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This will allow you to protect the property youre renting out. For extra peace of mind, consider requesting a safety deposit too.

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

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If youre tired of this traditional way of making money, implement some of the passive income approaches above so you can begin working less and making more money as you sleep today.

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Years ago, I remember deciding, that I did not want my wife to feel as though she"had to" go to work when she didnt want to.

Then, thinking it was my only option, I tried to figure 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 school.

Don't overlook saving for retirement! My spouse and I wanted to ensure we could tell all the other military families that we had a good TSP and Roth IRA for our prospective old-selves. We didn't want to appear 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 keep this up with a knockout post every new baby and/or expense we had We had been hoping to have three children someday. As a result, our various discussions about finances began 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 I had a 13-hour drive from Pensacola, FL to New River, NC after graduating Naval Flight School. During the next few hours in my Automobile University, my world was turned upside down.

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Gone were the days where I would save money for the sake 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 decades. I also wanted my life to continue getting better each month and each year.

Before you make any assumptions, the publication was not a get rich quick scheme. In fact, it was a novel about patience more than anything. Patience with a plan 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 helpful hints 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. The other daddy didnt have 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 the"poor dad" in the book. .

The wealthy dad lived a relatively stress-free life in which he made systems to make use of him, while the poor dad constantly found himself pouring over his receipts and family spending clocks.

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The rich dad helped me realize, all I needed to do would be get more paychecks. Paychecks I didn't work for on an everyday basis.

The majority of us develop 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 military, it means doing everything we can to reach the next rank to get a cover bulge or waiting one more year to have our bi-monthly paycheck to increase by a sad 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 me: what if you, Markian, spent your spare time creating something which would continuously send you checks on a monthly basis.