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This can allow you to protect 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 which you can earn passive income. With luck, this record has helped you narrow down which source of income is best for you.
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So if youre tired of the traditional way of making money, implement some of the passive income strategies above so you can start working and making more money as you sleep now.
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Years ago, I remember deciding, that I did not want my wife to feel like she"had to" go to work when 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 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 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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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 up this with every new baby and/or expense we had We had been hoping to have 3 children . As a result, our many discussions about finances started making the future seem 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 several hours in my Automobile University, my entire world was turned upside down.
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Gone would be the days where I'd save money for the interest of compound interest and wait until I turned 59.5 or 65 to spend any of it.
I wanted my life to be better NOW! Or at least within click here now the next several years. I also wanted my life to continue getting better every month and every year.
Before you make any assumptions, the book 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 you can try these out on obligations.
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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 a nice neighborhood, and has a 401k, but struggles month-to-month financially. Another father didnt possess a college degree, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the father with the 6-figure paycheck was that the"poor dad" in the book. .
The wealthy dad lived a relatively stress-free lifetime in which he created systems to make use of himwhile the inadequate daddy constantly found himself pouring over his receipts and household spending clocks.
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The wealthy dad helped me realize, all I needed to do would be get more paychecks. Paychecks I didn't work for on a day-to-day basis.
Most of us develop 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 army, 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 with 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 the book asking mewhat should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.