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This will allow you to protect the property youre renting out. For additional peace of mind, consider requesting a safety deposit as well.
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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So if youre tired of this traditional way of making money, implement a few of the passive income strategies above so you can start working and making more money as 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 family expenses when we had a baby. After all, I wanted to begin saving for her or his college.
Don't forget saving for retirement! My wife and I wanted to ensure we can tell all the other military families that we had a good TSP and Roth IRA to our prospective 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 this up with every new baby and/or expense we had We were hoping to have three children . As a result, our various discussions about finances started making the future look 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 driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next several 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 interest of compound interest and wait 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 several decades. I also wanted my life to continue getting better every month and every 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 father has a 6-figure paycheck, a college degree, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other father didnt have a college degree, lived in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the dad with all the 6-figure paycheck was the"poor dad" in the book. .
The wealthy dad lived a relatively stress-free life in which he created methods to make use of himwhile the poor daddy constantly found himself pouring over his receipts and family spending spreadsheets.
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The rich dad helped me understand, all I needed to do would be get more paychecks. Paychecks that I didn't work for on an everyday basis.
The majority 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 army, it means doing everything we can to reach the next rank for a pay bulge or waiting one more year to get our bi-monthly paycheck to increase by a gloomy 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's the question I felt the go to website book asking me: what should you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.