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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources simply paid for your car 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 understood 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 money coming in each month from various sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of this equation.

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Both conditions"residual income" and"passive income" try to capture the identical concept of,"making money automatically." 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 immediately snap into it, have a sip of your Monster Energy drink, and try to remain awake while on your 24-hour responsibility in the barracks. .

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Is a blissful and lively lifestyle really possible Is it Feasible to plan my military career for closer to such a lifestyle

An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.

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

Educate yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow.   Finally, when we begin looking at these income flows 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 hard.  But you must learn and behave.

Now, if you all of the above makes sense, a funny thing will begin happening.  When you start talking to people about finances you will soon begin to understand 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 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 made two million dollars each month, it is an asset.

Honestly, who cares sites 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

When there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care whether that machine billed you 50 percent interest on your buck before generating one of the two dollars it spit out. .

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Because passive income inherently means that 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 that hear the word get disappointed when they realize there is a great deal of education and some significant set up required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick 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 maybe even impossible, for us to find time to earn extra 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 massive success How do we make certain that it doesn't create more anxiety than pleasure.

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

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