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What if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources just paid for your automobile expense.
Have I 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 become rich when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military 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 terms"residual income" and"passive income" attempt 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 into it, take a sip of your Monster Energy drink, and try to remain awake while on your 24-hour duty in the barracks. .
Is a blissful and passive lifestyle really possible Is it Feasible to plan out my military career to get closer to such a lifestyle
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity 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.
Educate yourself to this point which you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there's still a significant amount left . The leftover cash is that stream of income or cash flow. Finally, when we start looking at such income flows collectively, it will become known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. But you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you will soon begin to realize 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 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're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine all day! Moreover, you wouldn't care whether this machine billed you 50% interest on your dollar prior to generating you the two bucks it spit out. .
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Because 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 who hear the term get disappointed when they recognize there is a great deal of education and some significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by a number of my continue reading this 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 priorities, our army service should be at the very top. Just how can we ensure that we're setting our i loved this new property investing business up for massive success How can we make sure that it doesn't create more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of navigate to these guys our savings towards producing resources... a.k.a. rental properties.