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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 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 means of making money, implement some of the passive income approaches above so that you can begin 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 attempted to figure out how I would cut down our family expenses if we had a baby. After all, I wanted to begin saving for her or his college.

Don't overlook saving for retirement! My spouse and I wanted to ensure we could tell each of the other military families that we had a solid TSP and Roth IRA for our future 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 was forcing some tough conversations between my wife and I.

How were we supposed to keep this up with every new baby and/or expense we had We had been hoping to have three children . As a result, my latest blog post our many discussions about finances started making the future seem 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 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'd save money for the sake of compound interest and wait patiently 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 several years. I also wanted my life to continue getting better each month and each year.

Before you make any assumptions, the publication was not a get rich quick scheme. In fact, it was a book about patience more than anything. Patience with a plan and a mindset focused on cash flow and resources 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 dad has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other father didnt possess 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 the"poor dad" in more the book. .

The wealthy dad lived a relatively stress-free lifetime in which he made systems to work for himwhile the poor dad constantly found himself pouring over his receipts and family spending clocks.

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

Most of us grow up 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 pay bump or waiting one more year to get our bi-monthly paycheck to increase with a gloomy 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 sensed the book asking mewhat if you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.