Comments on: Planning To Declare Financial Independence http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/ Tips for living frugal while still having a life Fri, 20 Nov 2009 21:33:01 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Create An “Active-Active-Passive” Income | Frugal Dad http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-30011 Create An “Active-Active-Passive” Income | Frugal Dad Mon, 17 Aug 2009 10:01:04 +0000 http://frugaldad.com/?p=3083#comment-30011 [...] times are tough. It is just as important to diversify income as it is investments, because until we achieve financial independence it is income that covers basic life-sustaining expenses such as food and [...]

[...] times are tough. It is just as important to diversify income as it is investments, because until we achieve financial independence it is income that covers basic life-sustaining expenses such as food and [...]

]]> By: Andrea http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-28021 Andrea Mon, 06 Jul 2009 15:21:21 +0000 http://frugaldad.com/?p=3083#comment-28021 Great article on Financial Freedom - and thanks for remembering what the 4th stands for: celebrating our independence from England and celebrating those who are yet fighting for us. Financial Freedom is a great goal and one that everyone should be striving for; I think that no matter how small the steps taken as long as they are taken towards the goal, will get the person there. Slow and steady wins the race, no? Sure starting planning at a later age won't get you the same result as starting planning at an earlier age, but the key is planning. Five years is better than no years. I am glad that you are getting yourself out of debt. The only debt my husband and I own is my student loan and our mortgage. Everything else is paid for. We strive to not take out loans so as not to be paying more interest than we have to. The interest that we pay now is all tax deductible. However, obviously, we would we have a lot more money to invest if we did not have to pay either of those bills. But that's another story. Andrea <a href="http://themoneypile.com" rel="nofollow"> Save Money to Make Money> </a> Great article on Financial Freedom – and thanks for remembering what the 4th stands for: celebrating our independence from England and celebrating those who are yet fighting for us.

Financial Freedom is a great goal and one that everyone should be striving for; I think that no matter how small the steps taken as long as they are taken towards the goal, will get the person there. Slow and steady wins the race, no? Sure starting planning at a later age won’t get you the same result as starting planning at an earlier age, but the key is planning. Five years is better than no years.

I am glad that you are getting yourself out of debt. The only debt my husband and I own is my student loan and our mortgage. Everything else is paid for. We strive to not take out loans so as not to be paying more interest than we have to. The interest that we pay now is all tax deductible. However, obviously, we would we have a lot more money to invest if we did not have to pay either of those bills. But that’s another story.

Andrea
Save Money to Make Money>

]]> By: Irv Thomas http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27977 Irv Thomas Sat, 04 Jul 2009 21:38:51 +0000 http://frugaldad.com/?p=3083#comment-27977 An excellent posting on financial freedom. I thought I'd add a note of how I took my own, many years ago, in a very unconventional way: I just did a 'dropout' from the world of jobs, with no advance preparation at all! Feeling, at first, that I could manage it on contract work (as a programmer) if I just let go of my automobile -- my major expense -- I outlined the plan in an article for Issue #3 of The Mother Earth News: "How to Retire Six Months of Every Year." But it gets into your bloodstream, and in less than two more years I did the year-round thing. I learned an amazing lesson: that by just winging it, taking things as they come, life manages to work itself out. It puts security-planning way, way down, on my list of priorities. But of course, you have to DO it if you're ever going to believe it. An excellent posting on financial freedom. I thought I’d add a note of how I took my own, many years ago, in a very unconventional way: I just did a ‘dropout’ from the world of jobs, with no advance preparation at all! Feeling, at first, that I could manage it on contract work (as a programmer) if I just let go of my automobile — my major expense — I outlined the plan in an article for Issue #3 of The Mother Earth News: “How to Retire Six Months of Every Year.”

But it gets into your bloodstream, and in less than two more years I did the year-round thing. I learned an amazing lesson: that by just winging it, taking things as they come, life manages to work itself out. It puts security-planning way, way down, on my list of priorities. But of course, you have to DO it if you’re ever going to believe it.

]]> By: Generation Y Investor http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27976 Generation Y Investor Sat, 04 Jul 2009 20:55:28 +0000 http://frugaldad.com/?p=3083#comment-27976 Happy 4th everyone. FD you're still young enough and have time on your side to do everything you dream of in life. You just have to plan and make it happen. Keep up the great blog! -Gen Y Investor Happy 4th everyone. FD you’re still young enough and have time on your side to do everything you dream of in life. You just have to plan and make it happen. Keep up the great blog!

-Gen Y Investor

]]> By: Bulldog Gin Co. http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27970 Bulldog Gin Co. Sat, 04 Jul 2009 17:08:15 +0000 http://frugaldad.com/?p=3083#comment-27970 Have a question for you guys, that hopefully you can share your opinion with. First of all, this is a great blog entry. Thanks. I have $34,000 in student loans at an interest cost of only 2.6%. At the time (3 yrs ago), I locked that rate in, and I extended the repayment plan to 20 years. Hence, it only costs $220/month. I figure, why not since the rate is so low. Even after rates have come down, i’ve got about 90% of my CASH locked up in a 4.1% yielding CD, and about $52,000 in a 1.5% savings account and brokerage account to trade the market. My question is, What would you guys do if you were me? The $34,000 Student Loan is my LOWEST debt compared to my home mortgage at 4.6%, rental property mortgage at 5.25% (cash flow positive) and vacation home mortgage at 5.875% (which i don’t want to throw money at anymore since the market is so bad). Would you guys try and payoff the 2.6% student loan using the snowball/flake method? Or, pay off the rental property mortgage of 5.25% (2nd smallest loan)? Or, any other suggestions ie don’t pay the student loan off b/c it is so cheap? Thnx Have a question for you guys, that hopefully you can share your opinion with.

First of all, this is a great blog entry. Thanks.

I have $34,000 in student loans at an interest cost of only 2.6%. At the time (3 yrs ago), I locked that rate in, and I extended the repayment plan to 20 years. Hence, it only costs $220/month. I figure, why not since the rate is so low.

Even after rates have come down, i’ve got about 90% of my CASH locked up in a 4.1% yielding CD, and about $52,000 in a 1.5% savings account and brokerage account to trade the market.

My question is, What would you guys do if you were me? The $34,000 Student Loan is my LOWEST debt compared to my home mortgage at 4.6%, rental property mortgage at 5.25% (cash flow positive) and vacation home mortgage at 5.875% (which i don’t want to throw money at anymore since the market is so bad).

Would you guys try and payoff the 2.6% student loan using the snowball/flake method? Or, pay off the rental property mortgage of 5.25% (2nd smallest loan)? Or, any other suggestions ie don’t pay the student loan off b/c it is so cheap?

Thnx

]]> By: Steven@HundredGoals.com http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27969 Steven@HundredGoals.com Sat, 04 Jul 2009 15:51:17 +0000 http://frugaldad.com/?p=3083#comment-27969 I am celebrating my freedom to live life how ever I chose & am reminded today of what a great country we live in which will allow me to make that choice. Thanks for reminding me of the how important financial independence is to my freedom. I have been working hard to become debt free as it does allow REAL freedom once it is accomplished. If I may share an article I wrote about how debt enslaves us: http://hundredgoals.com/2009/04/17/master-of-our-own-slavery/ Enjoy your holiday weekend & be safe! I am celebrating my freedom to live life how ever I chose & am reminded today of what a great country we live in which will allow me to make that choice.

Thanks for reminding me of the how important financial independence is to my freedom. I have been working hard to become debt free as it does allow REAL freedom once it is accomplished. If I may share an article I wrote about how debt enslaves us:

http://hundredgoals.com/2009/04/17/master-of-our-own-slavery/

Enjoy your holiday weekend & be safe!

]]> By: marci http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27966 marci Sat, 04 Jul 2009 14:22:34 +0000 http://frugaldad.com/?p=3083#comment-27966 I am remembering those today who went before us to give us our Independence, and those who serve these days to keep our independence. Happy 4th! And keep working on your own path to financial independence. One baby step at a time is still a step in the right direction! I am remembering those today who went before us to give us our Independence, and those who serve these days to keep our independence.

Happy 4th!

And keep working on your own path to financial independence. One baby step at a time is still a step in the right direction!

]]> By: Tad http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27965 Tad Sat, 04 Jul 2009 13:33:14 +0000 http://frugaldad.com/?p=3083#comment-27965 Keep up the great work. You always make me "think". We have to start some where so why not today Keep up the great work. You always make me “think”. We have to start some where so why not today

]]> By: tammy http://frugaldad.com/2009/07/04/planning-to-declare-financial-independence/comment-page-1/#comment-27964 tammy Sat, 04 Jul 2009 13:26:56 +0000 http://frugaldad.com/?p=3083#comment-27964 At nearly 51, I'm working my way to semi retirement. In the same way snowflaking away debt works, the same technique can be used for building wealth. Wealth is more than just cash, it's access to ideas, helpful people and ways to create sustainability. Thanks for reminding us about the brave men and women who fight everyday for our freedom. I just went to Washington DC and viewed the Vietnam Vets memorial. What a moving experience to have this time of year! Great post FD! At nearly 51, I’m working my way to semi retirement. In the same way snowflaking away debt works, the same technique can be used for building wealth. Wealth is more than just cash, it’s access to ideas, helpful people and ways to create sustainability.
Thanks for reminding us about the brave men and women who fight everyday for our freedom. I just went to Washington DC and viewed the Vietnam Vets memorial. What a moving experience to have this time of year!
Great post FD!

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