What is the best way to achieve financial freedom?

@rocky777 (353)
India
June 27, 2007 1:18am CST
I have been reading Graham and Warren Buffet's strategies for the average individual investor. Graham recommends simple strategies - eg. having 25% debt minimum in your portfolio and 75% stock, investing in index funds or index exchange traded funds in lieu of stock if you do not have the time and the expertise to track stocks, etc. Has anyone achieved success with such strategies? Would you care to share your strategies?
1 person likes this
2 responses
@mari_skye (1637)
• Philippines
11 Oct 07
I have also been reading books on achieving financial independence. In fact, I have read Robert Kiyosaki’s books like “Rich Dad, Poor Dad” and “The Cashflow Quadrant” however I have not used any of what I read so far in my life. I also browsed the internet on financial planning tips and have gotten some things that for me are useful being an ordinary employee. There are also local authors I found that wrote on being financially free and I guess they made an impact on me since it is applicable where I am located. I am not quite sure if it will work for you, but one thing to increase your savings is to cut back on your expenses. That is, minimizing expenses that are merely based on wants and not really based on what you need. Also, keep a track of all your expenses so that you will be able to see where you are overspending and may be able to adjust and cut back on it. The amount you will be able to save should be invested accordingly. As for investment, the author of the book “Pera mo, Palaguin mo” says that if you are not that much well versed in stocks, don’t consider investing in it. And I totally agree, I cannot risk my hard earned savings on stocks. So what I do is I invest my earnings in the relatively safe Mutual Fund. Hope I have helped you some:P
1 person likes this
@rocky777 (353)
• India
12 Oct 07
I too have not applied RDPD to my life so far and the expenses tip is hard to apply with growing kids who think their dad is a tight wad. But I do try. The future of being rich and free to do what I want in life is so overwhelming an idea that I am consumed by it. I have dabbled in stock, but I think I do need to evaulate my stock returns and invest in Mutual Funds if my stocks have not returned what the MFs have!
• United States
11 Oct 07
I recommend (sp?) that you read Robert Kiyosaki's book Rich Dad Poor Dad and also take a look at the rest of the books in his series. I am sure there is one there for your specific investing needs but start with the first one I mentioned above. It will really give you the mindset you need to move forward with your plans. I wish you the best! Sincerely, ~julie phineas
@rocky777 (353)
• India
12 Oct 07
I have read Kiyosaki's RDPD, but it is difficult to apply his advice here in India, because there is a large 10% tax on land registration in India. Secondly, there are often unaccounted amounts (cash) asked for to buy land in India, which again is difficult for me, though that seems to be changing, with some builders taking only payment by cheque, though at a premium to the market price.... I have however acquired the mindset required, so that is an accomplishment - I will do it no matter what, and I like to kid myself that I am already halfway there....