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This will allow you to guard 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. Hopefully, 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 way of making money, implement some of the passive income approaches above so you can begin working less and making more money while you sleep today.
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Then, thinking it was my only option, I tried to figure out how I'd cut down our household expenses when we had a baby. After all, I wanted to begin saving for her or his school.
Don't forget saving for retirement! My wife and I wanted to make sure we could tell each of the other military families we had a solid 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 right. 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 every new baby and/or expense we had We were hoping to have 3 children someday. Because of this, our many discussions about finances started making the future seem more and more stressful. Anxiety started 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. Over the next few hours in my Automobile University, my 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 life to become better NOW! Or at least within the next couple of years. I also wanted my life to continue getting better every month and each year.
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Rich Dad Poor Dad tells a story about a man with two fathers: his own and his best friends. His father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another daddy didnt possess a college degree, lived in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the father with the 6-figure paycheck was the"poor dad" in the book. .
The rich dad lived a relatively stress-free life in which he made methods to work for him, while the poor dad constantly found himself pouring over his receipts and family spending spreadsheets.
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The rich dad let my blog me understand, all I needed to do is get much more paychecks. Paychecks that I didn't work for on a day-to-day basis.
The majority 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 get to the next rank to get a pay 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 is get more the question I sensed that the book asking me: what if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.