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

As you can see there are a ton of ways that you can make 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 a few of the passive income approaches above so you can begin working and making more money as you sleep today.

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Years ago, I recall deciding, that I did not want my spouse to feel as though she"needed to" go to work when she didnt want to.

Then, thinking it was my only option, I attempted to work 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 college.

Don't overlook saving for retirement! My wife and I wanted to ensure we could tell all the other military families we had a solid TSP and Roth IRA to 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 up this with every new baby and/or expense we had We had been hoping to have 3 children . Because of this, our various discussions about finances started making the future look more and more stressful. Anxiety started setting in.

I saw 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. During 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 would save money for the interest of compound interest and wait until I turned 59.5 or even 65 to spend any of it.

I wanted my life to become better NOW! Or at least within the next couple of decades. Moreover, I wanted my life to continue getting better each month and each year.

Before you make any assumptions, the publication was not a get rich fast 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 best friends. His father 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 degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

The kicker was, the dad with all the 6-figure paycheck was the"poor dad" in the get more book. .

The rich dad lived a comparatively stress-free lifetime in which he created systems to make use of himwhile the poor daddy constantly found himself pouring over his receipts and family spending clocks.

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The wealthy dad let me understand, all I needed to do is get much more paychecks. Paychecks that I didn't work for on an everyday basis.

The majority of us grow up 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 army, it means doing everything we can to reach the next rank for a pay bump or waiting one more year to get 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 felt that the book asking mewhat if you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.