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

As you can see there are a ton of ways which 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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So if youre tired of the traditional way of making money, implement a few of the passive income approaches above so that you can begin working less 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 if 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 start saving for his or her college.

Don't forget saving for retirement! My wife and I wanted to make sure we could tell all the other military families we had a good TSP and Roth IRA for our future old-selves. We didn't want to seem 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 up this with every new baby and/or expense we had We had been hoping to have three children someday. As a result, our many discussions about finances began 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 School. During the next few hours in my Your Domain Name Automobile University, my world was turned upside down.

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Gone would be the days where I would 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 several decades. I also wanted my life to continue getting better each month and each year.

Prior to making any assumptions, the publication was not a get rich fast scheme. In reality, it was a book about patience more than anything. Patience with a strategy 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 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 daddy didnt possess a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

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

The wealthy dad lived a comparatively stress-free lifetime in which he made systems to make use of him, while the inadequate dad constantly found himself pouring over his receipts and family spending spreadsheets.

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The wealthy dad let me realize, 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 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 pay bulge 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 spare time creating something which would continuously send you checks on a monthly basis.