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This can 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 a few of the passive income strategies above so you can begin working less and making more money as you sleep today.

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Years ago, I recall deciding, I did not want my wife 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'd 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 ensure we can tell each of the other military families we had a good TSP and Roth IRA for our future old-selves. We didn't want to seem financially uneducated.

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However, something did not feel appropriate. My thought process seemed counterintuitive and it was 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 someday. 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. During the next few 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 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 years. I also wanted my life to continue getting better every month and every year.

Prior to making any assumptions, the publication was not a get rich fast look these up scheme. In reality, 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: his own and his very best friends. His dad has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another daddy didnt possess a college diploma, 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 book. .

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

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The rich dad let me understand, all I needed to do is get much more paychecks. Paychecks that 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 valuable time for money and striving valiantly to increase our hourly rate.

In the army, it means doing everything we can to reach the next rank for a cover bulge or waiting one more year to get our bi-monthly paycheck to increase with a gloomy 2.5%.

We maintain 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 felt that the book asking mewhat should you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.