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This can help you to guard 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 that you can make passive income. Hopefully, this record 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 a few of the passive income strategies above so that you can begin working and making more money while you sleep now.
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Years ago, I remember deciding, I did not want my wife to feel as though she"needed to" go to work if she didnt want to.
Then, thinking it was my only option, I attempted to figure out how I'd cut down our family expenses when we had a baby. After all, I wanted to begin saving for her or his college.
Don't overlook saving for retirement! My wife and I wanted to make sure we could tell all the other military families we had a solid TSP and Roth IRA to 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 had been forcing some difficult conversations between my wife and I.
How were we supposed to maintain this up with each new baby and/or expense we had We had been hoping to have 3 children someday. Because of this, our various discussions about finances started 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 driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next few hours in my Automobile University, my entire world was turned upside down.
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Gone would be the days where I would save money for the interest of compound interest and wait until I turned 59.5 or 65 to spend any of look here it.
I wanted my life to be better NOW! Or at least within the next several decades. Moreover, I wanted my life to continue getting better every month and each year.
Before you make any assumptions, the publication was not a get rich fast scheme. In reality, it was a book about patience more than anything. Patience with a strategy and a mindset focused on cash flow and resources 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 very best friends. His father has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and contains a 401k, but struggles month-to-month financially. Another father didnt have a college diploma, lived 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 life in which he made systems to make use of himwhile the inadequate daddy constantly found himself pouring over his receipts and family spending clocks.
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The rich 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 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 have 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's the question I felt that the book asking me: what if you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.