How did you become financially independent? (Srs) (important)

  • infinitefrien...

    Posts: 376

    Nov 24, 2014 12:46 PM GMT
    What was your way of making it?

    Thanks bros!
  • HndsmKansan

    Posts: 16311

    Nov 24, 2014 12:51 PM GMT
    I worked hard, saved my money and tried not to spend it on unnecessary expenditures... fortunately I had great parents who allowed me to stay at home, conserve money (albeit, I worked my butt off to help out at home). Because of that, my business was never in any kind of fiscal distress and I had a nice large lump sum to put down on a new house when the time came.
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    Nov 24, 2014 8:08 PM GMT
    *Got a good job a.s.a.p. right out of college and began making monthly payments on my student loan. Paid it off in 5 years. I lived in a good, but not overly luxurious apartment and rode my bike to work (most days) to save on gas (and for the exercise).

    *Worked my ass off saving for my first house. I didn't borrow the down payment from the family. Needed 20% down in those days (the 80's). I even took some consulting jobs (marketing communications) around my regular 40 hour main job at Hewlett-Packard.

    *Bought a fixer upper in a good neighborhood and worked hard improving it. I rented a room and bathroom out for $550 per month for a few years to have extra $$$ for improvements on the house and grounds. When the house was in top condition, I sold it a few years later to upgrade to something nicer. Did this six times over the years.

    *Best advice I was given (and followed): Save money for that first house and resist temptations to buy a cool new car (incurring debt and payments). If I'd gone out and bought that BMW 3-series I wanted, I'd never have had the $$$ for that first house. I drove a paid-for car until I got my first house. My advice: Stay away from the car dealerships while you're saving $$$. When your buddies all start buying cool new cars, resist the temptation to do the same thing. Stay focused on your goal. (Unless your parents are buying your first house for you - as was the case for a bunch of my buddies).

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    Nov 24, 2014 8:37 PM GMT
    I became legally independent at the age of 17 (normally it's 18 ), Im lucky I own my home so never had to worry about rent or mortgage. Been working since then too so I can say Ive been financially independent since the age of 17.
    After more than 10 years as an employer I started my own thing in the same field a few months ago.

    More info: I dont have credit cards, only debit cards so I never owe money. That's a rule Ive always followed, even when I was tempted to get one I never did and I'm glad.
  • carew28

    Posts: 660

    Nov 24, 2014 8:46 PM GMT
    I started out with nothing, and I have all of it left.
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    Nov 24, 2014 8:57 PM GMT
    Slowly but surely...

    It took until my 40s to pay off all my credit cards --- and to my early 50s to finish paying off all my student loans.

    But I was also fortunate that my ex-husband was willing all the years we were together to pay a larger share of some our significant joint expenses. We were earning similar salaries but we factored in that he had never had to take out any student loans whereas I was still paying $1000 per month in student loan payments.
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    Nov 24, 2014 10:02 PM GMT
    What do you mean by "financially independent?"
    How to move out of your parent's basement? Or retire to a tropical island and never pay taxes again?

    To get out of the 'rents, I
    - earned a full-ride scholarship
    - got a series of temporary jobs that eventually led to one longer term job
    - moved into an apartment with 3 or 4 other guys (depending on the year)
    - never borrow money for any reason (well, I wish that one was true, but I guess you gotta learn somehow.)

    As for the retirement thing, I'll have to let you know...
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    Nov 25, 2014 2:34 AM GMT
    If you want to be financially independent, start with knowing what your spending limitations are. In other words, you should never spend more than your earnings. My previous career was in banking and too many times, I've seen clients self-destruct because they didn't know how to control their spending habits. Too many of these people got into debt and it became so bad, many declared bankruptcy. If you live in the States, declaring bankruptcy means you're fucked for life!

    Again, figure out what you're gonna spend your paycheck on and learn to say no to those expensive Prada shoes until you can actually afford them. Once you learn this, everything else....saving money, investing, etc. will come together and start to make more sense.

  • Fritter

    Posts: 1696

    Nov 26, 2014 2:02 AM GMT
    I think a Miscer has lost his way from BB.com!
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    Nov 26, 2014 3:05 AM GMT
    Some random dude from Nigeria said I'd inherited a few billions bucks from a distant uncle so I gave him my bank account info.

    Now I'm like totally fucking awesomely wealthy and look down at the poor gainfully employed low-lifers I used to call friends.
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    Nov 26, 2014 4:05 AM GMT
    Ten centuries of family manipulating , back-stabbing and arranged marriages.

    A few decent investments

    And a coupla Rich Husbands.



    Oh yeah, AND I WORKED MY ASS OFF BECAUSE ALL OF THE ABOVE DIDN'T AMOUNT TO A HILL OF BEANS TO ANYONE BUT THE LAWYERS AND ACCOUNTANTS.

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    Nov 26, 2014 4:10 AM GMT
    paulflexes saidSome random dude from Nigeria said I'd inherited a few billions bucks from a distant uncle so I gave him my bank account info.

    Now I'm like totally fucking awesomely wealthy and look down at the poor gainfully employed low-lifers I used to call friends.


    OMG. Me TOO!!!

    I am SO glad I was able to take that 643 million dollars into My bank account because the Nigerian Lady felt I was trust worthy.


    Just by looking into My eyes.


    Who WOULDN'T give their financial info over to a stranger on the web?!!?!!?!?

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    Nov 26, 2014 7:13 AM GMT
    Went to community college and studied really hard. Went to a half decent university and got a degree in mechanical engineering. Then went to grad school cause I was on a roll. All bank rolled through loans. Working really hard and being smart with money.

    Just paid them off!!!
  • Beeftastic

    Posts: 1747

    Nov 26, 2014 8:59 PM GMT
    Avoid any debt, and pay off any that you have as soon as possible. This absolutely includes credit cards.

    I don't have $1 of debt anymore, and even though my income is not that impressive, I have a lifestyle that is like someone 2 to 3 times my income. This is 100% because I am not paying off debt and interest. So I have a lot more spending money than most people.
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    Nov 26, 2014 11:36 PM GMT
    I didn't give up.

    I'm a serial entrepreneur from the age of 16. I had huge ups and downs until I was 40---and then I figured out how to make and keep a lot of money.

    My advice is to follow your instincts. When you feel really excited about your idea, WORK REALLY HARD for as long as it takes to bank the money you want.

    When you get bored, move on.

    One more bit of advice: KNOW THAT MONEY ISN'T SUCCESS.
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    Nov 28, 2014 7:15 PM GMT
    Simple. I wanted things.


    I come from a very well off family but our parents refused to give us money. They don't believe in allowances for doing chores or getting good grades. Their reasoning for that makes sense. Why should you get paid to clean your own room, do dishes, and other things in your own house that you (as a kid) don't own, pay rent for or anything else? Why get paid just to get good grades? You should want to do that. We were basically squatters to my parents so they figured the least we could do was our chores and do better in school for ourselves. That was us pulling our weight.

    I wanted things and my folks wouldn't pony up. They said if I wanted money for the things I wanted then I'd have to get a job and save up. So I did. Been working since I was 8yo and I'm happy my folks did what they did. I know the value of a dollar, how to save and stretch it, knew how to balance a check book before the age of 10, and I had money for everything I wanted because it was my money that I had earned.
  • mybud

    Posts: 11836

    Nov 28, 2014 8:54 PM GMT
    Fritter saidI think a Miscer has lost his way from BB.com!
    Think you're right. His last thread asked he could make his ass hole prudy..Wish we could neg him.
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    Nov 30, 2014 5:02 AM GMT
    I asked a lot of questions.

    Guess you'll be the next Bill Gates!
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    Nov 30, 2014 5:05 AM GMT
    I did it the old-fashioned way...I inherited it!
    icon_wink.gif
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    Nov 30, 2014 10:55 PM GMT
    My parents really suffered during WW2 ,they emigrated to Australia after the war to start a better life , but always kept in mind that saving and live a "moderate" life is the key , so i followed their motto , and it sure works icon_smile.gif
  • SilverRRCloud

    Posts: 872

    Dec 02, 2014 7:52 AM GMT
    There are at least two sides to the equation here.

    Saving is all good and fine. Earning a lot helps, too.

    I always made sure that I made it to the top 2-3% of the dudes doing whatever we were doing... I often ended leading the pack, too.

    By the gentle age of 18, I have held two pretty lucrative jobs, and I was acing it through the college, too. Little sleep. Lots of work. And quite some cash coming my way.

    I fully owned my first fancy home at the age of 24. All of my money. No loan. No nadaicon_lol.gif They call it 'marketable skills' for a reason...

    When the going got tough, I had significant reserves to fall back on to. I also learnt how to balance the checkbook, too. But I stayed debt-free, and paid interest to no one. This is purely emotional and neither always wise nor rational. But I do not go around asking anyone for anything. Simply a luxury I can afford.

    The fact that I came from a wealthy background accounts to 60-70% of my modest success. The rest was my hard work & talent.

    SC