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This can help you to guard the property youre renting out. For extra peace of mind, consider requesting a safety deposit as well.

As you can see there are a ton of ways which you can make passive income. Hopefully, this list has helped you narrow down which source of income is most effective for you.

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So if youre tired of the 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 recall deciding, I did not want my spouse to feel as though she"needed to" go to work when she didnt want to.

Then, thinking it was my only option, I tried to work out how I would cut down our family expenses if we had a baby. After all, I wanted to start saving for his or her college.

Don't forget saving for retirement! My spouse and I wanted to ensure we can tell each of the other military families we had a good 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 appropriate. My thought process seemed counterintuitive and it was forcing some difficult conversations between my wife and I.

How were we supposed to maintain up this 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 seem more and more stressful. Anxiety began setting in.

I watched 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. During the next several hours in my Automobile University, my entire 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 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 years. Moreover, I wanted my life to continue getting better every month and every year.

Before you make any assumptions, the publication was not a get rich quick scheme. In reality, it was a novel about patience more than anything. Patience with a strategy and a mindset focused on cash flow and resources rather than loans on liabilities.

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Rich Dad Poor Dad tells a story about a man with just two fathers: his own and his very best friends. His father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other father didnt possess a college degree, lived 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 publication. .

The rich dad lived a relatively stress-free life in which he made systems to work for himwhile the inadequate dad constantly found himself pouring over his receipts and family Continue spending spreadsheets.

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The rich dad helped me understand, all I needed to do is get much more paychecks. Paychecks 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 get to 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 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 the book asking mewhat if you, Markian, spent your free time creating something which would continuously send you checks on a monthly basis.