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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 earn 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 the traditional means of making money, implement a few of the passive income approaches above so that you can begin working less and making more money as you sleep now.

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Years ago, I remember deciding, that I did not want my spouse to feel as though she"needed to" go to work if she didnt want to.

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

Don't forget saving for retirement! My spouse and I wanted to ensure we could tell each of the other military families we had a solid 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 right. My thought process seemed counterintuitive and it was forcing some tough conversations between my wife and I.

How were we supposed to keep up this with every new baby and/or expense we had We had been hoping to have 3 children someday. As a result, our various discussions about finances began 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 driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next few 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 several decades. I also wanted my life to continue getting better every month and each year.

Prior to making any assumptions, the book was not a get rich fast scheme. In reality, 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 click reference a story about a man with just two fathers: 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 father didnt have a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

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

The wealthy dad lived a relatively stress-free life in which he made methods to work visit this page for him, while the inadequate dad constantly found himself pouring over his receipts and family spending spreadsheets.

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The wealthy dad helped me understand, all I needed to do would be get much 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 try this website 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 get to the next rank to get 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 sensed the book asking mewhat if you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.