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This will allow you to protect the property youre renting out. For extra peace of mind, consider requesting a security deposit too.

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 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 start working and making more money as you sleep now.

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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 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 her or his college.

Don't forget saving for retirement! My spouse and I wanted to make sure we could tell all the other military families that we had a solid TSP and Roth IRA for our future 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 had been forcing some difficult conversations between my wife and I.

How were we supposed to keep up this with each new baby and/or expense we had We were hoping to have 3 children . Because of this, our various discussions about finances began making the future look more and more stressful. Anxiety started setting in.

I watched the book, Rich Dad Poor Dad, in my Audible"Recommended for you" you can look here and that I had a 13-hour driveway 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 would be the days where I'd 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 couple of decades. Moreover, I wanted my life to continue getting better each month and every year.

Before you make any assumptions, the publication was not a get rich quick scheme. In reality, it was a book about patience more than anything. Patience with a plan 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 two fathers: his own and his best friends. His father has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another daddy didnt possess a college diploma, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.

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

The rich dad lived a comparatively stress-free life in which he created methods to make use of him, while the poor dad constantly found himself pouring over his receipts and family spending clocks.

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The wealthy dad let me realize, all I needed to do is get more paychecks. Paychecks I didn't work for on an everyday 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 get to the next rank the original source to get a cover bulge or waiting one more year to get our bi-monthly paycheck to increase with a sad 2.5%.

We maintain trading our view 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 felt the book asking me: what if you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.