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What if you had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these sources simply paid for your automobile 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 rich when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the military 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 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something that puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to this point which you can find and buy American Real Estate which you rents at a higher cost that all of its expenses my explanation and there is still a significant amount left . The residual cash is that stream of income or cash flow. Finally, when we begin looking at such 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 have to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to understand there are two different kinds of people in the world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each of these entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of those ended up costing find out this here me a million dollars each month but made two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an advantage 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 the earning
If there was a machine that Residual Income In Poland spit out two dollar bills after you gave it a single dollar bill, you'd be glued to that machine all day! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck before generating you the two bucks 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 term get disappointed when they realize there's a great deal of education and a few significant setup needed on the front end of the 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 was taught by some of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional priorities, our military service must be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make sure 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 focus all our savings towards producing resources... a.k.a. rental properties.