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This can allow you to guard the property youre renting out. For extra peace of mind, consider requesting a safety deposit as well.
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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So if youre tired of this traditional way of making money, implement some of the passive income approaches above so that you can start working less and making more money as you sleep today.
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Years ago, I recall deciding, I did not want my wife to feel like she"needed to" go to work when she didnt want to.
Then, thinking it was my only option, I tried 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 college.
Don't forget saving for retirement! My spouse and I wanted to make sure we could tell each of 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 appropriate. 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 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 began setting in.
I saw 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. During the next few hours in my Automobile University, my entire world was turned upside down.
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Gone were the days where I'd save money for the sake news of compound interest and wait until I turned 59.5 or even 65 to spend any of it.
I wanted my life to be better NOW! Or at least within the next several years. 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 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 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 father didnt possess a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the dad with the 6-figure paycheck was that the"poor dad" in the publication. .
The wealthy 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 family spending spreadsheets.
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The rich dad helped me realize, all I needed to do would be get more paychecks. Paychecks that I didn't work for on a day-to-day basis.
The majority 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 reach the next rank for a cover bump or waiting one more year to have our bi-monthly paycheck to increase by 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's the question I sensed the book asking me: what should you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.