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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And these sources simply paid for your car 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 realized that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I'd rather have a healthy amount of cash coming in each month from various resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, 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 quickly snap back into it, have a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility at the barracks. .

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Can be a blissful and lively lifestyle actually possible Is it possible to plan my military career for nearer to such a lifestyle

An asset is something which puts money in your pocket every month. It's 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 way of life and wealth killer.

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

Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be hard.  However, you must learn and act.

Now, in case you all of the above makes sense, a funny thing will begin happening.  When you begin talking to people about finances you will 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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Each of these entities are money making systems. They create income while costing very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but produced 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's take it one step further... what should the spending was automatic and was that the earning

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

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Since passive income inherently means that I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.

Because some people who hear the term get disappointed when they realize there's a lot of education and some significant set up required on the front end of their journey to financial freedom (our"Why"). have a peek at this site 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 military and veteran mentors. .

As members of the army, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional visite site priorities, our army 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 can we make certain that it doesn't create more anxiety 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 resources... a.k.a. rental properties.

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