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A place for Get Rich Slowly readers to ask questions
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It is currently Thu Aug 21, 2014 5:11 am




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 Post subject: Financial Freedom here we come!
PostPosted: Thu Jan 17, 2013 10:23 am 

Joined: Thu Jan 17, 2013 9:48 am
Posts: 1
I'm new to Get Rich Slowly and wanted to get a healthy discussion started about financial freedom.

I'm 31 years old and should hit financial freedom this year; financial freedom being defined as my passive income exceeds my monthly bills. It wasn't difficult; it just took determination and a great team. I'm looking forward to a LOT more free time to spend with my wife and daughter!

I see a lot of posts here about paying off debt, which is a good and noble cause. We pay our credit card off every month, and have as little outstanding debt as possible. The debt we have outstanding is all below 5.25%. Why pay that off when we can get 15% returns through investing?

Have a great day!


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Fri Jan 18, 2013 6:41 pm 

Joined: Tue Dec 25, 2012 12:28 am
Posts: 1
Thanks for the post. :talk: :talk:

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 Post subject: Re: Financial Freedom here we come!
PostPosted: Tue Jan 22, 2013 5:22 pm 
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Joined: Sun Aug 10, 2008 2:50 pm
Posts: 154
Location: South Florida
Request for more details to start the healthy discussion! :geek:

I'm also on the quest for financial freedom ... although I'm going the old-fashioned route of working for a big company and hoarding as much money as I can. You could call it the hard way or the easy way, depending on your perspective. I try to keep my savings rate as high as possible but lately I've been looking at cashflow issues too ... so I'm starting to spend money to "make" money. Right now that involves refinancing my rental property so that I won't have to come out-of-pocket every month. (I already learned from that mistake big-time.) Next thing on the agenda is purchasing furniture and other necessary elements to rent out a room in my home. Eventually I'll look at acquiring another property or taxable/dividend investing or P2P lending ... or some combination thereof. It's just very slow with having to wait for a new paycheck to roll in every two weeks. I get impatient because it seems like it's taking forever.


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Sat Feb 23, 2013 6:49 am 

Joined: Sat Dec 10, 2011 7:25 am
Posts: 686
Ask yourself would you borrow a 100k to invest in the market? I hope not! Your current debt is no different. All debt is bad!

The best feeling the world is being debt free!
Retire all debt and build your pile!


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Wed May 01, 2013 12:13 pm 

Joined: Thu Apr 25, 2013 5:13 pm
Posts: 4
RayinPenn, I agree a debt free life can minimize stress but borrowing money to invest isn't inherently wrong. If done correctly through a margin account, it can be a great tool. Obviously most wouldn't engage in the level of borrowing you mention, but a smaller amount for most traders can be beneficial.


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Mon May 06, 2013 9:18 pm 

Joined: Sun May 05, 2013 6:48 pm
Posts: 5
Congratulations Ktwolfe! :clap:

That is an inspiration to us all.
The idea of financial freedom as the state of having passive income in excess of your bills is a great way of thinking. I used to be troubled by the thought that passive income isn't very secure. But then I realized that a job isn't very secure either and usually has a lot less scope for income expansion too.

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 Post subject: Re: Financial Freedom here we come!
PostPosted: Wed Aug 07, 2013 12:30 am 

Joined: Tue Aug 06, 2013 2:07 am
Posts: 1
That's true! Thanks for sharing.


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Wed Sep 11, 2013 12:02 am 

Joined: Tue Sep 10, 2013 7:11 am
Posts: 6
Nishikata wrote:
Congratulations Ktwolfe! :clap:

That is an inspiration to us all.
The idea of financial freedom as the state of having passive income in excess of your bills is a great way of thinking. I used to be troubled by the thought that passive income isn't very secure. But then I realized that a job isn't very secure either and usually has a lot less scope for income expansion too.


I agree with this! You can now sleep like a baby at night. You can plan a lot of things with your family like vacations, gadgets and so much more without thinking of debts and other financial responsibilities. It is safe to say that your money is all yours now.

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My passion is to write about the latest, hottest and trending finance related topics for my blog at http://budgets.net."


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Thu Feb 06, 2014 9:08 am 

Joined: Thu Feb 06, 2014 8:54 am
Posts: 8
Location: Singapore
Thanks Ktwolfe.

I am also looking for financial freedom and I realized after working 13 years that the only way to gain financial freedom is to start building streams of passive income. I have been through ups and downs in the past 3 years in my search but have realized that it is possible as many others have done it.

You are indeed an inspiration to many of us here because you are only 31. I am now 38 but I know with the right attitude, I will achieve my goal one day too.

Cheers!

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Check out my blog at http://imvictorlee.com for tips on how to make this year THE year for you!


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Thu Feb 13, 2014 5:52 pm 

Joined: Thu Feb 13, 2014 5:24 pm
Posts: 36
Location: North Carolina
I'd personally love to borrow 100k to invest. Not in stocks, of course. But in more rental property (I am retired at 26 off investing in multifamily rental property, about 50% with my income and 50% with borrowed leverage)

Good debt makes you money, Bad debt costs you money.

Dustin
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 Post subject: Re: Financial Freedom here we come!
PostPosted: Mon Feb 24, 2014 12:37 am 

Joined: Fri Jan 24, 2014 12:11 am
Posts: 6
First, break the habit of paying only the minimum required each month. Paying the minimum -- usually 2% to 3% of the outstanding balance -- only prolongs the agony. Besides, it's precisely what the banks want you to do. The longer you take to repay the charges, the more interest they make, and the less cash you have in your pocket. Don't play their selfish game.
Instead, bite the bullet and pay as much as you can each month. If your minimum payment is $100, double that to $200 or more. Examine your normal expenses -- you can find the money. (For a gazillion ideas, check out our Living Below Your Means discussion board.) Skip eating out at lunch, and bring it from home instead. Eliminate desserts. Give up happy hour. We all have "luxuries," and you know what yours are.
Make a few sacrifices, and you will find the extra dollars needed to increase your debt repayments dramatically. Those increased payments will save you hundreds, if not thousands, in interest payments. Plus, you will get out of the hole you've dug for yourself much more quickly. Is it fun? No. But it sure beats living a hand-to-mouth existence, fearing bills each month.


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Mon Feb 24, 2014 5:31 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 119
Congrats, I am trying to hit financial freedom also. That’s good to hear that and you’re only 31. May I ask how you have achieved it? Is it through investment or rental properties? Just wanted to get some ideas because I want to aim for that goal also and would love to hear how you achieve it.

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 Post subject: Re: Financial Freedom here we come!
PostPosted: Mon Feb 24, 2014 10:28 am 

Joined: Thu Feb 13, 2014 5:24 pm
Posts: 36
Location: North Carolina
Rental properties is something I personally swear by - You can get there other ways, but few ways are quite so predictable (and therefore, lower risk) than rentals. And there has never been a better time to buy them.

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Dustin


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Wed Mar 12, 2014 9:50 pm 

Joined: Wed Mar 12, 2014 9:40 pm
Posts: 1
Nice post. I really enjoyed reading this forum


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 Post subject: Re: Financial Freedom here we come!
PostPosted: Thu Mar 13, 2014 9:11 am 

Joined: Thu Feb 13, 2014 5:24 pm
Posts: 36
Location: North Carolina
You don't get wealthy from a program. You make someone else wealthy with those.

You get wealthy by investing and growing your assets. Or marrying into it. Or becoming a politician.

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Dustin


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