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This will help you to protect the property youre renting out. For extra peace of mind, consider requesting a safety deposit too.
As you can see there are a ton of ways that you can make passive income. With luck, this list has helped you narrow down which source of income is best for you.
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If youre tired of this traditional means of making money, implement some of the passive income strategies above so you can start working less and making more money while you sleep today.
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Then, thinking it was my only option, I attempted to figure out how I would cut down our household expenses when we had a baby. After all, I wanted to begin saving for his or her school.
Don't forget saving for retirement! My wife and I wanted to ensure 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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However, something did not feel appropriate. My thought process seemed counterintuitive and it was forcing some tough 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 three 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 that I had a 13-hour driveway 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 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 become better NOW! Or at least More Bonuses within the next couple of decades. I also wanted my life to continue getting better each month and every year.
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Rich Dad Poor Dad tells a story about a man with two fathers: his own and his very best friends. His father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. Another father didnt possess a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the father with all the 6-figure paycheck was the"poor dad" in the publication. .
The wealthy dad lived a comparatively stress-free lifetime in which he created systems to work for himwhile the poor dad constantly found himself pouring over his receipts and household spending clocks.
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The rich dad helped me realize, all I needed to do is get much 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 to get a pay bulge or waiting one more year to have learn the facts here now our bi-monthly paycheck to increase with a gloomy 2.5%.
We maintain 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 if you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.