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This can help you to protect the property youre renting out. For extra peace of mind, consider requesting a safety deposit too.

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 way of making money, implement some of the passive income strategies above so you can begin working less and making more money as you sleep today.

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Years ago, I recall deciding, I did not want my spouse to feel like she"needed to" go to work if she didnt want to.

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

Don't forget saving for retirement! My spouse and I wanted to ensure we could tell all the other military families we had a solid TSP and Roth IRA for our future old-selves. We didn't want to appear financially uneducated.

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However, 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 maintain up this with every new baby and/or expense we had We had been hoping to have 3 children someday. As a result, our many discussions about finances started making the future seem more and more stressful. Anxiety started setting in.

I saw the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and that I had a 13-hour driveway from Pensacola, FL to New River, NC after graduating Naval Flight great post to read School. Over the next several hours in my Automobile University, my world was turned upside down.

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Gone would be the days where I'd save money for the interest of compound interest and wait patiently 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 couple of decades. I also wanted my life to continue getting better each month and each year.

Prior to making any assumptions, the book 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 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 has a 401k, but struggles month-to-month financially. Another 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 rich dad lived a comparatively stress-free life in which he made systems to make use of him, while the inadequate daddy constantly found himself pouring over his receipts and household spending clocks.

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The wealthy dad helped me understand, all I needed to do would be get more paychecks. Paychecks 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 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 cover bulge or waiting one more year to have our bi-monthly paycheck to increase by a gloomy 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.