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

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

Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in every month from various sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from 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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to stay 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 Feasible to plan out my army career for closer to such a lifestyle

An asset is something that puts money in your pocket every month. It is a lifestyle and prosperity 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 lifestyle and wealth killer.

Educate yourself to the point which 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 leftover money is that stream of income or cash flow.   Finally, when we start 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 proper education, Real Estate Investing does NOT have to be hard.  However, you must learn and behave.

Now, in case you all of the above makes sense, a funny thing will start happening.  When you start talking to folks about finances you'll 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 those that will NEVER be wealthy. .

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

Honestly, who cares how much You're 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 that machine all day! Moreover, you wouldn't care if this machine charged you 50 percent interest on your dollar before generating one of 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 recognize there's a lot of education and some significant setup required 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 had been taught by a number of my army and veteran mentors. .

As members of the army, 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 priorities, our army service should be in the very top. Just 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 pleasure.

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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.

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