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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 which you can make 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 this traditional means of making money, implement some of the passive income strategies above so that you can begin working 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 would cut down our household expenses if 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 can tell all the other military families we had a good 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 was forcing some tough conversations between my wife and I.
How were we supposed to keep this up with every new baby and/or expense we had We were hoping to have 3 children . As a result, our many discussions about finances began making the future look more check this and more stressful. Anxiety started 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 several hours in my Automobile University, my entire world was turned upside down.
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Gone were the days where I would save money for the sake of compound interest and wait patiently 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 couple of decades. 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 degree, lives in see a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other father 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 lifetime in which he made methods to work for him, while 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 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 precious time for money and striving valiantly to increase our hourly rate.
In the military, it means doing everything we can to get to the next rank for a pay bump or waiting one more year to get our bi-monthly paycheck to increase with a gloomy 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 felt the book asking Continued me: what if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.