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This can 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 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 a few of the passive income strategies above so you can begin working less and making more money as you sleep now.

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Years ago, I recall deciding, that I did not want my wife to feel as though she"had to" go to work if she didnt want to.

Then, thinking it was my only option, I tried to figure out how I would cut down our household 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 make sure we could tell all the other military families that we had a good TSP and Roth IRA to our prospective old-selves. We didn't want to appear 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 keep this up 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 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 would be the days where I'd save money for the interest of compound interest and wait until I turned 59.5 try these out or 65 to spend any of it.

I wanted my life to be better NOW! Or at least within the next several decades. Moreover, I 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 novel about patience more than anything. Patience with a plan 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 dad 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 diploma, lived in a lesser neighborhood, and did not have a 401k retirement plan.

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

The rich dad lived a relatively stress-free life in which he created methods to make use of himwhile the poor dad constantly found himself pouring over his receipts and family spending spreadsheets.

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The wealthy dad let me understand, all I needed to do is get more paychecks. Paychecks that I didn't work for on an everyday 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 reach 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 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 free time creating something which would continuously send you checks on a monthly basis.