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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 which you can earn passive income. With luck, this list has helped you narrow down which source of income is most effective for you.
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So if youre tired of the traditional means of making money, implement some of the passive income approaches above so you can begin working less and making more money while you sleep now.
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Then, thinking it was my only option, I attempted to figure out how I'd cut down our household expenses if we had a baby. After all, I wanted to start saving for his or her school.
Don't forget saving for retirement! My wife and I wanted to make sure we can tell all the other military families we had a good TSP and Roth IRA to our future old-selves. We didn't want to appear financially uneducated.
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However, 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 this up with each new baby and/or expense we had We were hoping to have 3 children . As a result, our various discussions about finances started making the future look more and more stressful. Anxiety started setting in.
I saw the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and I had a 13-hour drive from Pensacola, FL to New River, NC after graduating Naval Flight School. During the next several 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 of compound interest and wait patiently until I turned 59.5 or 65 to spend any of it.
I wanted my check it out life to become better NOW! Or at least within the next couple of years. Moreover, I 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 dad 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 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 the"poor dad" in the book. .
The rich dad lived a comparatively stress-free life in which he created systems to work for him, while the inadequate dad constantly found himself pouring over his receipts and household spending spreadsheets.
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The wealthy dad let me understand, all I needed to do would be get more paychecks. Paychecks that 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 military, it means doing everything we can to reach the next rank to get a pay bump or waiting one more year to get 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 that the book asking me: what should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.