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This can allow you to protect the property youre renting out. For additional peace of mind, consider requesting a security deposit as well.

As you can see there are a ton of ways that 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 the traditional means of making money, implement some of the passive income approaches above so you can start working and making more money while you sleep today.

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Years ago, I recall deciding, that I did not want my wife to feel as though she"had 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 household 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 make sure we can tell each of the other military families that we had a solid TSP and Roth IRA to our future old-selves. We didn't want to seem financially uneducated.

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But something did not feel appropriate. My thought process seemed counterintuitive and it had been forcing some difficult conversations between my wife and I.

How were we supposed to keep up this with each new baby and/or expense we had We had been hoping to have 3 children someday. Because of this, our many discussions about finances started making the future look 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 drive from Pensacola, FL to New River, NC after graduating Naval Flight School. Over the next few 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 interest 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 years. Moreover, I wanted my life to continue getting better each month and every 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 plan 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 two fathers: his own and his 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. Another father didnt have a college degree, dwelt in a lesser neighborhood, and find out here did not have a 401k retirement plan.

The kicker was, the dad 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 work for him, while the poor dad constantly found himself pouring over his receipts and household spending spreadsheets.

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The rich dad helped me realize, all I needed to do is get more paychecks. Paychecks that I didn't work for on a day-to-day basis.

Most 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 army, it means doing everything we can to reach the next rank to get a cover bulge or waiting one more year to get 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 sensed the book asking me: what should you, Markian, spent your spare time creating something that would continuously send you checks on a monthly basis.