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This can 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 which you can make passive income. With luck, this list has helped you narrow down which source of income is most effective for you.
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So if youre tired of this traditional means of making money, implement some of the passive income approaches above so you can start working less and making more money as you sleep now.
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Years ago, I recall deciding, I did not want my wife to feel like she"had 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 family expenses when we had a baby. After all, I wanted to begin saving for his or her college.
Don't overlook saving for retirement! My spouse and I wanted to make sure we could tell each of the other military families we had a solid TSP and Roth IRA to our prospective old-selves. We didn't want to seem financially uneducated.
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However, something did not feel right. My thought process seemed counterintuitive and it had been forcing some difficult conversations between my wife and I.
How were we supposed to keep this up with each new baby and/or expense we had We had been hoping to have 3 children someday. Because of this, our many discussions about finances started making the future seem more and more stressful. Anxiety began 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. 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 would save money for the sake of compound interest and wait until I turned 59.5 or 65 to spend any of it.
I wanted my life to be better NOW! Or at least within the next couple of decades. I also wanted my life to continue getting better every 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 strategy and a mindset focused on cash flow and resources 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 dad has a 6-figure paycheck, a college diploma, lives in site a nice neighborhood, and contains a 401k, but struggles month-to-month financially. The other daddy didnt have a college degree, 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 book. .
The wealthy dad lived a relatively stress-free lifetime in which he created methods to work for himwhile the inadequate dad constantly found himself pouring over his receipts and household spending spreadsheets.
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The rich dad helped me understand, all I needed to do is get much more paychecks. Paychecks I didn't work for Continue on a day-to-day basis.
The majority of us grow up 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 get to the next rank for a pay bulge or waiting one more year to have 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 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.