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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources simply paid for your car expense.
Perhaps you have beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be 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 at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as part of the equation.
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Both conditions"residual income" and"passive income" try 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 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 responsibility in the barracks. .
Is a blissful and passive lifestyle actually possible Is it possible to plan out my military career to get closer to such a lifestyle
An asset is something which 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 every month. It may be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents at a higher cost that all its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow. Finally, when we begin looking at such income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need 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 will soon begin to realize that 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 create income while costing very 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's 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's take it one step further... what if the spending was automatic and so was the earning
If 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 daily! In addition, you wouldn't care if this machine billed you 50 percent interest on your dollar 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 informative post word get disappointed when they realize there is a great deal of education and a few significant setup needed on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military service should be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure it doesn't create more stress 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 resources... a.k.a. rental properties.