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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 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 best for you.

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If youre tired of the traditional means of making money, implement a few of the passive income strategies above so that you can start working less and making more money while you sleep now.

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Years ago, I remember 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 tried to work out how I'd cut down our family expenses when we had a baby. After all, I wanted to begin saving for her or his college.

Don't forget saving for retirement! My spouse and I wanted to ensure we could tell each of the other military families that we had a good TSP and Roth IRA to our future 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 tough conversations between my wife and I.

How were we supposed to keep this up with every new baby and/or expense we had We were hoping to have 3 children someday. Because of this, our many 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 that I had a 13-hour driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the Learn More Here next several hours in my Automobile University, my 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 each year.

Before you make any assumptions, the book was not a get rich fast scheme. In fact, it was a novel about patience more than anything. Patience with a plan and a mindset focused on cash flow and resources rather than loans on liabilities.

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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 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 father with the 6-figure paycheck was the"poor dad" in the publication. .

The rich dad lived a comparatively stress-free life in which he made systems to work for himwhile the poor dad constantly found himself pouring over his receipts and household spending clocks.

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The rich 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 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 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's the question I felt 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.