Comments on: Financial Freedom http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/ Wed, 08 Feb 2012 22:32:24 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Kati http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-1001883 Kati Mon, 12 Sep 2011 17:49:05 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-1001883 I'm a grad student married to a post doc. Despite the fact that we're young, came from lower middle class families, live in California, put off real work for years to pursue advanced degrees, and earn just an average income, we've managed to save a little more than $60,000 so far, which is way more than we need to keep us going for a year or two of unemployment, illness, etc. To save, you really have to be committed to it. We have no consumer debt, and no car loans or leases. We have a real budget in place; we set aside *something* for every category each month, including those expenses that only materialize once or twice a year (e.g., vet bills, car registration and repairs, travel expenses to see our families). At this point, just about anything could befall us--car accident, death in the family, job loss--and we're prepared to cover it without worry. Having that little stash o' cash in the bank really does make you feel FREE! I’m a grad student married to a post doc. Despite the fact that we’re young, came from lower middle class families, live in California, put off real work for years to pursue advanced degrees, and earn just an average income, we’ve managed to save a little more than $60,000 so far, which is way more than we need to keep us going for a year or two of unemployment, illness, etc.

To save, you really have to be committed to it. We have no consumer debt, and no car loans or leases. We have a real budget in place; we set aside *something* for every category each month, including those expenses that only materialize once or twice a year (e.g., vet bills, car registration and repairs, travel expenses to see our families). At this point, just about anything could befall us–car accident, death in the family, job loss–and we’re prepared to cover it without worry. Having that little stash o’ cash in the bank really does make you feel FREE!

]]> By: MA http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-910971 MA Fri, 22 Jul 2011 20:11:09 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-910971 If there is 2-3 year retirement plan instead of 45 plan and make you financial freedom, would you like to try it?? If there is 2-3 year retirement plan instead of 45 plan and make you financial freedom, would you like to try it??

]]> By: Pinkster^^ http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-856910 Pinkster^^ Tue, 28 Jun 2011 19:13:52 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-856910 Financial freedom recipe Start/set-up 1. separate real needs from mere wants (excel chart it!) 2. determine minimum cost of living (know your bottom line clearly!) 3. add 10-20% to #2 for savings & retirement 4. accept an occupation in the field of your dreams that pays at/above #3 5. save a liquid emergency cushion (6mos. minimum (#2x6+ mos.)) Maintainance/on-going 1. put away the 10-20% for retirement (no questions!) 2. have & stick to a budget (absolutely no buts, ifs, or maybes!!!) 3. don't touch the emergency fund unless it's a true emergency (hlthcare/job loss) & replenish ASAP!!! 4. be a star at your dream job (secures promotions & raises) Investment options (in order of risk factor) CDs, Money Markets, Mutual funds, bonds, Stocks Investing in financial products Depending on risk tolerance factors (age, earning power, etc.), have a diversified portfolio of large, mid., & small cap.s in a well balanced commodities & service industry sectors. Financial freedom recipe

Start/set-up
1. separate real needs from mere wants (excel chart it!)
2. determine minimum cost of living (know your bottom line clearly!)
3. add 10-20% to #2 for savings & retirement
4. accept an occupation in the field of your dreams that pays at/above #3
5. save a liquid emergency cushion (6mos. minimum (#2×6+ mos.))

Maintainance/on-going
1. put away the 10-20% for retirement (no questions!)
2. have & stick to a budget (absolutely no buts, ifs, or maybes!!!)
3. don’t touch the emergency fund unless it’s a true emergency (hlthcare/job loss) & replenish ASAP!!!
4. be a star at your dream job (secures promotions & raises)

Investment options (in order of risk factor)
CDs, Money Markets, Mutual funds, bonds, Stocks

Investing in financial products
Depending on risk tolerance factors (age, earning power, etc.), have a diversified portfolio of large, mid., & small cap.s in a well balanced commodities & service industry sectors.

]]> By: T.K. http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-828046 T.K. Thu, 09 Jun 2011 16:10:49 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-828046 I can see that this was written a while ago but the idea is timeless. Another way of looking at it is envoking the standards and philosophy of being a minimalist. Such an idea would help to break free of the notion that more material things are needed, thus making it easier to live at a much lower poverty threshold. I can see that this was written a while ago but the idea is timeless. Another way of looking at it is envoking the standards and philosophy of being a minimalist. Such an idea would help to break free of the notion that more material things are needed, thus making it easier to live at a much lower poverty threshold.

]]> By: Chuck http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-811734 Chuck Tue, 31 May 2011 17:34:31 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-811734 Great article. My first step to financial freedom, no more consumer debt. I pay cash for everything. Second step, written monthly budget. Give every dollar a name. I redo my budget every month. It is amazing how much money just sifts through your fingers without you knowing it. If you do those two things you will find yourself with a "raise" without increasing your actual income. The stress relief of not having to worry about paying off debt is amazing! Great article. My first step to financial freedom, no more consumer debt. I pay cash for everything. Second step, written monthly budget. Give every dollar a name. I redo my budget every month. It is amazing how much money just sifts through your fingers without you knowing it. If you do those two things you will find yourself with a “raise” without increasing your actual income. The stress relief of not having to worry about paying off debt is amazing!

]]> By: Green Stickman http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-730659 Green Stickman Thu, 31 Mar 2011 04:55:19 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-730659 This is great article. I am also writing articles about financial freedom. If you may allow, I am posting a link (you can remove it if it is not ok with you): http://www.gayward-concepts.com/your-allies-to-financial-freedom/ This article is all about our “Allies to Financial Freedom”. Thank you in advance! I hope you will allow my post. More power to your site. :) This is great article. I am also writing articles about financial freedom. If you may allow, I am posting a link (you can remove it if it is not ok with you):

http://www.gayward-concepts.com/your-allies-to-financial-freedom/

This article is all about our “Allies to Financial Freedom”.

Thank you in advance! I hope you will allow my post. More power to your site.
:)

]]> By: JAVEZ KHAN http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-531650 JAVEZ KHAN Mon, 22 Nov 2010 13:07:35 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-531650 Thanks a million.I have just had many "things" reaffirmed & the action will start Now. Javez khan, Bradford, England. Thanks a million.I have just had many “things” reaffirmed & the action will start Now. Javez khan, Bradford, England.

]]> By: John Anderson http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-494004 John Anderson Sun, 24 Oct 2010 15:24:01 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-494004 Love the Fight Club quote - very true! da Vinci has been quoted with "Simplicity is the ultimate sophistication." That's a phrase I've applied to my financial thinking for many years; works wonders for keeping goals in focus and overall peace of mind. Cheers on the great post. Love the Fight Club quote – very true!

da Vinci has been quoted with “Simplicity is the ultimate sophistication.” That’s a phrase I’ve applied to my financial thinking for many years; works wonders for keeping goals in focus and overall peace of mind.

Cheers on the great post.

]]> By: hermes handbags http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-442989 hermes handbags Thu, 08 Jul 2010 06:04:43 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-442989 i wish to have Financial Freedom in the next 5 years or so. i was able to establish a small internet retail store last year. i am hoping to gain enough profit from this store. i wish to have Financial Freedom in the next 5 years or so. i was able to establish a small internet retail store last year. i am hoping to gain enough profit from this store.

]]> By: Luke Jackson http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/comment-page-1/#comment-408549 Luke Jackson Fri, 30 Apr 2010 18:13:15 +0000 http://www.scotthyoung.com/blog/2009/04/02/financial-freedom/#comment-408549 i am hopping that with very hard work on Affiliate marketing, maybe i would be able to achieve Financial Freedom in 2 years time.`'~ i am hopping that with very hard work on Affiliate marketing, maybe i would be able to achieve Financial Freedom in 2 years time.`’~

]]>