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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these resources just 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 call Cashflow.

Again, I understood that I DID NOT want to become wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of cash coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of this equation.

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Both conditions"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 begin 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 remain alert while on your own 24-hour responsibility in the barracks. .

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Can be a blissful and passive lifestyle really possible Is it possible to plan my army career for closer to such a lifestyle

An asset is something that puts money in your pocket every month. It is a lifestyle and prosperity 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 which you rents in a higher price that all of its expenses and there's still a significant amount left . The leftover cash is that stream of income or cash flow.   Finally, when we begin looking at such 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.  However, you have to learn and behave.

Now, in case you all of the above makes sense, a funny thing will start happening.  When you start talking to people about finances you'll soon begin to understand there are two different kinds of people in this dig 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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Every one of these entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars each 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 if the spending was automatic and was that 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 all day! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar before generating one of the two dollars it spit out. .

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Since passive income inherently means that I do not need 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 term get disappointed when they recognize there is a great deal of education and some significant set up needed on the front end of their 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 had been taught by a number of my army and veteran mentors. .

As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military service 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 do we make certain it doesn't produce more anxiety than pleasure.

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

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