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This will help you to protect the property youre renting out. For additional peace of mind, consider requesting a security deposit as well.

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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So if youre tired of this traditional way of making money, implement a few of the passive income approaches above so that you can start working and making more money while you sleep now.

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

Then, thinking it was my only option, I tried to figure out how I'd cut down our household expenses when we had a baby. After all, I wanted to start saving for his or her school.

Don't overlook saving for retirement! My wife and I wanted to make sure we can tell each of the other military families 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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However, something did not feel appropriate. 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 every new baby and/or expense we had We were hoping to have three children . As a result, our various discussions about finances started making the future seem more and more stressful. Anxiety began setting in.

I watched click this link 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 few hours in my Automobile University, my world was turned upside down.

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Gone would be the days where I'd save money for the sake of compound interest and wait patiently 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. Moreover, I wanted my life to continue getting better each month and every year.

Prior to making any assumptions, the book was not a get rich fast scheme. In reality, 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 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, lived 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 life in which he made methods to work for him, while the inadequate dad constantly found himself pouring over his receipts and household spending spreadsheets.

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The rich dad let me understand, all I needed to do is get much 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 army, it means doing everything we can to get to the next rank to get a cover 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 felt the book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.