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This can allow you to guard 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 earn 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 this traditional way of making money, implement some of the passive income strategies above so that you can begin working less and making more money as you sleep now.

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Years ago, I recall deciding, that 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 attempted to work out how I'd cut down our household expenses if we had a baby. After all, I wanted to begin saving for her or his college.

Don't forget saving for retirement! My wife and I wanted to make sure we can 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 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 this up with every new baby and/or expense we had We were hoping to have 3 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. Over the next several 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 interest of compound interest and wait until I turned 59.5 or 65 to spend any of it.

I wanted my life to be better NOW! Or at least within the next couple of 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 quick scheme. In reality, it was a book about patience more than anything. Patience with a strategy and a mindset important source focused on cash flow and assets 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 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 daddy didnt possess 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 that the"poor dad" in the publication. .

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

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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 an everyday basis.

The majority of why not look here 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 for a pay bulge or waiting one more year to get our bi-monthly paycheck to increase by 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 sensed the book asking mewhat if you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.