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This can help 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 most effective for you.

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If youre tired of the traditional way of making money, implement a few of the passive income approaches above so you can start working and making more money as you sleep now.

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Years ago, I recall deciding, I did not want my wife to feel like she"needed to" go to work if she didnt want to.

Then, thinking it was my only option, I tried to work out how I would 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 spouse and I wanted to make sure 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 right. My thought process seemed counterintuitive and it had been forcing some tough conversations between my wife and I.

How were we supposed to maintain up this with every new baby and/or expense we had We had been hoping to have three children . Because of this, our many discussions about finances started making the future look more and more stressful. Anxiety began 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 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 be better NOW! Or at least within the next couple of years. Moreover, I wanted my life to continue getting better each month and every year.

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

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Rich have a peek here 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 diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other daddy didnt possess find out here now a college degree, lived in a lesser neighborhood, and did not have a 401k retirement plan.

The kicker was, the dad with the 6-figure paycheck was that the"poor dad" in the publication. .

The rich dad lived a relatively stress-free lifetime in which he created systems to work for himwhile the poor dad constantly found himself pouring over his receipts and household spending spreadsheets.

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The wealthy dad helped me realize, all I needed to do is get more paychecks. Paychecks that I didn't work for on a day-to-day 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 to get a cover bump or waiting one more year to have 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 is the question I felt that the book anchor asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.