Posted on 07/30/2022 3:54:38 PM PDT by allen592
Financial independence means having enough savings, investments, and liquid assets to live a chosen lifestyle without worrying about income. Understandably, it’s a life goal for many people. But as far-fetched as it may seem for some, it’s a far more feasible goal than many realize. Furthermore, it doesn’t necessarily require you to be bring in a hefty paycheck every month. However, it does call for planning, determination, and a degree of sacrifice.
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Whatever your projected expenses are they will be higher than you think, and not just because of inflation and rising taxes.
There will be unforeseen expenses and they will come at the most inopportune moment. There will also be things relating to your social and family life that require unplanned expenditures.
Learn to live below your means and invest to prudently increase your income every year. Even a modest amount can help help bridge a deficit.
Expenses have funny a way of of exceeding income.
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Also known as FU money.
“allen592 is a “one-post-only” freeper
who never posts a reply to his articles...”
Like the other 95% of posters?
I think I saw these seven steps in 1966.
Thanks for posting. Maybe it will help someone. Try to save 20% + of your paycheck.
THIS
“Most financial experts say you should save at least 10-20% of your earnings. But, if financial independence is your goal, you’ll want to be looking closer to the 50% mark. That means creating a very tight budget and sticking to it religiously.‘
If your outgo exceeds your income, your upkeep will be your downfall.
HI! I was worried Shenzhen was in lockdown and people couldn’t get to work.
Nice to see you’re ok.
THAT’s the part many folks can't seem to do.....the sacrificing.
Read the book, The Millionaire Next Door. And oldie, but goodie.
Buying stock is what allowed me to retire. I started in 2009 and invested $13,000 in Ford and it triple in a year or so and held to 2014 (no change by Ford). I then bought Apple after they announced a 7-1 stock split then sold after it went up 46% then bought Netflix that same year again for a 7-1 split. In 2016 I bought Nvidia which I bought at $62.25 then I sold 2 years later at $268.00
Then I bought AMD in Sept 2018 and have owned that since.
I retired in Nov 2021 with seven figures all due to owning stock. Down quite a bit as the price has dropped from it’s high in mid Nov 2021 of about $155. Now at $94.47
The market has dropped the price of many of the stocks I follow by a third in just a few months starting around Dec 2021 then further dropped in June which was unforeseen by me : (
It is now starting to go back up : )
If Donald Trump was president, the market and the economy would be doing great but Biden and the corrupt democrats and rinos are running the country down while they enrich themselves.
I own AMD stock.
AMD is up 21.13% this past month from it’s low of about $72. Most of it in the last 2 weeks.
They will announce their earnings on August 2nd. It should be another great report but this time there will be no FED rate hike announcement to stomp all over the good news.
Tesla is up 30.05% this past month. Most of it in the last 2 weeks.
On August 4th the shareholders meeting will confirm the 3-1 stock split.
I expect the shares to go up and up for the next 3 weeks when it will split.
Look for best performing stocks by using a search. Create a list at say Yahoo Finance called My Portfolio as I have and track the stocks and then buy the ones that will hopefully go up and up.
The republicans will take both the House & the Senate in Nov 2022 and in 2024 Trump and DeSantis will be in the White House then DeSantis will be the president for 8 years after that.
Biden will soon be dead or removed from office for dementia and hopefully his crimes against children and Harris is a bad joke who can be ignored by Congress till Donald Trump takes office.
So good times ahead.
AMD on Jan 1st for each year. It has almost double every year since 2016.
Jan 2016 $ 2.14
Jan 2017 $11.32
Jan 2018 $13.74
Jan 2019 $24.41
Jan 2020 $47.00
Jan 2021 $85.64
Jan 2022 $132.00
In short, he is a click bate poster.
Not to complicated…..live within your means. Save as much as you can. Don’t buy things you don’t really need with money you don’t have. Try to stay out of or minimize debt. I’ve taught this to my kids. Thankfully they’ve learned it.
I’ve also taught them that the greatest threat to their financial security it the US government.
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