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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply paid for your automobile 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 understood that I DID NOT want to become wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of money coming in each month from several resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even job as a portion of this equation.

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Both terms"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 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, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility in the barracks. .

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Is a blissful and passive lifestyle actually possible Is it possible to plan my military career for closer to such a lifestyle

An asset is something that 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, however a long-term way of life and prosperity killer.

Teach yourself to the point that you can find and buy American Real Estate which you rents at a higher price that all of its expenses 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 flows 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, this link Real Estate Investing does NOT have to be hard.  But you must learn and behave.

Now, in case you all of the above makes sense, a funny thing will start happening.  When you begin talking to people about finances you'll soon begin to realize there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .

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Each of these entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars each month but produced two article million dollars each find more month, it is an asset.

Honestly, who cares how much you are spending on an advantage every month if it earns you more than what you spend Now let us take it one step further... what should 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'd be glued to this machine daily! In addition, you wouldn't care if that machine charged you 50% interest on your dollar prior to generating one of 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 realize there's a lot 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 quick scheme, but it is a hell of a lot better than what I was taught by some of my military and veteran mentors. .

As members of the military, we often think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How can 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 focus all our savings towards producing assets... a.k.a. rental properties.

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