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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 as well.
As you can see there are a ton of ways which you can earn passive income. Hopefully, this record has helped you narrow down which source of income is best for you.
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So if youre tired of the traditional way of making money, implement some of the passive income approaches above so that you can start working less and making more money while you sleep today.
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Years ago, I recall deciding, I did not want my spouse to feel like she"had 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 household expenses when we had a baby. After all, I wanted to start saving for her or his school.
Don't overlook saving for retirement! My wife and I wanted to make sure we could tell each of the other military families we had a solid TSP and Roth IRA for our prospective 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 had been 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 sites been hoping to have 3 children someday. As a result, our various 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 Get More Information that I had a 13-hour drive from Pensacola, FL to New River, NC after graduating Naval Flight School. Over 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 sake of compound interest and wait patiently 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. Moreover, I wanted my life to continue getting better every month and each year.
Prior to making 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 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 best friends. His dad has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other daddy didnt possess a college degree, lived 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 rich dad lived a relatively stress-free lifetime in which he created methods to work for him, while 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 would be get much more paychecks. Paychecks I didn't work for on a day-to-day basis.
Most 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 to get a cover 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 the book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.