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

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

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If youre tired of this traditional way of making money, implement some of the passive income approaches above so you can start working less and making more money while you sleep today.

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Years ago, I recall deciding, that I did not want my wife to feel like she"had to" go to work if she didnt want to.

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

Don't forget saving for retirement! My wife and I wanted to ensure we can tell all the other military families that we had a solid TSP and Roth IRA to 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 difficult conversations between my wife and I.

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

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

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Gone were the days where I would save money for the interest of compound interest and wait 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 decades. Moreover, I wanted my life to continue getting better each month and every year.

Prior to making any assumptions, the book was not a get rich quick scheme. In fact, it was a book about patience more than anything. Patience 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 just two fathers: his own and his very best friends. His dad has a click here now 6-figure paycheck, a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other father didnt possess a college degree, lived in a lesser neighborhood, and did not have a 401k retirement plan.

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

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

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The wealthy dad let me understand, 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 develop 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 reach the next rank for a cover 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's the question I sensed that the book asking mewhat should you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.