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This can help you to protect 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 that you can make passive income. With luck, 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 means of making money, implement some of the passive income approaches above so that you can begin working and making more money as you sleep today.

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

Then, thinking it was my only option, I attempted to work out how I would cut down our family expenses if we had a baby. After all, I wanted to begin saving for his or her college.

Don't forget saving for retirement! My spouse and I wanted to ensure we can tell each of the other military families that we had a good TSP and Roth IRA for 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 was 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 had been hoping to have three children . Because of this, our various 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 drive from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next few hours in my Automobile University, my world was turned upside down.

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Gone were the days where I would save money for the sake 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 decades. I also wanted my life to continue getting better every month and every year.

Prior to making any assumptions, the publication was not a get rich fast 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 liabilities.

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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 father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another 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 all the 6-figure paycheck was the"poor dad" in the book. .

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

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The wealthy dad helped me understand, all I needed to do is get more paychecks. Paychecks I didn't work for on an everyday basis.

The moved here majority of us grow up 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 pay bulge or waiting one more year to have 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 is the question I sensed the book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.