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This will allow you to protect the property youre renting out. For additional peace of mind, consider requesting a security deposit too.

As you can see there are a ton of ways which you can make passive income. Hopefully, this list has helped you narrow down which source of income is most effective for you.

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If youre tired of the traditional way of making money, implement a few of the passive income approaches above so you can begin working less and making more money while you sleep now.

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Years ago, I recall deciding, I did not want my spouse to feel like she"needed to" go to work when she didnt want to.

Then, thinking it was my only option, I tried to work out how I'd cut down our household expenses when we had a baby. After all, I wanted to start saving for her or his school.

Don't overlook saving for retirement! My wife and I wanted to ensure we can tell each of the other military families we had a good TSP and Roth IRA for our future old-selves. We didn't want to seem financially uneducated.

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But something did not feel right. My thought process seemed counterintuitive and it was forcing some tough conversations between my wife and I.

How were we supposed to maintain up this with every new baby and/or expense we had We had been hoping to have 3 children . Because of this, our many discussions about finances began making the future look more and more stressful. Anxiety started setting in.

I saw the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and that I had a 13-hour drive from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next several hours in my Automobile University, my entire world was turned upside down.

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Gone would be the days where I'd save money for the interest of compound interest and wait patiently until I turned 59.5 or even 65 to spend any of it.

I wanted my life to be better NOW! Or at least within the next several years. Moreover, I wanted my life to continue getting better every month and each year.

Before you make any assumptions, the publication was not a get rich fast scheme. In fact, it was a novel about patience more than anything. Patience with a strategy and a mindset focused on cash flow and resources rather than loans on obligations.

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Rich Dad Poor Dad tells a you could check here story about a man with just two fathers: his own and his best friends. His father has a my company 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another daddy didnt have a college diploma, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

The kicker was, the father with all the 6-figure paycheck was that the"poor dad" in the book. .

The rich dad lived a comparatively stress-free lifetime in which he created methods to make use of himwhile the poor dad constantly found himself pouring over his receipts and household spending clocks.

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The wealthy dad helped me understand, all I needed to do is get more paychecks. Paychecks I didn't work for on a day-to-day basis.

The majority of us grow up focusing on how much we earn per hour. Constantly trading our valuable time for money and striving valiantly to increase our hourly rate.

In the military, it means doing everything we can to get to the next rank for a cover bump or waiting one more year to have our bi-monthly paycheck to increase with a sad 2.5%.

We keep trading our time for money even though time is the only thing we can't earn more of... we can always earn more money.

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Here's the question I sensed the book asking mewhat should you, Markian, a fantastic read spent your spare time creating something that would continuously send you checks on a monthly basis.