Are you 'Financially Independent'? What steps do you need to take to achieve this?

[junh]

Currently, I'm not yet financially independent cause I still depend on my parents for 'some' help. I know I've achieved financial independence only when I know I can fully support myself on my own (like pay for all the utilities, buy my own house, purchase my own car, etc.) :)

For starters, I believe the best way to achieve financial independence is to save whatever assets you can (like cash) - and reinvest 10-20% of your gross savings in high yeilding financial assets like property, stocks, bonds or even a time deposit in the bank. :)

For me, the key here is to be patient and diligent in saving whatever assets you have. If we practice this continously without fail, we all could achieve financial independence. :)

[KuyaDanny]

If you get paid a regular salary like most working people, do you have a budget for spending your earnings? What are the first items that are taken off your income? Usually taxes, SSS, PhilHealth, etc, followed by payments for housing, food, transportation, and other costs of living. What's the last item? Usually savings, which represents the amount left over after all the expenses are taken away. This usually means the amount of savings changes every month, and frequently it would be zero.

You might consider moving savings a little higher up on your list of priorities. In other words as soon as you receive your pay (less taxes, SSS, etc), remove a fixed amount every month which should go directly to savings. Then you can allocate what's left for all the other things you need to live. If you get used to this pattern, you can develop spending discipline and always live within your means.

[aticus]

That's a very good suggestion from KuyaDanny. The concept is known by some as "paying yourself first." You set aside a dedicated amount each month and count yourself as a "bill" or an "expense." In other words, if you treat yourself and your future with the same urgency as you treat your utility bills, you'll find that you can actually save quite a bit in the long run.

You'll also get an idea of just how much our utility companies must make! :)

Here are some additional suggestions:

1) If you play stocks, don't keep buying and selling. You'll just end up spending a lot on commissions and taxes. The best thing to do, to achieve long-term financial stability, is to get good stocks and hold them for a long period. This way, you get to increase your net worth without actually paying any kind of capital gains tax, or brokerage commissions. This is one of the principles followed by the world's most famous and successful investor (and my idol), Warren Buffet. Don't be so affected by daily fluctuations in the market. In general, the market will improve over time, especially if you're willing to wait out the period after the Asian crisis. I'm actually quite bullish about RP markets over the long-term (10 to 15 years), as I fully expect our growth to improve over that period. Blue chips like San Miguel will be very attractive over that period. We'll get over this period of economic lethargy eventually, and Filipinos will always drink beer. :) A good combination, if I do say so myself.

2) Take advantage of longer term instruments, such as long-term Time Deposits, instead of short term alternatives. They not only provide better rates, but they are exempt from the 20% withholding tax on interest that the government normally levies on all interest-bearing accounts in banks. You'll have to look at something with a minimum five-year term. 20% is a big deal, and if you can avoid paying that when you earn interest, you'll get to keep quite a bit. And if you keep it longer, you can take advantage of two wonderful things: compounded interest and the absence of withholding tax.

3) Take full stock of your ENTIRE spending profile. How much do you REALLY spend for things? What, exactly, do you spend for? I think you'll find that, quite often, people think of themselves as not spending on too much, only to find out they spend P500 on mall parking, P2,000 on unnecessary junk food purchases and P3,000 on the odd outfit or shoes which will only be used once or twice in their lifetime. (All figures are mere examples, but you get the picture.) What you'll then find out is that you very often have many expenses called "impulse buys," wherein you spent for something not because you needed it, but because at the moment you bought it, you just felt an urge to get it. That's why I actually avoid "sales." I usually spend on completely useless things I wouldn't otherwise find compelling, except for that "70% off" price tag. :)

My basic rule here is this: "If you wake up in the morning and you don't need it, you don't need it!"

So, if you invest long-term, resist the impulse to buy and sell your stock portfolio based on daily fluctuations, put your money in longer-term, higher-yield bank instruments which avoid withholding tax, and cut down on impulse spending, you're well on your way to having a bit more money in the bank.

Let me leave you with one final illustration:

Some people I know get discouraged from saving because they think they really don't earn much, and that it's not worth saving anyway, so they "might as well" enjoy themselves while they're at it. Well, to them I say, look at this table with some basic compounded interest...

Let's assume you start with "only" P20,000 in the bank. A reasonable figure for most of us. Here's what that would look like over time, with compounded interest over a long-term, higher-yield, no withholding tax time-deposit, and with you continually putting in only P5,000/month (or P60,000/year):

Table of Simple (annual) compounded interest:

Start of year amt. Interest rate End of yr. amt.

Year 1 P20,000 10%(net) P62,000
(20+int+60 saved)
Year 2 P62,000 same P128,200

Year 3 P128,200 same P201,020

Year 4 P201,020 same P281,122

Year 5 P281,122 same P369,234.20

Year 6 P369,234.2 12% P473,542.30

Year 7 P473,542.30 12% P590,367.38

Note that on the sixth year you earn higher interest because you have much more to deposit, and the bank will then give you higher rates.

So, after 7 years of saving, with only a P20,000 starting balance, and saving only P5,000 a month, you will have almost P600,000 in cash! :) Not too bad. There are many 27-28 year old workers who would LOVE to have that much in the bank right now.

Extrapolate it for higher amounts. For example, if you start with 10x the starting amount, and save 10x per month, you will be able to turn a starting balance of P200,000 into almost P6 MILLION pesos in just over 7 years.

I've actually made a simple Excel table for calculating compounded interest, where you can change your starting balance, change the amount you'd like to save per month, and change the interest rate, and you can then project, over as long as 20 years, how much you'll be able to save. If any of you want it, I'll be happy to make it available to KuyaDanny, who can then forward it to any of you. I made it on Excel bec. it was the one program I knew everyone had, and I wanted to make something simple and easy to use.

Good luck with your investments! I hope you'll be able to find financial independence sooner, rather than later. :D

[bagyoboy]

Hey, aticus, THE PexSurvivor! Long time no see! I'd like to get my hands on your excel file. :)

[aticus]

Originally posted by bagyoboy
Hey, aticus, THE PexSurvivor! Long time no see! I'd like to get my hands on your excel file. :)

Sure thing, my friend. :) Long time no see as well. Let's just wait for KuyaDanny to say it's ok for me to send it to him. It'll be easier in the long-run if you all got it from him, since he has access to all your e-mails. :)

Good luck to you and your business! :D May you prosper this year!

[bagyoboy]

I would like to give credit to Ariel Marquez (graduate of DLSU) for this 6-step strategy to successful investing.

Each step is accomplished in sequence. The first pesoo f your cash flow margin is used to accomplish step 1 and all additional pesos are used to accomplish each step in sequence.

It can only be done if you have a positive cash flow.

The best way to save is to spend less than you earn over a long period of time.

These are the steps to "financial independence":
1. Get out of debt.
2. Put in1 to 2 months living expenses in a checking account.
3. Put in 3 to 6 months living expenses in the money market for emergency fund.
4. Major purchases: car, furniture, vacation, house, etc.
5. Long term investment: education, retirement, real estate
6. Speculative stocks, high risk investment.

[bagyoboy]

Originally posted by aticus
Originally posted by bagyoboy
Hey, aticus, THE PexSurvivor! Long time no see! I'd like to get my hands on your excel file. :)

Sure thing, my friend. :) Long time no see as well. Let's just wait for KuyaDanny to say it's ok for me to send it to him. It'll be easier in the long-run if you all got it from him, since he has access to all your e-mails. :)

Good luck to you and your business! :D May you prosper this year!

Thanks, my friend. All the best to you and your business also! :D

[KuyaDanny]

Originally posted by aticus
Let's just wait for KuyaDanny to say it's ok for me to send it to him.

It's OK for you to send it to me.

[aticus]

Originally posted by KuyaDanny
Originally posted by aticus
Let's just wait for KuyaDanny to say it's ok for me to send it to him.

It's OK for you to send it to me.

Sent it! :) Pls. check your mail.com account... :)

[KuyaDanny]

Click this link to download the famous ATICUS EXCEL file (http://www.qinet.net/user/dannyj/PExSavings.zip)

[aticus]

Originally posted by KuyaDanny


Click this link to download the famous ATICUS EXCEL file (www.qinet.net/user/dannyj/PExSavings.zip)

:lol: :lol: :lol:

Please don't make them expect too much. :) It's really just a simple thing. But I find it useful now and then so I wanted to share it. :D

[KuyaDanny]

Please do not be shocked at the estimates for education. Schooling does cost a lot - especially with inflation factored in. When I was a college freshman, Ateneo tuition was P1,100 per semester. Look at where it is now. We really do need to save money.

[aticus]

Originally posted by KuyaDanny
Please do not be shocked at the estimates for education. Schooling does cost a lot - especially with inflation factored in. When I was a college freshman, Ateneo tuition was P1,100 per semester. Look at where it is now. We really do need to save money.

Which leads me to another point. Often, it's not just how much you save per year, it's WHEN YOU START SAVING that will help you determine whether you'll be financially ready to start a family.

Even as a young employee, for example, one should already be thinking ahead to the day you'll want to ask someone to marry you (or wait for someone to ask... :) ). If you wait too long, it'll be that much more difficult.

I would also like to reiterate a point made by bagyoboy's earlier post: Education plans. If you prepare early enough, and you save enough, you can afford to send your children even to the best schools. But the key is recognizing that any savings plan will be easier to manage if you start saving earlier.

I'm not saying people should stop "enjoying" themselves, especially since a stressful day at work can often lead to a need for unwinding. Let's all just try to unwind a little more cheaply, eh? :lol:

[Emma]

I'd love to attain a degree of financial independence, but given my age, my parents still treat me like a kid...well sort of. It's kind of frustrating because of the lack of credit they give me on my abilities, like they think little of me when it comes to being street smart and independent. I guess that's because they didn't raise me to be one hehe, plus I'm a first kid. Basta...it's sorta hard to explain. The feeling is clear, though...I feel that I am unfairly boxed because of prejudices that have weak basis. It doesn't mean that because I'm young, I am not capable of doing things outside school.

Oh yea, I'm 18.

[trojanbull]

Hi,

You guys might want to read the following books by Robert Kiyosaki.

Rich Dad, Poor Dad
The Cashflow Quadrant
Rich Dad's Guide to Investing
Rich Kid, Smart Kid

He's got very good insights.

[junh]

Originally posted by trojanbull
Hi,

You guys might want to read the following books by Robert Kiyosaki.

Rich Dad, Poor Dad
The Cashflow Quadrant
Rich Dad's Guide to Investing
Rich Kid, Smart Kid

He's got very good insights.

Great tip! :)

Robert Kiyosaki got lots of practical advice on how to achieve financial independence. Unfortunately I was only able to read Rich Dad, Poor Dad.

Anyone would like to comment on Kiyosaki's other books? :hmm:

As for other 'financial' books, I would humbly suggest everyone to read The Richest Man in Babylon by George S. Clason. Its basically like a parable that teaches the basics of money and financial independence! The best part is it doesn't cost a fortune (less than P200.00 when I bought it before)! :up:

http://a1204.g.akamai.net/7/1204/1401/00090212011/images.barnesandnoble.com/images/2900000/2905001.gif

I can't say enough good things about this book! Its a real classic! :)

[aticus]

Well, while we're on the subject of good books, don't fail to get "The Millionaire Next Door." Fantastic book on how millionaires in the US behave, and how they got to be, well, millionaires! ;) I would count it as one of the top two or three most influential business-related books I've ever read. Much of my current savings philosophy is based on some of the insights I found there. :)

[KuyaDanny]

I am willing to lend my copy of The Millionaire Next Door to anyone who wants to read it and will promise to return it. Let me know.

[bagyoboy]

KD: Why don't we make this the next promo for TWF. Free books.

[boardbuster]

Another suggestion to be financially independent.

Buy some real estate properties! If you are earning a decent salary now and you have a good credit such that a bank can loan you money to purchase a real estate property, then you can look forward to a secure financial future. Property values rarely go down, if not at all.
Get some properties at the suburbs. Prices are still low and you can sell them later on at a premium.
Besides you are forced to make monthly savings because you payment towards your loan is money towards your investment.
Also after some time, you can borrow money, using your property as collateral.


Originally posted by junh

As for other 'financial' books, I would humbly suggest everyone to read The Richest Man in Babylon by George S. Clason. Its basically like a parable that teaches the basics of money and financial independence! The best part is it doesn't cost a fortune (less than P200.00 when I bought it before)! :up:

http://a1204.g.akamai.net/7/1204/1401/00090212011/images.barnesandnoble.com/images/2900000/2905001.gif

I can't say enough good things about this book! Its a real classic! :)

You got a good bargain.
It is listed as discount price of $10.40 in http://www.LeadershipNow.com

You must have bought that book when the exchange rate was still 20 pesos to a dollar.

[BabyFATS]

Goodness! We have, like, 2 or 3 copies of The Richest Man in Babylon lying around somewhere in our house and all I got to read was... well, not much! :o

Pero, tama, for me rin, being financially independent starts with saving money and resources so as not to have to ask for them when you need them. From there, it goes on to bigger responsibilities like helping pay for bills and other expenses at home. And then after that, I guess it moves on to making your money grow. :)

[junh]

Originally posted by boardbuster
Originally posted by junh

As for other 'financial' books, I would humbly suggest everyone to read The Richest Man in Babylon by George S. Clason. Its basically like a parable that teaches the basics of money and financial independence! The best part is it doesn't cost a fortune (less than P200.00 when I bought it before)! :up:

http://a1204.g.akamai.net/7/1204/1401/00090212011/images.barnesandnoble.com/images/2900000/2905001.gif

I can't say enough good things about this book! Its a real classic! :)

You got a good bargain.
It is listed as discount price of $10.40 in http://www.LeadershipNow.com

You must have bought that book when the exchange rate was still 20 pesos to a dollar.

boardbuster, The Richest Man in Babylon has a list price of U$6.99 in Amazon.com (you can click HERE (http://www.amazon.com/exec/obidos/ASIN/0451165209/o/qid=991608630/sr=8-1/ref=aps_sr_b_1_1/102-6089412-6271337) to see the price and the reviews it got). I bought this book way back in the mid 90's but I think its still reasonably priced at around P300.00 (or maybe less) at major bookstore outlets. But despite its price, I believe its a great little book to learn on how to be financially independent. Indeed, if I didn't own it now, I would still get it even if it was priced at P500! ;)

In my opinion, the lessons you can learn from this book are timeless and some would even say, priceless. If your willing to spend a few hundred pesos, this book will go a long way in helping anyone start achieve financial independence and a sound philospohy on how to use money!

But don't take my word for it, go check it out for yourself. :)

[aticus]

Wow. Sounds like a good book. :) I think I'll go get it sometime this week...

[batang uliran]

Real estate is a good investment only if:
1. you don't have to borrow money to purchase it - hard to make money if the interest rate on your mortgage is around 20% or more.
2. you have sufficient liquidity.
3. you are willing to wait several years for the property to appreciate (if it will).

[tazbivr]

Originally posted by Emma
I'd love to attain a degree of financial independence, but given my age, my parents still treat me like a kid...well sort of. It's kind of frustrating because of the lack of credit they give me on my abilities, like they think little of me when it comes to being street smart and independent. I guess that's because they didn't raise me to be one hehe, plus I'm a first kid. Basta...it's sorta hard to explain. The feeling is clear, though...I feel that I am unfairly boxed because of prejudices that have weak basis. It doesn't mean that because I'm young, I am not capable of doing things outside school.

Oh yea, I'm 18.


Emma, at least you are striving for it. I am the youngest of 7 children so ako yung "baby" . I too once wanted to be independent (in all matters).
Don't run too fast you might outrun yourself; enjoy what you have but keep working hard. I have everything I wanted then today but you know what,I can never have my youth back.

[Zenithleng]

i have already downloaded the file and it will indeed be very helpful. thanks a lot peeps!

i believe in starting early with regard to working for full financial independence. sure at first it would be rough, but after time and considerable amount of hardwork and patience it'll all be worth it.

[trixxie]

i am financially independent...

[junh]

Originally posted by trixxie
i am financially independent...

Good for you trixxie! I'm happy to know that you've achieved financial independence... I also hope you'll be kind enough to share with us some tips/advice on how you got there. :)

[Krakista]

Are you 'Financially Independent'? What steps do you need to take to achieve this?
Work hard, scrimp and save. So simple, yet many don't get it.

I drive an old car, I have an old cellphone but I have my very own roof over my head.

[enchantress]

Originally posted by KuyaDanny

Click this link to download the famous ATICUS EXCEL file (http://www.qinet.net/user/dannyj/PExSavings.zip)

hindi ko mabuksan yung download...waaaaaaaaahhh!

actually, this thread is so useful because my goal in life is to be rich! :lol: :lol: :lol:

can anyone teach me other tricks to fulfill this coz I have a looooong way to go... :D

[benjiep]

Originally posted by boardbuster
...Buy some real estate properties! If you are earning a decent salary now and you have a good credit such that a bank can loan you money to purchase a real estate property, then you can look forward to a secure financial future. Property values rarely go down, if not at all.
Get some properties at the suburbs. Prices are still low and you can sell them later on at a premium.
Besides you are forced to make monthly savings because you payment towards your loan is money towards your investment.
Also after some time, you can borrow money, using your property as collateral.

Hi boardbuster, selectively buying land is usually good advice (God knows it has served me well). But take note, this is almost the only post-war period during which prices are nominally trending downward. There have been times when prices crashed as during EDSA '86 and Coup '89, but those were medium-term aberrations. The deflationary economic environment and nasty interlocking weaknesses in the banking and property sectors don't bode well for fixed-asset valuations in the long-term.

Absent lucky bargains such as foreclosed properties auctioned at distressed prices, you'd be better off staying liquid in cash and higher-yield near-cash assets. Or better yet, put your earnings into a profitable, cash-generating business.

[KuyaDanny]

Originally posted by enchantress
hindi ko mabuksan yung download...waaaaaaaaahhh!


What seems to be the problem? Is anyone else having problems with the file?

[KuyaDanny]

After you're through reading, and participating in this topic, I'd like everyone to consider the related, but not redundant thread How much wealth is enough for you? (http://www.pinoyexchange.com/forums/showthread.php3?threadid=10422) by lupuS.

[womanontop]

I am financially independent, I think. Hmmmmm.... for starter, if you're still single, working fulltime and still living at home then take advantage and save as much as you can. Note, if you're going to be on your own at least 30% of your salary goes to rent and that doesn't include utilities, food, entertainment, kikay stuff and other misc expenses. Also, there's a difference between savings and investing. If you're a saver, then your not going to get maximum return from your savings or money market account. On the other hand, if you invest in mutual funds, on the average, you'll get higher rate of return. Buying Real Estate whether for single family home or rental properties is a good idea, however, you have to take into consideration property taxes. In my area, my property tax increased 60% within 5 years.

Also, try to upgrade your skills to increase your market value, therefore, you can demand higher salary. Don't buy anything you can't afford. Don't run-up your credit card. Pay off your credit card debt every month. Live a simple life. Less is more.

[Leigh]

to answer the question, no i am not financially independent, still live with my parents and i don't plan to move out anytime soon :)

the thing with our family, my sister and i give part of our salary to household expenses - for groceries and for the maid. We also give allowance to our younger brother, not really allowance, but extra money for him.

i found about about Kiyosaki in an Oprah interview and he was telling the people about the Rich Dad, Poor Dad mentality. :) right now, am paying myself also before anything else so i have something saved already.

and i agree with womanontop, your marketability will play a vital role in this.

hmm...this thread is really good, hmm..now i want to hear what others have to say.

[NoisyCricket]

1. Eating out is the enemy.
2. Eating in is your friend. :)

Errr.. that's it. Some advice..! :lol:

<random thought> Chris Monfort left behind a wife and two kids, aged 6 and 3 last June 12, after becoming entangled in a car accident along Katipunan road.

Just like that. He got snatched away from his family who will never see him again. He was not given a choice to leave, and God knows what his wife, kids, and family would give to have him back in their lives, safe and sound.

Cut to a scene where some Filipinos, whether out of disgust of having been controlled by their parents, or a desire to naturally just want to leave the house and fly on their own (or maybe perhaps a little earlier even, or at the first chance that comes their way..), leave the house.

#1 I think it's their right if they want to leave, then leave. But make sure it is for the right reasons.

#2 I am thinking, "Why do people want to leave the house at the first chance they get anyway?" but then I think maybe the opposite is also true.. maybe some people don't ever want to leave the house...

#3 I'm thinking.. how about when one gets married? Obviously one has to move out for the marriage (that's a non-negotiable.. besides neither I nor she have any choice in that matter..! It's hit-the-road-toots for us.. ;) But how SOON before you get married does one move out? A year before the wedding? 6 months? 3 months? The day before? :lol:

#4 Seriously, I'm thinking, the more days you spend with your family, especially in light of Mr. Monfort's sudden death, the better. I'm thinking moving out of the house 6 months before the wedding is good in the sense that it teaches you independence, and for all you know it is the best thing to do, but that also means spending 6 months alone in a new world of being by yourself with only a television, a computer, a stove, a ref, an aircon (if I'm lucky), and a couch to keep you company -- all the while when you could still be at home, (while still being able to move out at the drop of a hat), and still be able to have that reassuring feeling that your family is just in the next room...

Hmmn..

Then again, just because you're married doesn't mean you CAN'T spend time with your family.. maybe not as much.. maybe not as you did before.. but that is change.. that is growing up.. moving on.. circle of life and all that hullabaloo..

Ready or not, peeps, life has a way of catching up with you all the time, and suddenly makes you think of abandoning the old ways and heralding in the new..

It's only a matter of time before you think about all these things.. and by not thinking about them, you are only delaying the inevitable :)

Hardships, difficulties, and car-accidents notwithstanding, it's time to hit the road, jack..

</random thought>

[enchantress]

Originally posted by KuyaDanny

What seems to be the problem? Is anyone else having problems with the file?

ey KuyaDanny, sorry ngayon lang ako nag-reply. anyway, when i click on the link, nagdo-download siya pero di ko mabuksan yung file mismo.

i dont know whether its the computer i'm using ( a mac g4 sa office) or the file itself. may excel naman kse ito. pero malay, not very good with technical stuff. :)

btw, Noisy Cricket are you from u.p. or do you play soccer/football? coz chris montfort was the man in football. condolence na lang sa family niya and to his friends. heard about it from someone whose son is part of the national team, super in shock din sila.

[NoisyCricket]

<sorry personal note>

Hi Enchantress. No I'm not from UP, but I used to be the Student Council Athletics Rep before in Ateneo, and Coach Chris was a teacher of mine before in the High School. By the way, if you want to reach his family, send email through to:

Elmer Joseph Yanga
ejnyanga@gte.net

He can forward your message.

</sorry personal note>

[KuyaDanny]

enchantress

The file is compressed in the ZIP format. You need to install a utility on your Mac which can unZIP.

Somebody help us here, please?

[NoisyCricket]

Surely. Just go to http://www.winzip.com, or even simpler, click here (http://www.winzip.com/getsite.cgi?winzip80.exe) to download :)

Download winzip. It has two interfaces, the wizard and the classic. The wizard is the easier one to use, the classic has more control. But it's really not that difficult actually ;)

You can double click on the *.zip file, and winzip will automatically run. It will ask you where you want to unzip the file. Then vwala!!

Think of a zip file as sort of like the envelope for the letter, which you want to read. You have to take the letter out of the envelope before you can read it :)

[KuyaDanny]

Ummm, Noisy Cricket:

enchantress uses a Mac. WinZip won't work on one.

[JohnDiaz]

Originally posted by aticus
Well, while we're on the subject of good books, don't fail to get "The Millionaire Next Door." Fantastic book on how millionaires in the US behave, and how they got to be, well, millionaires! ;) I would count it as one of the top two or three most influential business-related books I've ever read. Much of my current savings philosophy is based on some of the insights I found there. :)





Better check the follow up book: The Millionaire's Mind

[aticus]

Originally posted by JohnDiaz


Better check the follow up book: The Millionaire's Mind

Thanks, John! Will do! :cool:

[KuyaDanny]

The aticus EXCEL FILE can no longer be downloaded by clicking on the hyperlink above. It is now attached to this post. Click the hyperlink below instead.

[piony]

hi KuyaDanny,

:)

how do you adjust it if you're the one supporting your parents?
like if they are entrepreneurs I'm the salaried employee but I'm making more than them?

thanks for your time.

piony :)

[dreamer002244]

To those who want to play Cash Flow* 202, take note of this schedule and confirm your attendance by calling Mr. Ron Dizon tel. 02-5249254 or 0917-5323864. Only 2 more players can be accomodated.

Venue: Hot Cafe (along Roxas Blvd., infront of USA embassy)
Date: 22 August 2002, Thursday (and every Thursday)
Time: 4:30 pm

Pls. bring the ff: calculator, pencil and eraser.



* Cash Flow is a board game created by Robert Kiyosaki to enhance our Financial, Business and Investing skills. These are very important skills needed by those who truly want to get out of the rat race....forever.

www.richdad.com

[trizfores]

i could be if i wanted to, but i choose not to. :)

[Ice Burn]

I am financially independent. I am 24, oops 25 na pala. :p I don't live with my parents or depend on them. My apartment's nicely furnished. I'm planning to get a car soon. I can spend on my hobby, gimmicks and other petty vanities. I have travelling money to spend...Yeah I guess I've reached that level of financial independence...

Well...I would say that my parents did invest in my education so I am grateful for that hence I landed a great job... :)

I also try to save 60% of my salary. :)

I am planning to do start my own business once I've saved up that target amount I need...I can't be someone's lackey forever. :)

[adlaw]

financially independent here. i have my own house at a high-end subdivision here in cebu. i can afford to buy anything i want.

i earn in dollars but live in cebu. :D

so although i buy just about anything i like, i still can save about 70% of my pay. i have dollar and peso time deposit accounts. i invest some of my money in real estate, jewelry and louis vuittons (ahaha). i plan to work hard and save more money and buy more properties for the next 5 years and then at the age of about 35, semi-retired na ako. and enjoy life to the fullest!

that is my goal. :D

[mcgirl04]

Doesn't financial independence mean you can live without having to work?

[ahock]

may mga seminars ba or sharing EB ang mga PEX for this purpose? Pag sa EB ng I&P mabilis tsaka sa singles hehehehe dito kaya?

[DaNa8]

^^^
I attended a Cashflow EB last year kaso once lang yun di na naulit. Maybe you can organize one and invite people here.

[VIOLET_21]

pede pa bang madownload *** excel file ? The download link seems not working

[KuyaDanny]

The aticus Excel file is available again for download:

http://rapidshare.com/files/10935425/PExSavings.zip

Mirror:

http://www.megarotic.com/?d=70T865T5

[KuyaDanny]

Doesn't financial independence mean you can live without having to work?


Yes. But to get to that stage, most of us have to work really hard.