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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 too.

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

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

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

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

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However, something did not feel right. My thought process seemed counterintuitive and it had been forcing some difficult conversations between my wife and I.

How were we supposed to keep up this with each new baby and/or expense we had We had been hoping to have three children . As a result, our various discussions about finances started making the future look more and more stressful. Anxiety began 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. During the next several hours in my Automobile University, my entire world was turned upside down.

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

Prior to making any assumptions, the book was not a get rich quick 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 story about a man with two fathers: article source his own and his best friends. His father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other daddy didnt possess a college diploma, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

The kicker was, the father 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 systems to work for him, while the poor dad constantly found himself pouring over his receipts and family spending spreadsheets.

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

Most of us develop 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 to get a pay bulge or waiting one more year to get 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 is the question I felt that the book asking mewhat should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.