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What if you had two separate sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And these 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 wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of this equation.

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Both conditions"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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, take 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 Feasible to plan out my military 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 which takes money away from you every month. It may be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.

Educate yourself to the point that you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left over. The residual money is that stream of income or cash flow.   Finally, when we start looking at such income streams collectively, it becomes known as"residual income." .

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

Now, if 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 realize there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and those 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 though one of those ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.

Honestly, who cares how much You're spending on an asset 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 that the earning

When there was a machine other that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine daily! In addition, you wouldn't care if that machine billed you 50% interest on your buck before generating you 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.

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 quick scheme, but it is a hell of a lot better than what I had been taught by a number of my military and veteran mentors. .

As members of the army, we often believe it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army service should be in the very top. So how can we ensure that we're setting our new property investing business up for enormous success How can we make sure it doesn't produce more stress than enjoyment.

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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of why not find out more our savings towards producing resources... a.k.a. rental properties.

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