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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 best for you.

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So if youre tired of this traditional means of making money, implement some of the passive income strategies above so you can start working less and making more money while you sleep now.

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

Then, thinking it was my only option, I attempted to figure out how I would cut down our household expenses if we had a baby. After all, I wanted to begin saving for his or her college.

Don't forget saving for retirement! My spouse and I wanted to make sure we could tell all the other military families that we had a solid TSP and Roth IRA to our prospective old-selves. We didn't want to appear 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 each new baby and/or expense we had We were hoping to have three children . Because of this, our many discussions about finances began making the future seem more and more stressful. Anxiety started setting in.

I watched 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 would save money for the sake of compound interest and wait patiently until I turned 59.5 or 65 to spend any of it.

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

Prior to making any assumptions, the publication was not a get rich quick scheme. In reality, it was a book about patience more than anything. Patience view it now with a plan and a mindset focused on cash flow and assets rather than loans on obligations.

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Rich Dad Poor Dad tells a story about a man with two fathers: his own and his very best friends. His father click here for more info has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other daddy didnt have a college degree, lived 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 publication. .

The wealthy dad lived a relatively stress-free life in which he created methods to work for him, while the inadequate daddy constantly found himself pouring over his receipts and household spending spreadsheets.

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The wealthy dad helped me realize, all I needed to do would be get much more paychecks. Paychecks I didn't work for on an everyday basis.

The majority of us grow up focusing on how much we earn per hour. Constantly trading our precious 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 find out this here rank for a pay bump or waiting one more year to have our bi-monthly paycheck to increase by 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 is the question I sensed that the book asking mewhat should you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.