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This can allow you to guard the property youre renting out. For additional peace of mind, consider requesting a security deposit as well.

As you can see there are a ton of ways that 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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So if youre tired of this traditional way of making money, implement some of the passive income strategies above so that you can start working and making more money while you sleep today.

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

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

Don't forget saving for retirement! My spouse and I wanted to ensure we can tell each of the other military families that we had a solid TSP and Roth IRA for our prospective old-selves. We didn't want to appear financially uneducated.

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But something did not feel appropriate. My thought process seemed counterintuitive and it had been forcing some tough conversations between discover here my wife and I.

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

I watched the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and 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 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 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 couple of years. I also wanted my life to continue getting better every month and every year.

Prior to making any assumptions, the book was not a get rich fast 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 liabilities.

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

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

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

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

Most 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 army, it means doing everything we can to get to the next rank for a pay bulge or waiting one more year to have our bi-monthly paycheck click here for more 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 is the question I felt that the book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.