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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those resources just paid for your car expense.
Have I beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from several resources and retire early. Or 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 the equation.
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Both terms"residual income" and"passive income" try to capture the same 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 immediately 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 stay awake 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 each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to this point which you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left . The residual cash is that flow of income or cash flow.  Finally, when we start looking at such income streams collectively, it will become 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 have to be difficult. However, you have to learn and act.
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 will soon begin to realize that there are two different kinds of people in the world: those who browse around this site 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 effort or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it's 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 try this out let us take it one step further... what should the spending was automatic and was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if that machine billed you 50% interest on your buck prior to generating you the two bucks it spit out. .
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Because 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 realize there's a great deal of education and some significant set up needed 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 had been taught by some of my army and veteran mentors. .
As members of the army, 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 priorities, our military service should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain that it doesn't create more stress than enjoyment.
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They key 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.