Ways on how to be financially free
@femmefatale_moi (79)
Isle Of Man
June 10, 2008 2:25am CST
I'm a working mom whose a newbie in saving and investments in general... can you share me your tips, secrets, ways and plans on how to be financially free?
2 responses
@sdas86 (6076)
• Malaysia
10 Jun 08
Hi,
I read a lot of books about making money and financial free life.
One of the ways to be financially free is to invest in real estate. Try to buy real estate and get more in the future. You might want to start with buying 1 house and rent it out.
This can generate positive cash flow for you. Then, you can use the rental fees to pay for the loan of the house you bought.
Real estate will go up in prices over time, so it can be a good way to make more money for the long term.
Then, try to buy more real estate. You might aim to get 5 houses that can give you positive cash flow. Let say: You rent it $200.00 per month and 5 houses will make you $100.00 per month.
You will be making positive cash flow and you do not need to work for it. Collect your money and go for the next real estate.
I recommend you to read "Rich Dad's Retire Young Retire Rich". and then read "Rich Dad's Cashflow Quadrant". The books will be a great guide for you.
Good luck and have a nice day!!!
@femmefatale_moi (79)
• Isle Of Man
10 Jun 08
Thanks for your tips, i'm a RK fan too, i have some of his books and i have a cashflow boardgame too... i know real money is in real estate only its kinda hard to implement here... because this is only a little island and properties are expensive here... may be if and when we move to canada i can do that there hehehe.
@sdas86 (6076)
• Malaysia
10 Jun 08
Hi,
Wow, you are RK fan too. I also have his books but I don't have the board game. He has some great idea for financial freedom.
You could do some investment in the stock market too. It is quite risky but if you learn some techniques using fundamental analysis and technical analysis, it will help you lower the risks.
I have an idea. You can start a home business like bakery and childcare. It is a great way to make money with the less cost. 
@femmefatale_moi (79)
• Isle Of Man
10 Jun 08
i started buying gold and silver ( well, mostly silver because it's more affordable) but i consider it my savings instead of investment... it gone done quite a bit after i bought my holdings but i consider it a normal correction of the market... it's still a bull market so i'm thinking of buying more this summer while it's cheap...
i also tried virtual stock market... i bought oil at £135 two days after it went down to $122 and i lost some money... luckily its only virtual money... but still it knocked my confidence down and i'm more scare now than ever before to invest in real life...
i'm thinking of apply for a job in a property builder/developer firm, to learn atleast the jargon of real estate but having a young baby and a mortgage requires me to work nights. oh well! it will all fall into its proper places in God's time.
@suruchi86 (1873)
• India
11 Jun 08
First of all let me admit frankly that I'm no expert on this subject and for all practical purpose,you can take me as a novice in the field of investing. However, I think that in present environment of high inflation and falling share markets world over, investing in real estate and gold or other precious articles could be a good option. Another unconventional option could be investing in good quality art and paintings, which now a days fetching increasingly higher prices in world art markets.
