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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month without you 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 what Real Estate Investors predict Cashflow.

Again, I realized that I DID NOT want to become rich when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in every month from various resources 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 part of this equation.

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Both terms"residual income" and"passive income" try 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 instantly start 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 remain awake while on your 24-hour duty at the barracks. .

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Is a blissful and lively lifestyle really 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 prosperity multiplier.

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A liability is something that takes money from you every month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.

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

Admittedly, 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 must learn and act.

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

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

Honestly, who cares how much You're spending on an advantage every month if it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and was that 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 that 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 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 that hear the word get disappointed when they recognize there's a great deal of education and a few significant set up required on the front end of their 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 had been taught by some of my military and veteran mentors. .

As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our military support must be at the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How can we make certain 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 concentrate all our savings towards producing assets... a.k.a. rental properties.

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