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This will allow you to protect the property youre renting out. For extra peace of mind, consider requesting a safety deposit as well.

As you can see there are a ton of ways which you can make passive income. With luck, 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 a few of the passive income strategies above so you can start 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 wife to feel as though she"needed to" go to work if she didnt want to.

Then, thinking it was my only option, I attempted to work out how I'd cut down our household 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 spouse and I wanted to ensure we can tell all the other military families we had a good TSP and Roth IRA to our prospective old-selves. We didn't want to appear financially uneducated.

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

How were we supposed to keep this up 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 started 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. During the next several hours in my Automobile University, my world was turned upside down.

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Gone were the days where I'd save money for the sake of compound interest and wait patiently 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 each year.

Before you make any assumptions, the publication was not a get rich quick scheme. In fact, it was a novel about patience more than anything. Patience with a strategy 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 father has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and has a 401k, but struggles navigate here 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 dad with all the 6-figure paycheck was 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 poor daddy constantly found himself pouring over his receipts and household spending spreadsheets.

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The wealthy dad let me realize, all I needed to do would be get more paychecks. Paychecks I didn't work for on an everyday basis.

Most 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 army, it means doing everything we can to get to the next rank for 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 is the question I sensed the book asking me: what should you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.