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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these resources just paid for your car expense.
Have I 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 become wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from several sources 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" 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 back into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility at the barracks. .
Can be a blissful and lively lifestyle actually possible Is it Feasible 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 is a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to this point that you can find and buy American Real Estate which you rents at a higher price that all its expenses and there's still a significant amount left . The leftover money is that stream of income or cash flow. Finally, when we begin looking at these income streams collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. But you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will soon begin to understand there are two different kinds of people in this world: those that 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 quite minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an advantage every month when it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and was the earning
When click site there was a look at here machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! Moreover, you wouldn't care if this machine charged you 50 percent interest on your buck 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 word get disappointed when they realize there's a lot of education and a few significant set up required 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 army and veteran mentors. .
As members of the military, we often believe it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army service should 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 that 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.