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What if you had two separate sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these resources simply 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 be rich when I was 65 when it cost me my lifestyle during my younger years... I would 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 army without having to consider the paycheck coming from my new hobby, project, or even job as part of the 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 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 awake while on your own 24-hour responsibility in the barracks. .

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Is a blissful and lively lifestyle actually possible Is it Feasible to plan my army 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 that takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.

Educate yourself to the point which you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow.   Finally, when we begin looking at such 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 need to be hard.  However, 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 people about finances you'll soon begin to understand 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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Every one of these entities are money making systems. They create read here income while costing quite minimal personal effort 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 asset.

Honestly, who cares how much you are 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 was that the earning

If 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 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 have 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 word get disappointed when they recognize 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 quick 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 additional income. As far as our professional priorities, our military service should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How do we make certain 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 assets... a.k.a. rental properties.

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