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This will allow you to protect 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 most effective for you.

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If youre tired of the traditional means of making money, implement some of the passive income approaches above so you can begin 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 as though she"had to" go to work if she didnt want to.

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

Don't forget saving for retirement! My wife and I wanted to ensure we can tell all the other military families that 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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But something did not feel appropriate. My thought process seemed counterintuitive and it was forcing some difficult conversations between my wife and I.

How were we supposed to keep up this 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 started making the future seem more and more stressful. Anxiety began setting in.

I saw 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. During a knockout post the next several hours in my Automobile University, my entire 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 become better NOW! Or at least within the next several decades. Moreover, I wanted my life to continue getting better each month and every year.

Before you make 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 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 contains a 401k, but struggles month-to-month financially. The other father didnt have a college diploma, 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 wealthy dad lived a comparatively stress-free life in which he created systems to make use of him, while the poor dad constantly found himself pouring over his receipts and family spending clocks.

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The rich dad let me realize, all I needed to do would be get much more paychecks. Paychecks that I didn't work for on an everyday basis.

Most of us grow up why not try this out 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 military, it means doing everything we can to get to the next rank to get a pay bump or waiting one more year to get 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 the book asking mewhat if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.