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Do you want to be financially independent? Let's share some ideas.

  1. promisem profile image94
    promisemposted 2 years ago

    1. Track every expense.
    2. Save 20 to 50% of your income.
    3. Buy the smallest house you can tolerate.
    4. Buy only used Honda cars -- or none at all.
    5. Dedicate yourself to smart investing.

    1. profile image0
      calculus-geometryposted 2 years ago in reply to this

      For some people, adhering to 2 and 3 simultaneously may result in this
      http://www.you-are-here.com/los_angeles/cardboard.jpg

      1. promisem profile image94
        promisemposted 2 years ago in reply to this

        At least he doesn't have a mortgage...

      2. bBerean profile image61
        bBereanposted 2 years ago in reply to this

        I see the living room on the left, bedroom on the right.  The realtor referred to it as "green" housing.

        I love that on the bedroom roof it says "you are here.com"

        1. promisem profile image94
          promisemposted 2 years ago in reply to this

          Note the large garage door right behind the house. He must have some great cars.

          1. bBerean profile image61
            bBereanposted 2 years ago in reply to this

            Lol.  Car addictions can do that to you.  Now you know where the guy in that Lamborghini you saw, lives.   

            Somebody needs to hire the builder, as their creativity should be put to use.

      3. promisem profile image94
        promisemposted 2 years ago in reply to this

        I realize your photo is tongue in cheek, but it's not that far from the truth. Go look up the small house movement, where people live in tiny homes as small as 200 square feet. They are truly independent.

        1. bBerean profile image61
          bBereanposted 2 years ago in reply to this

          "freedom's just another word for nothin' left to lose..."

          ~  Fred L Foster /  Kris Kristofferson

    2. getmoneyrich profile image59
      getmoneyrichposted 2 years ago in reply to this

      Practicing Frugality so as to maximize savings is key.
      They saved money can then be used for investment.

      Saving money and keeping it from getting 'unnecessarily spent' is essential.
      Generally we give too much emphasis on return on investment.
      But saving money and keeping it locked is more important.

      If locked money can multiply faster, its an added advantage.
      My 2 personal favorites are (1) dividend yielding mutual funds or REIT (2) real estate. These investments ensures both long term capital appreciation  and short term income.

      1. promisem profile image94
        promisemposted 2 years ago in reply to this

        On a related note, I like stocks with a solid history of dividend growth.

  2. Robert the Bruce profile image56
    Robert the Bruceposted 2 years ago

    I think you're on to something there, promisem. Although I think 20% is way too low for that goal.

    1. promisem profile image94
      promisemposted 2 years ago in reply to this

      I think you're right, although I guess it depends on your income. Sir John Templeton, who became famous as an investor and of course was a millionaire many times over, was known to put away 50% of his income for a large part of his life.

 
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