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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources just paid for your car expense.

Perhaps you have beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.

Again, I realized that I DID NOT want to become rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash coming in each month from various sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of this equation.

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Both terms"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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour responsibility in the barracks. .

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Can be a blissful and passive lifestyle actually possible Is it possible to plan out my military career to get nearer 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 which takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.

Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow.   Finally, when we start looking at these income flows collectively, it will become known as"residual income" .

Ironically, 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 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'll soon begin to realize that there are two different kinds of people in anchor this world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .

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Every one of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but produced two million dollars each month, it is an asset.

Honestly, who cares how much you are 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 was the earning

When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care whether that machine billed you 50% interest on your dollar prior to generating you the two dollars it spit out. .

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Because 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 who hear the word get disappointed when they recognize there's a great deal of education and some significant setup needed on the front end of their 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 had been taught by some of my army and veteran mentors. .

As members of the military, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army support should be in the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How can we make sure it doesn't create more anxiety than pleasure.

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The trick is to leverage our VA benefits, home minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.

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