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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing additional work. And those resources simply paid for your automobile expense.

Have I beaten this concept to death at this point Great. 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 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from several 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, job, or even occupation as a portion of this 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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to remain awake while on your 24-hour duty at the barracks. .

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

An asset is something which puts money in your pocket each month. It is a lifestyle and wealth multiplier.

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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.

Teach yourself to the 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 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 read this post here Estate Investing does NOT have to be hard.  However, you have to learn and act.

Now, in case you all of the above makes sense, a funny thing will begin happening.  When you start talking to folks about finances you will soon begin to understand 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 these entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of those 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 if 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 after you gave it a single dollar bill, you'd be glued to this machine all day! Moreover, you wouldn't care whether this machine billed 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 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 term get disappointed when they recognize there's a great deal of education and a few 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 is 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 army, we often believe it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service should be in the very top. Just how can we ensure site web that we are setting our new real estate investing business up for massive success How can we make sure it doesn't produce more anxiety than pleasure.

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

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