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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply paid for your car expense.

Have I beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.

Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each month from several sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of the equation.

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

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Can be a blissful and passive lifestyle actually possible Is it possible to plan out my army career for nearer to such a lifestyle

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

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

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

Ironically, 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, in case 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 realize that there are two different kinds of people in the world: those who 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 very minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but made two million dollars a month, it's an advantage.

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 so 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 this machine daily! Moreover, you wouldn't care whether this machine billed you 50% interest on your buck prior to generating one of the two bucks it spit out. .

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Since 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.

Because some people that hear the word get disappointed when they recognize there is a great deal of education and some significant setup 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 had been taught by some of my army and veteran mentors. .

As members of the army, we often believe it would be very difficult, or perhaps even impossible, for Continue us to find time to earn additional income. So far as our professional prioritiesour military service must be in the very top. So how can we ensure that we're setting our new property investing business up for enormous success How do we make sure 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 concentrate all our savings towards producing assets... a.k.a. rental properties.

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