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Based on your first comment you may already have a chance to give some problems picked by you a try. And as far as I understand it, you will never achieve fina

by comboy 8y ago

Based on your first comment you may already have a chance to give some problems picked by you a try. And as far as I understand it, you will never achieve financial independence by amassing some fixed of money. You need a cash flow and it won't just magically appear after working hard for some time. You need to focus your interest on this specific goal, research it and work towards it. Oops, I meant play towards it ;)

eloff 8y ago
If you amass some fixed amount of money and buy a house with it, or keep it in the bank - yeah it won't help you. If you amass some fixed amounts of investments, that gives you cash flow. Once that reaches a certain point depending on what your expenses are and your lifestyle choices are, you're free. "Wealth consists not in having great possessions, but in having few wants." - Epictetus If I (or more importantly my wife) had fewer wants, I'd already be financially independent.
- deleted 8y ago
  [deleted]
swsieber 8y ago
There is, in fact, an entire sub-reddit dedicated to turning amassed money into a fixed income, with the specific goal of financial independence: https://www.reddit.com/r/financialindependence/ https://www.reddit.com/r/financialindependence/ So while amassing money alone won't get you there, it can definitely facilitate it.
hyperpallium 8y ago
Then you have to manage your investments. If that's fun for you, great. All it really does is leverage your time, effort and attention.
- eloff 8y ago
  If you're doing that right it should be pretty low maintenance. I spend more time taking out the garbage in a given year than I do on my investments.
  - hyperpallium 8y ago
    Ideally. But if you're living on your investments, you tend to attend to them more. The solution to that is to have such a substantial investment income that you don't need to worry about it, at all - which means that much more effort in getting there.
    - eloff 8y ago
      Or a large cash position to smooth out the rough patches, but that also means more effort in getting there.
      - hyperpallium 8y ago
        "The market can stay irrational longer than you can stay solvent."

by comboy 8y ago

eloff 8y ago

If you amass some fixed amount of money and buy a house with it, or keep it in the bank - yeah it won't help you. If you amass some fixed amounts of investments, that gives you cash flow. Once that reaches a certain point depending on what your expenses are and your lifestyle choices are, you're free. "Wealth consists not in having great possessions, but in having few wants." - Epictetus If I (or more importantly my wife) had fewer wants, I'd already be financially independent.

deleted 8y ago
[deleted]

swsieber 8y ago

There is, in fact, an entire sub-reddit dedicated to turning amassed money into a fixed income, with the specific goal of financial independence: https://www.reddit.com/r/financialindependence/ https://www.reddit.com/r/financialindependence/ So while amassing money alone won't get you there, it can definitely facilitate it.

hyperpallium 8y ago

Then you have to manage your investments. If that's fun for you, great. All it really does is leverage your time, effort and attention.

eloff 8y ago
If you're doing that right it should be pretty low maintenance. I spend more time taking out the garbage in a given year than I do on my investments.
- hyperpallium 8y ago
  Ideally. But if you're living on your investments, you tend to attend to them more. The solution to that is to have such a substantial investment income that you don't need to worry about it, at all - which means that much more effort in getting there.
  - eloff 8y ago
    Or a large cash position to smooth out the rough patches, but that also means more effort in getting there.
    - hyperpallium 8y ago
      "The market can stay irrational longer than you can stay solvent."