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What if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources just 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 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from various sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even occupation as part of this equation.

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Both terms"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 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, take a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty in the barracks. .

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

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

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

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

Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT have to be difficult.  But you must learn and behave.

Now, in case you all of the above makes sense, pop over here a funny thing will begin happening.  When you begin talking to folks about finances you'll soon begin to understand 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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Each of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it is an advantage.

Honestly, who cares how much you are spending on an asset 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 so was that the earning

When 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 bucks it spit out. .

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Because passive income inherently means I do not have to spend the most why not look here 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 recognize there's a great deal of education and some significant setup required on the official website front end of the journey to financial freedom (our"Why"). 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 some of my military and veteran mentors. .

As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our army support must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do we make sure it doesn't create more stress than pleasure.

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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.

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