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This will allow you to guard the property youre renting out. For extra peace of mind, consider requesting a security deposit too.
As you can see there are a ton of ways that 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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If youre tired of the traditional means of making money, implement some of the passive income strategies above so you can begin working and making more money as you sleep today.
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Years ago, I recall deciding, that I did not want my spouse to feel like she"needed to" go to work if she didnt want to.
Then, thinking it was my only option, I tried to figure out how I would cut down our family expenses when we had a baby. After all, I wanted to start saving for her or his school.
Don't overlook saving for retirement! My spouse and I wanted to ensure we can tell each of the other military families that 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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But 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 this up with each new baby and/or expense we had We had been hoping to have 3 children . Because of this, our many discussions about finances began 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 I had a 13-hour drive from Pensacola, FL to New River, NC after graduating Naval Flight School. During the next explanation 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 be better NOW! Or at least within the next couple of decades. I also wanted my life to continue getting better every month and each year.
Prior to making any assumptions, the publication was not a get rich quick scheme. In reality, it was a book about patience more than anything. Patience with a strategy and a mindset focused on cash flow and assets 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 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. The other daddy didnt possess a college diploma, dwelt in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the dad with all the 6-figure paycheck was that the"poor dad" in the book. .
The rich dad lived a comparatively stress-free lifetime in click here now which he created methods to make use of him, while the poor daddy constantly found himself pouring over his receipts and family spending spreadsheets.
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The rich dad let me realize, all I needed to do would be get much more paychecks. Paychecks 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 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 is 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.