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This can 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 record 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 some of the passive income approaches above so you can start working less and making more money while you sleep now.

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

Then, thinking it was my only option, I attempted to figure 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 school.

Don't forget saving for retirement! My wife and I wanted to ensure we could tell all the other military families that we had a good TSP and Roth IRA for our prospective old-selves. We didn't want to seem financially uneducated.

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

How were we supposed to keep up this with each new baby and/or expense we had We were hoping useful link to have 3 children someday. As a result, our many discussions about finances started making the future seem 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 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 go to this site and wait patiently 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 decades. I also wanted my life to continue getting better every month and each year.

Before you make any assumptions, the publication 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 resources 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 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. Another father didnt have a college diploma, dwelt 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 rich dad lived a comparatively stress-free lifetime in which he created methods to work for him, while the inadequate daddy constantly found himself pouring over his receipts and family spending clocks.

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The rich dad let me realize, all I needed to do is 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 precious time for money and striving valiantly to increase our hourly rate.

In the military, it means doing everything we can to reach the next rank to get a cover bump or waiting one more year to have our bi-monthly paycheck to increase by a sad 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 me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.