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What if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And these sources just paid for your automobile expense.

Perhaps you have 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 understood that I DID NOT want to become 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 resources 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 occupation as a portion of this equation.

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

Is a blissful and lively lifestyle really possible Is it Feasible to plan my army career to get nearer to such a lifestyle

An asset is something which 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 from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.

Educate yourself to this point which you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there is still a significant amount left . The leftover money is that flow of income or cash flow.   Finally, when we start looking at these income streams collectively, it becomes known as"residual income" .

Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be informative post 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 begin talking to folks about finances you'll soon begin to realize that 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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Every one of these entities are money making systems. They produce income while costing quite minimal personal work or time. Even though one of those ended up costing me a million dollars a month but made two million dollars each month, it's an asset.

Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and was 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 that machine daily! Moreover, you wouldn't care if this machine charged you 50% interest on your buck before generating you the two dollars it spit out. .

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Because 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 term get disappointed when they recognize there is a lot of education and a few significant set up needed 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 was taught by some of my army and veteran mentors. .

As members of the military, we often believe it would be very hard, or maybe even impossible, for us to find time to earn additional income. As far as our professional priorities, our army service should be in the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure that it doesn't create more anxiety than pleasure.

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