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Imagine if you just had two individual sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And these sources simply paid for your automobile 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 predict Cashflow.

Again, I realized that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I'd 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 from my new hobby, project, or even occupation as a portion 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty at the barracks. .

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Is a blissful and passive lifestyle really possible Is it possible to plan my military career to get nearer to such a lifestyle

An asset is something that 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 from you each month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.

Teach yourself to this point that you can find and purchase American Real Estate that you rents at a higher cost that all its expenses and there is still a significant amount left . The residual money is that flow 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.  But 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 folks about finances you'll soon begin to realize 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 those entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars each month but made two million dollars each month, it's site here an asset.

Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what should the spending was automatic and so was that you can look here the earning

If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine all day! In addition, you wouldn't care if 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 term get disappointed when they realize there's a lot of education and a few significant set up needed on the front end of the 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 was taught by some of my army and veteran mentors. .

As members of the army, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service 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 do we make sure it doesn't produce more anxiety 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.

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