Financial Independence
@poonamchauhan (14)
January 18, 2012 9:49am CST
Obtaining money is one of the wanted task of most of us. Most of your lifetime income will likely comefrom our hard work or labour. Income play a bigger role in life as we get older. For become financially strong we have to invest money from the very early age.
6 responses
@ashvinspatel (84)
• India
18 Jan 12
Obviously, we should save part of the our income for retirement. But not all, as example when I start my service the amount I able to save is 100 pm i.e 1000 per yer and this become 4000 now after 25 yrs as per fix deposit rate (approx), whats the value of 4k now and sure 1k is much more valuable this time.
It is fine if we earn on the our saving is more than the inflation rate of our country.
@poonamchauhan (14)
•
25 Jan 12
Yes i am also save some part of my income in mutual funds. Saving money is today's most important thing in everybody's life it is most benificial for our future to have a relaxed old age.
@ashvinspatel (84)
• India
25 Jan 12
Mutual fund is better way than directly involved in share market as some expert invest yr money in yr behalf but we can get more benefit by reading market as right time to invest and right time to withdraw.
SIP is also good option for investing in mutual fund as we got average buy value...
@SydneyHazelton (4586)
• Singapore
8 May 12
We have grown up believing that money comes from hard work. Well yes, if you have a job and getting regular income, it may seem like hard work. But it is important to save and invest as well. Starting from an early age does help a lot.
However the definition of financial independence, from my point of view, holds two things. Firstly, do you have enough to last throughout your life. That may be a few million dollars in the least. Secondly, do you have passive income to cover your expenses?
I'm working on the latter definition, which I feel is more important. We need to ask ourselves: how many sources of income do we have? If you only have a job, you only have one. If you quit or get retrenched, this source of income stops. The question you should be asking is how can my income continue to generate even when you are not working.
@craziestqueenever (1819)
• Philippines
18 Jan 12
Well said! poonamchauhan! I agree with what you said We are working for money! But then I had just read in a book titled "Rich Dad,Poor Dad" by Robert Kiyosaki it enlightened my mind. We've been working so hard for money but then, we should let money work for us. I'm only 22 and I'm thinking of a better plan on where will I put my money. I'm currently having my own research on where will I invest.
@sumatix (257)
• United Arab Emirates
25 Jan 12
yes for sure one should think about the rainy days and also our after retirement income..Today we are young we can try hard to chase our dreams and fulfil them also but when we get old we need rest and peace of mind which is possible to certin extent with a decent savings..
@sethalex (153)
• Philippines
19 Jan 12
The earlier you invest, the better. You must work hard today as long as you are still capable. When you get old, you will be working less due to health issues. Better you have an investment today and have a cushion for tomorrow. It would be better to have multiple streams of income. Don't be contented to one job but be sure to balance everything before it's too late.
