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This will allow 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 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 the traditional means of making money, implement a few of the passive income approaches above so you can begin working less and making more money as 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 family 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 make sure we can tell each of the other military families that we had a good TSP and Roth IRA for 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 was forcing some tough conversations between my wife and I.
How were we supposed to maintain up this with each new baby and/or expense we had We were hoping to have 3 children . Because of this, our many discussions about finances began making the future seem more and more stressful. Anxiety began setting in.
I watched the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and 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 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 even 65 to spend any of it.
I wanted my life to become better NOW! Or at least within the next several years. Moreover, I wanted my life to continue getting better each month and each year.
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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 father didnt possess a college diploma, lived 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 top article the book. .
The rich dad lived a comparatively stress-free lifetime in which he created systems to make use of himwhile the inadequate dad constantly found himself pouring over his receipts and family spending clocks.
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The wealthy dad helped me realize, all I needed to do would be get much more paychecks. Paychecks that I didn't work for on an everyday basis.
Most of us develop 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 to get a cover bump or waiting one more year to get our bi-monthly paycheck to increase with a sad 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's the question I sensed the book asking me: what should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.