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This can help you to guard 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 which you can earn 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 the traditional way of making money, implement a few of the passive income strategies above so you can start working less and making more money while you sleep today.

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Years ago, I remember deciding, 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 would 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 spouse and I wanted to make sure we can tell each of the other military families we had a good TSP and Roth IRA to our future old-selves. We didn't want to seem financially uneducated.

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But something did not feel right. My thought process seemed counterintuitive and it was forcing some tough conversations between my wife and I.

How were we supposed to maintain up this with each new baby and/or expense we had We were hoping to have three children someday. 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 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 entire world was turned upside down.

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Gone would be the days where I would save money for the interest of compound interest and wait until I turned 59.5 or even read this article 65 to spend any of it.

I wanted my life to be better NOW! Or at least within the next several years. I also wanted my life to continue getting better every month and each year.

Prior to making any assumptions, the publication was not a get rich fast scheme. In reality, it was a book about patience more than this article 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 very 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. The other daddy 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 rich dad lived a relatively stress-free lifetime in which he created methods to work for himwhile the poor daddy constantly found himself pouring over his receipts and family spending clocks.

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The wealthy dad helped me realize, all I needed to do would be get much 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 read what he said 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 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 spare time creating something that would continuously send you checks on a monthly basis.