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This will allow you to guard 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 best 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 that you can begin working and making more money as you sleep today.

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Years ago, I remember deciding, I did not want my wife 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'd cut down our household expenses if we had a baby. After all, I wanted to begin saving for her or his school.

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

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However, something did not feel right. My thought process seemed counterintuitive and it was forcing some tough conversations between my wife and I.

How were we supposed to maintain this up 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 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 several 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 interest of compound interest and wait patiently 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 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 fast scheme. In fact, it was a novel about patience more than anything. Patience with a strategy 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 diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other father didnt have 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 publication. . recommended you read

The wealthy dad lived a comparatively stress-free life in which he created systems to make use of him, while the poor daddy constantly found himself pouring over his receipts and household spending a knockout post spreadsheets.

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The wealthy dad helped me realize, all I needed to do would be get more paychecks. Paychecks 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 army, it means doing everything we can to reach the next rank for a cover bump or waiting one more year to have 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 is the question I sensed that the book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.