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What if you just had two separate sources earning you $250 paychecks ($500 total) per month without you doing extra work. And these sources simply paid for your car 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 realized that I DID NOT want to be 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 every month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even job as a portion of this equation.

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Both conditions"residual income" and"passive income" attempt 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 start 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, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty at the barracks. .

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Is a blissful and lively lifestyle really possible Is it possible to plan my military career for closer to such a lifestyle

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 which takes money from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.

Teach yourself to this point that you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there is still a significant amount left over. 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." .

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 must 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 will soon begin to understand there are two different kinds of people in 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 produced two million dollars each month, it is an asset.

Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was that the earning

If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care whether that machine charged you 50 percent interest on your buck prior to generating you the two bucks it spit out. .

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Since passive income inherently means 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 browse around this web-site term get disappointed when they realize there's a lot of education and some significant set up required 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 had been taught by a number of my army 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 prioritiesour army support must be in the very top. Just how can we ensure that we are setting our new property investing business up for massive success How do we make sure that it doesn't produce more stress than enjoyment.

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

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