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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And these sources just paid for your automobile 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 call 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 wholesome amount of cash coming in each month from several sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as a portion of the equation.

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Both terms"residual income" and"passive income" attempt 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 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 alert while on your 24-hour duty at the barracks. .

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Can be a blissful and lively lifestyle really possible Is it Feasible to plan out my military career to get closer 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 from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.

Educate yourself to this point which you can find and buy American Real Estate that you rents in a higher price that all of its why not try here expenses and there's still a significant amount left over. The residual money is that flow 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 difficult.  But you must learn and act.

Now, if you all of the above makes sense, a funny thing will begin happening.  When you start talking to folks about finances you'll soon begin to understand there are two different kinds of people in this world: those that 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 produce income while costing very minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but produced two million dollars each month, it's 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 here are the findings a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar before 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 that hear the word get disappointed when they recognize there's a great deal of education and some significant setup required on the useful reference 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 was taught by a number of my military and veteran mentors. .

As members of the army, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service should be at the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How can we make sure 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 of our savings towards producing resources... a.k.a. rental properties.

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