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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources just 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 predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in every 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, project, or even occupation as part of this equation.
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Both conditions"residual income" and"passive income" try to capture the identical 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 immediately 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, take 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's 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 lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we start looking at these 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 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 begin happening. When you start talking to folks about finances you will 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 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 if one of those ended up costing me a million dollars a month but made 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 was the earning
When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care whether this machine charged you 50% interest on your buck before generating you the two bucks it spit out. .
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Because passive income inherently means that 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 who hear the word get disappointed when they recognize there is a great deal of education and a few significant setup required on the front end of their journey to financial freedom read this (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional priorities, our military service should be at the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make certain it doesn't produce 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.