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

As you can see there are a ton of ways which 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 this traditional way of making money, implement some of the passive income strategies above so that you can start working and making more money as you sleep now.

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Years ago, I recall 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 work out how I would cut down our household expenses when we had a baby. After all, I wanted to start saving for his or her college.

Don't overlook saving for retirement! My wife and I wanted to ensure we could tell all 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 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 three children . As a result, our various discussions about finances started 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 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 be better NOW! Or at least within the next couple of years. 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 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 just two fathers: his own and his very best friends. His dad has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other daddy didnt possess a college degree, lived in a lesser neighborhood, and did not have a 401k retirement plan.

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

The rich dad lived a comparatively stress-free lifetime in which he made systems to make use of himwhile the inadequate dad constantly found himself pouring over his receipts and household spending spreadsheets.

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The rich dad helped me understand, all I needed to do would be get more paychecks. Paychecks that I didn't work for on a day-to-day basis.

The majority of us develop focusing on how much we earn per hour. Constantly trading our valuable time see it here 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 bump or waiting one more year to have our bi-monthly paycheck to increase by 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 is the question I felt the book asking me: what if you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.