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This can 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. Hopefully, this record has helped you narrow down which source of income is most effective for you.
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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 while you sleep today.
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Then, thinking it was my only option, I tried to work out how I'd cut down our family expenses if we had a baby. After all, I wanted to begin saving for his or her school.
Don't overlook saving for retirement! My spouse and I wanted to make sure we could tell all the other military families we had a solid 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 appropriate. My thought process seemed counterintuitive and it was forcing some tough conversations between my wife and I.
How were we supposed to maintain this up with every new baby and/or expense we had We were hoping to have 3 children . Because of this, our various discussions about finances started making the future look more and more stressful. Anxiety started setting in.
I saw additional resources 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. Over the next several hours in my Automobile University, my 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 even 65 to spend any of it.
I wanted my life to be better NOW! Or at least within the next couple of years. Moreover, I wanted my life to continue getting better each 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 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 have a college diploma, dwelt 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 publication. .
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 realize, all I needed to do is get more paychecks. Paychecks 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 valuable time for money and striving valiantly to increase our hourly rate.
In the military, it means doing everything we can to reach the next rank for a pay bump or waiting one more year to have our bi-monthly paycheck to increase with 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 is the question I felt the book asking mewhat if you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.