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Imagine if you had two separate sources earning you $250 paychecks ($500 total) each month with no doing additional work. And these resources just paid for your car expense.

Have I beaten this concept to death 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 lifestyle during my younger years... I would rather have a healthy amount of money coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as part of this equation.

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Both terms"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 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 stay awake while on your own 24-hour duty in the barracks. .

Is a blissful and lively lifestyle really 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 prosperity multiplier.

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

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

Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be difficult.  But 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 the world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .

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Each of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but produced two million dollars each month, it's an advantage.

Honestly, who cares how much you are spending on an advantage every month when it earns you more description than what you spend Now let us 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 after you gave it a single dollar bill, you'd be glued to that machine all day! Moreover, you wouldn't care if this machine charged you 50% interest on your buck before generating one of the two dollars it spit out. .

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Because passive income inherently means I 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 some significant setup needed on the front end of the 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 a number of my army and veteran mentors. .

As members of the army, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far look at here now as our professional priorities, our army service should be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure that it doesn't produce more stress than pleasure.

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The trick 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.