generating you the two bucks it spit out. .
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Since 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.
Because some people who hear the word get disappointed when they realize there is a lot of education and some significant setup needed on the front end of the 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 was taught by some of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army service must be in 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 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 link properties.