Financial Independence

Cursedwithknowing · 2020-11-01T13:18:23+00:00

Avoid conspicuous consumption. Live simply, drive used cars and maintain them. Shop at thrift stores. And save all that you can. That's what I do now, wish I had started in my 20s.

Most people that have money have money because they don't spend money.

DaPoorWahmens · 2020-11-01T13:16:34+00:00

Live well below your means and invest your money so that your money makes you money.

Also keep in mind that once you no longer need to work, you need to have more than hobbies to make your life fulfilling and meaningful. You'll still need goals and to be productive in some way.

Honeybadgeroncrack · 2020-11-01T15:04:43+00:00

Save more , spend less. Always take free money (employer 401k matches). Put your$ where it grows (real property, investments) not where it shrinks (material goods, toys), before spending $x ask what will I have tomorrow for this $x I spend today? Know that most people who look like millionaires (cars, clothes) aren't, and many who don't look like millionaires, are.

KUL-DANK · 2020-11-01T18:32:10+00:00

go buy some cryptocurrency right now

the bull train is about to leave the station

Satou4 · 2020-11-01T13:36:43+00:00

Money is time. Money should be considered a tool for survival and nothing else. Only after you've escaped the pit should you consider being frivolous.

rpbanker · 2020-11-01T13:55:10+00:00

If you're serious, then you need to save >50% of your income (Can't? Get more income!) and build up multiple streams of outside revenue. You can learn all you need to about FIRE on YouTube.

timothom64 · 2020-11-01T14:55:08+00:00

It's not about how much you make, it's about how much you save. Understand your lifestyle costs with as much detail as you can.

The best thing money can buy is not stuff, it's freedom.

gojoejoe · 2020-11-01T15:02:40+00:00

Save and be frugal with necessities. For recreation enjoy the free stuff outdoors. That is better anyhow. Use the library.

Look lots of stuff but number one is that it does not matter how much you earn. It is about how you save. Have a full year’s annual salary saved by the time you are 30. Twice that at 40. Four times at 50 and eight times 60. Use the power of interest to boost it.

You will be able to retire at 60 and live in a manner you have become accustomed to.

generic-affliction · 2020-11-01T14:08:51+00:00

Can you compulsively account for the expenditure of every unit of currency spent?

2020-11-01T14:14:33+00:00

Dave Ramsey gives good advice

MGTOWayoflife · 2020-11-01T14:33:14+00:00

Buy PS5's. Sell for profit.

Throwwawaydeeznuts · 2020-11-01T15:43:29+00:00

Thank you all for the replies! After having to deal with a serious health issue in the family, I had to step down and become a caregiver. In this time I realized what matters to me more in life and that's the time that we are given. None of us know when that time will expire so, I want to make the best out of mine. I'm looking to find a way to either start a bussiness from home or invest my money and live off the profits.

Jadedoldman65 · 2020-11-01T17:58:24+00:00

When it comes to finances, the old saying about team sports applies: offense gets the headlines but defense wins the game. It helps to earn a lot of money, but being able to keep what you earn is what will put you in a better way.

As for taking that vacation, calculate some financial goals and take a vacation you can afford within those goals. You're only young once, so save up and enjoy yourself without jeopardizing your future. Most vacations aren't that expensive, as long as you don't insist on high-end dining and accommodations.

almasnack · 2020-11-01T18:49:03+00:00

Gotta save and it takes discipline along with time. Best time to start was 20 years ago, next best is now.

My goal every year is max 401k (talking $19K, not just to get employer match), Roth, and HSA accounts. I don't always achieve that, especially this year since I prioritized reducing debt, but that's my base goal. Additional equity purchases or cryptocurrency is gravy if I can swing it. Rinse and repeat. Stick to the gameplan.

If you can't do that and have your fun, you need to find a way to make more money.

PHyL1X · 2020-11-02T00:44:12+00:00

I have become financially free through real estate. If you are considering buying a house.... in the very least make it a duplex or even better a triplex. Living with tenants is not all that bad and in fact I’ve come to like it. This will start you down the path to passive income. Keep your spending in check at the same time.

Misogynist-youth · 2020-11-02T03:54:00+00:00

Invest wisely.

Title	Financial Independence
Author	Throwwawaydeeznuts
Upvotes	28
Comments	21
Date	November 1, 2020 12:28 PM UTC (5 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/jm1gd0/financial_independence/
Archive Link	https://theredarchive.com/r/MGTOW/financial-independence.325244 https://theredarchive.com/post/325244

Comments