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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to death 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 wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from several sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even job as a portion of this equation.
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Both conditions"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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately 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. .
An asset is something which puts money in your pocket every 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, but a long-term way of life and wealth killer.
Teach yourself to the point which you can find and buy American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left . The leftover money is that flow of income or cash flow.  Finally, when we begin 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. However, you have to learn and act.
Now, if 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 understand there are two different kinds of people in the 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 though one of these ended up costing me a million dollars each month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an advantage every month when it earns you try these out more than what you spend Now let's take it one step further... what if the spending was automatic and so 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 daily! Moreover, you wouldn't care whether that machine charged you 50 percent interest on your dollar before generating you the two Read Full Report 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 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 fast scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the military, we often think it would be very hard, or maybe 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 property investing business up for enormous success How can we make certain that it doesn't create more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.