Comments on: Seven Secrets to Financial Independence

By: Top 135+ Personal Finance Posts for 2009 (That can be used 2010 and beyond)

Top 135+ Personal Finance Posts for 2009 (That can be used 2010 and beyond) — Mon, 28 Dec 2009 17:31:20 +0000

[...] Seven Secrets to Financial Independence. Most people think financial independence is a pipe dream. However, it is achievable for those who simply start practicing the opposite financial approach they’ve taken their entire lives. [...]

By: Vickram

Vickram — Tue, 01 Dec 2009 07:32:16 +0000

To gain FI you need to be “financially educated”, 1st & foremost. Most people have little to average knowledge of financial investments. Of course, people take the help of financial planners – but nothing like taking matters into your own hand. I am sure there’re sites dedicated to this. Check out http://www.RichDadCoaching.com. Robert Kiyosaki is a great exponent on FI. You must read his books on FI & the deficiencies the middle-class has in their attitude towards money.

More importantly, you should also look beyond these traditional investment schemes & savings[TISS] for opportunities to achieve financial freedom[FF]. Here are a few examples on these opportunities:

1) Affiliate programs on the Net.

2) Google’s Adsense/AdWords.

3) Other Net-based income-generating schemes.
You’ve do some research to check things out. And if you think they’re scams, my reactions would be, “Not all of them are.”. Again, you’ve to do a bit of research to find things out.

4) Join a MLM business – esp. those that’re good for part-timers.
MLM’s are the kings of all home-based business. More importantly, MLM’s usually do not’ve any financial risks attached to it – unlike TISS.

By: Diana

Diana — Thu, 19 Nov 2009 21:51:33 +0000

Well, we were hit during the last little recession, (right after September 11th) luckily we were young and dumb and very scared, and on top of that, we were not willing to fight, we thought we couldn’t. We were debt free in less than 3 years after that and learned our lessons obviously before it was too late (the experience still haunts me). When they are knocking at your door, ready to take away everything you have, what do you do? Sit tight, lock doors, do not answer the phone, file for bankruptcy? No, this is what two idiots in their late 20s did, AFTER going way over their heads (and they knew it too!) WE SOLD EVERYTHING. No kidding, the house, the cars, the furniture, the jewelry, everything gone. With 800 bucks in cash we then relocated (job related, money has to come from somewhere), but the big advantage was, we were debt free and started over with very little (basically three suitcases full of clothes and a few essential pieces of furniture and cook ware) and this time HAD TO make it on that and work on our savings. It paid off. Only 5 years have passed since, and our new (very small) house is the only debt we have, we own two cars again (paid cash) and we have everything we need and a little more. We are now in the early to mid 30s and are working on our mortgage and retirement (for me, not him, he is done), but everything else, like rainy day funds is taken care of. It feels great and look who is impressed now. (the others *dirtylaugh*)

By: Trent Yeo

Trent Yeo — Wed, 07 Oct 2009 20:42:14 +0000

In regards to not impressing other people…I think Tony Robbins says it best that your ego doesn’t care if you get out of your life what you want(FI in this case); your ego simply wants to appear to other people as if you have. “Keeping up with the Jones’” is nothing more than someone’s ego taking control of their decisions.

By: FinanciallySmart

FinanciallySmart — Sat, 03 Oct 2009 15:17:09 +0000

I am in agreement with you. We should pay off our debt and stop purchasing things that are not necessary. Once we start to practice this then we will be able to save more and then we will have the money for the good retirement. Getting rid of the unnecessary credit cards and using cash to purchase our necessities is another way forward as well.

By: Riddled With Loans

Riddled With Loans — Thu, 01 Oct 2009 00:42:33 +0000

How do you manage the ratio between savings and paying off debt?

I have a hard time denoting much of my budget to savings when I know that I have a set of sizeable student loans that need to be paid back.

By: Stop Feeling Sorry For Me – I’m Frugal, Not Broke | Frugal Dad

Stop Feeling Sorry For Me – I’m Frugal, Not Broke | Frugal Dad — Wed, 30 Sep 2009 10:01:48 +0000

[...] ability to ignore what others think of us briefly earlier this week, as part of my seven steps to financial independence, and Neal mentioned comparing ourselves to others in yesterday’s guest post. Living a frugal [...]

By: Credit Card Chaser

Credit Card Chaser — Wed, 30 Sep 2009 05:28:11 +0000

Your point to “be aggressive early on” I couldn’t agree more with. I would also add that taking a little bit more of an aggressive approach early on in areas other than just investing can be very smart as well. Maybe it is starting a side business, or gunning hard for a sales bonus or promotion, etc. but taking calculated risks like those and working aggressively to see them through to completion is a great thing to do especially early in life.

By: james snowden

james snowden — Tue, 29 Sep 2009 22:13:58 +0000

I agree with nearly everything in the article, except the DisneyWorld vacation. With a few kids, that can be a very expensive trip, indeed.

Concerning vacations, I would recommend following regularly websites like Travelzoo or something similar to find spectacularly priced packages that can save you a bundle.

Best wishes

By: K at Resqdebt

K at Resqdebt — Tue, 29 Sep 2009 21:22:25 +0000

Hey Jason,
We’re big on the pay off debt angle. Although all of it sounds good to me.