What is the best way to financial independance?

Question

DETAILED ANSWERS PLEASE

Answer 1

Eliminate debt, including credit cards, loans etc. by paying them off and not getting more loans.

Live within your means. No more than one-fourth of your monthly net for housing, cut out the big ,new or expensive cars. One phone and TV. Nothing special in the way of Cell phones, cable, computer, entertainment etc.

Cook meals, do not eat at restaurants. Use the left overs. No big vacations or Island trips. No big bashes or spa trips because " you deserve it". Dont go to bars, drink at home if you can afford it in your budget which you should also have started long before this sentence.

Get Quicken Budget and learn to use it on your computer. If you dont have a computer, dont get one, budget in a book or paper pad.

If this sounds too austere or tough, then keep failing and the rest of the country will pick up the tab for you as we have for many others the last 30 or so years.

Be responsible is really what this comes down to.

I would bet you would be able to save at least 4-5 thousand a year if you follow these rules. Keep in mind, you have to get out of debt first. Or at least do that while you are trying to do this other stuff. It works. I've done it and retired at age 51. Didn't start the process until I was in my mid 40's.

Answer 2

I don't know how much detail you are looking for but the way to financial indepedence is to set goals (written) for yourself and a path to achieve those goals. Live on less than you earn... shop by value instead of price... save for the future... use tax write offs to your advantage... education is important to success... read biographies by and about rich people you wish to emulate... believe in yourself. Those are the keys. Don't wait for your ship to come in ... swim out to meet it.