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Has anyone achieved financial independence?

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HurrMark55
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29 Apr 2008, 7:30 pm

I make 60k and believe me...it's not exactly the greatest of pay in this neck of the woods (Boston). It is definitely not enough to buy a house, and even a small condo can be very iffy. Many people making that and even more in this town have to work two jobs.

If you live in South Carolina or some place like that where the cost of living is low, however, you can live like a king with that money.



curiouslittleboy
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30 Apr 2008, 1:28 pm

Makes ya' wonder how poeple getting only 20k a year and under make it. :\



FreeSpirit2000
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19 Dec 2009, 3:37 pm

Glenn_AU wrote:
Hi kbergren21

60k is definitely healthy but earnings is not as important as savings.

A man who earns 10k and saves 8k beats the man earning 60k who spends 53k.

From savings, expenditure goes to investments.

I have financial independence and can recommend Peter Lynch and Warren Buffet as excellent mentors. Though stock centric, their teachings are applicable throughout all business and investment.

R.K. I would avoid mightily.


That is true, a guy that makes 50,000 yearly and saves 40,000 is living comfortably. But if a guy that makes 200,000 yearly and spend 175,000 of that income, he is struggling. It doesn't matter how much you make, what matters is how much you save and how you manage your money.



FreeSpirit2000
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19 Dec 2009, 3:39 pm

Glenn_AU wrote:
Hi kbergren21

60k is definitely healthy but earnings is not as important as savings.

A man who earns 10k and saves 8k beats the man earning 60k who spends 53k.

From savings, expenditure goes to investments.

I have financial independence and can recommend Peter Lynch and Warren Buffet as excellent mentors. Though stock centric, their teachings are applicable throughout all business and investment.

R.K. I would avoid mightily.


That is true, a guy that makes 50,000 yearly and saves 40,000 is living comfortably. But if a guy that makes 200,000 yearly and spend 175,000 of that income, he is struggling. It doesn't matter how much you make, what matters is how much you save and how you manage your money.



FreeSpirit2000
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19 Dec 2009, 3:40 pm

Glenn_AU wrote:
Hi kbergren21

60k is definitely healthy but earnings is not as important as savings.

A man who earns 10k and saves 8k beats the man earning 60k who spends 53k.

From savings, expenditure goes to investments.

I have financial independence and can recommend Peter Lynch and Warren Buffet as excellent mentors. Though stock centric, their teachings are applicable throughout all business and investment.

R.K. I would avoid mightily.


That is true, a guy that makes 50,000 yearly and saves 40,000 is living comfortably. But if a guy that makes 200,000 yearly and spend 175,000 of that income, he is struggling. It doesn't matter how much you make, what matters is how much you save and how you manage your money.



zer0netgain
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21 Dec 2009, 9:17 am

"Financial independence" is misleading. Typically, that means you have enough wealth (money you don't use that earns money for you...such as CDs, investments, etc.) so that you don't have to work and can live off the dividends of your wealth.

If you are wondering if any of us are "self-sufficient" (earning enough money to pay all our bills and save some extra in the bank), that's a different matter.



meeemoi
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10 Jul 2011, 2:22 am

nice to see there were some people interested in investments at some point in time one this site. As for a night club , if its a partnership id stay away from it, if you doing it on your own then who knows i have never done it.
It would be wise to hire people that are popular though to get things going naturally.


but also consider other investments, a night club could cost a lot and depending on your capital it could make or break you. you may want to first look at smaller projects as your first few probably will need you there all day hindering your work unless you have extra capital to hire people to handle things... if you did get im curious to know how thigs went if your still around