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

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

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Years ago, I recall deciding, 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 tried to figure out how I would cut down our family 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 spouse and I wanted to make sure we could tell all the other military families that we had a good 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 difficult conversations between my wife and I.

How were we supposed to maintain this up with each new baby and/or expense we had We were hoping to have 3 children . As a result, our various discussions about finances began making the future seem more and more stressful. Anxiety started setting in.

I saw the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and I had a 13-hour driveway 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 would be the days where I'd save news 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 become better NOW! Or at least within the next several decades. Moreover, I wanted my life to continue getting better each month and every year.

Before you make 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 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 a 401k, but struggles month-to-month financially. The other daddy didnt have a college diploma, lived in a lesser neighborhood, and did not have a 401k retirement click plan.

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

The wealthy dad lived a comparatively stress-free life in which he created methods to make use of him, while the poor 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 more paychecks. Paychecks that I didn't work for on a day-to-day 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 cover bump or waiting one more year to get our bi-monthly paycheck to increase with a gloomy 2.5%.

We More about the author 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 me: what if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.