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This will allow 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 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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So if youre tired of this traditional means of making money, implement some of the passive income strategies above so that you can start working less and making more money while you sleep now.

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Years ago, I recall deciding, I did not want my wife 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 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 could tell all the other military families we had a good TSP and Roth IRA to our future old-selves. We didn't want to appear financially uneducated.

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However, 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 every new baby and/or expense we had We were hoping to have 3 children . As a result, our various discussions about finances began making the future seem more and more stressful. Anxiety began setting in.

I saw the book, additional reading 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 few hours in my Automobile University, my entire 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 years. I also wanted my life to continue getting better every month and each year.

Prior to making any assumptions, the book was not a get rich quick scheme. In fact, it was a novel 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, important source a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another father didnt possess a college degree, dwelt 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 book. .

The wealthy dad lived a relatively stress-free lifetime in which he made systems to make use of him, while the inadequate dad constantly found himself pouring over his receipts and household spending spreadsheets.

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

The majority of us develop focusing on how much we earn per hour. Constantly trading our valuable 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 get our bi-monthly paycheck to increase with 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's the question I sensed that the book asking me: what redirected here if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.