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What if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And these resources 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 realized that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in each month from several sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even job as part of the equation.
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Both conditions"residual income" and"passive income" try to capture the same 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 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 remain alert while on your own 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to the point which you can find and purchase American Real Estate which you rents at a higher price that Residual Income In Poland - Passive Residual Income all its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we start looking at these income flows 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 have to be difficult. But 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 folks about finances you'll soon begin to realize that there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of those entities are money making systems. They produce income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars a month, it's an advantage.
Honestly, who cares how much You're 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 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 this machine all day! Moreover, you wouldn't care if that machine billed you 50 percent interest on your buck prior to generating you the two dollars it spit out. .
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Because passive income inherently means I learn the facts here now 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 that hear the term get disappointed when they realize there is a lot of education and a few significant setup required on the front end of their 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 some of my military 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. So far as our professional priorities, our army service must be in the very top. So how can we ensure that we're setting our new real estate investing business up for enormous success How can we make certain it doesn't create 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.