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What if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources just paid for your car 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 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'd rather have a healthy amount of money coming in every 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 occupation as a portion of the equation.
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Both terms"residual income" and"passive income" try to capture the same 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly 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. .
Can be a blissful and passive lifestyle actually possible Is it Feasible to plan my military career for nearer to such a lifestyle
An asset is something which puts money in your pocket every 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 lifestyle and wealth killer.
Teach yourself to this point that you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there's still a significant amount left . The residual cash is that flow of income or cash flow. Finally, when we start looking at these income flows collectively, it becomes 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 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 understand that there are two different kinds of people in the 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 work or time. Even if one of these ended up costing me a million dollars each 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 when it earns you more a knockout post than what you spend read Now let's 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 after you gave it a single dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care whether that machine charged you 50 percent interest on your dollar before generating you the two dollars 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.
Since some people that hear the word get disappointed when they realize there's a lot of education and a few significant setup required on the front end of their 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 hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military service must be in the very top. So how can we ensure that see it here we are setting our new property investing business up for massive success How do we make certain it doesn't create more anxiety than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.