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

As you can see there are a ton of ways that you can earn passive income. With luck, this record has helped you narrow down which source of income is best for you.

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So if youre tired of the traditional way of making money, implement a few of the passive income approaches 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 wife to feel as though she"had to" go to work when she didnt want to.

Then, thinking it was my only option, I tried to work out how I'd cut down our family expenses if 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 ensure we can 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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But something did not feel right. My thought process seemed counterintuitive and it was forcing some difficult conversations between my wife and I.

How were we supposed to maintain up this with each new baby and/or expense we had We had been hoping to have 3 children . Because of this, our various discussions about finances began 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 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 were the days where I'd save money for the sake of compound interest and wait until I turned 59.5 or 65 to spend any click to read more of it.

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

Before you make any assumptions, the book was not a get rich quick scheme. In reality, 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 obligations.

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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 father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another daddy 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 the"poor dad" in the book. .

The rich dad lived a relatively stress-free life in which he made methods to make use of him, while the inadequate daddy constantly found himself pouring over his receipts and family spending spreadsheets.

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The wealthy dad helped me realize, 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 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 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 felt that the book asking me: what should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.