Achieving Financial Freedom - What does it mean for you?
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WeiHan:
I believe there is a such a moment......BUT someone said that when he had nothing, he thought 3 millions is alot and will be enough. After he reached 3 millions, he thought he might as well make 10 millions.
WeiHan, you are right. This is confirmed by private bankers too. The 5M clients want to be in the 10M group, who in turn want to be in the 20M class. There is no end. -
My Dad’s current status is my yardstick for financial freedom.
House fully paid for. No other outstanding loans. Passive income of a few thousand dollars a month, enough insurance to cover the bulk of any major medical needs, and a liquid savings account that allows me to go on holidays if I want. -
Funz:
Good benchmark!My Dad's current status is my yardstick for financial freedom.
House fully paid for. No other outstanding loans. Passive income of a few thousand dollars a month, enough insurance to cover the bulk of any major medical needs, and a liquid savings account that allows me to go on holidays if I want.
NO LOANS is a biggie for me... Already done.
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MadScientist:
yes, everything all paid up, no loans, no more obligations to kids (they have to take care of themselves once they start working).
Good benchmark!Funz:
My Dad's current status is my yardstick for financial freedom.
House fully paid for. No other outstanding loans. Passive income of a few thousand dollars a month, enough insurance to cover the bulk of any major medical needs, and a liquid savings account that allows me to go on holidays if I want.
NO LOANS is a biggie for me... Already done. -
Funz, MadScientist and LOLMum, well done!
Loans are indeed a form of imprisonment that stops you from doing what you want to do. But banks will blatantly lie and say that easy credit gives you freedom. Sadly, many people believe in spending what they have yet to earn.
I remember long ago when I was a spring chicken working in an MNC. A colleague was telling us about her shopping spree. Her credit card bill was in the tens of thousands of dollars. As entry level employees, we were shocked and wondered how she was going to pay it all up. Turns out she has already calculated her estimated year-end bonus and spent it in advance. And it was only September! -
Funz:
Funz,My Dad's current status is my yardstick for financial freedom.
House fully paid for. No other outstanding loans. Passive income of a few thousand dollars a month, enough insurance to cover the bulk of any major medical needs, and a liquid savings account that allows me to go on holidays if I want.
My inlaws' status is my yardstick for financial freedom. house fully paid up. no outstanding loans. PIL still working with comfortable income/savings and no major expenses. Hospitalization covered. They still get an allowance from us every month, but i think they spend more on our kids and they frequently 'fill up' our fridges for us during their visits and buys tonic for us too.
we are reaping the benefits of their financial freedom mainly because we need not worry about their medical bills. we hope to be financially 'sufficient' (though we still have a 20yr debt with HDB! dh refused to accept his parents help with the loan as we have no way of forking out cash to repay them unless we sell our flat as we are single income family) so that our children need not worry about us too. -
UncleLim:
Thank you for your contributions also Funz and LOLMum on this thread. Generally agreed with your statement also can add that for savy investors, there is such a thing call good debts.Funz, MadScientist and LOLMum, well done!
Loans are indeed a form of imprisonment that stops you from doing what you want to do. But banks will blatantly lie and say that easy credit gives you freedom. Sadly, many people believe in spending what they have yet to earn.
I remember long ago when I was a spring chicken working in an MNC. A colleague was telling us about her shopping spree. Her credit card bill was in the tens of thousands of dollars. As entry level employees, we were shocked and wondered how she was going to pay it all up. Turns out she has already calculated her estimated year-end bonus and spent it in advance. And it was only September!
Also, Madscientist is definately a well-informed and highly trained trader with indept knowledge of microeconomics as seen from his posts.
Kapoh a bit here as taken time off from watching how US market reacts tonight.
My personal take regarding this issue is that as long as one needs not kowtow to others for favors and is capable of generating income consistently to maintain his/her desired style of living is considered as financially independent. -
Financial freedom means not having to set the alarm clock to get up and drag your feet to work the next day.
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Edureach:
Thank you for your contributions also Funz and LOLMum on this thread. Generally agreed with your statement also can add that for savy investors, there is such a thing call good debts.UncleLim:
Funz, MadScientist and LOLMum, well done!
Loans are indeed a form of imprisonment that stops you from doing what you want to do. But banks will blatantly lie and say that easy credit gives you freedom. Sadly, many people believe in spending what they have yet to earn.
I remember long ago when I was a spring chicken working in an MNC. A colleague was telling us about her shopping spree. Her credit card bill was in the tens of thousands of dollars. As entry level employees, we were shocked and wondered how she was going to pay it all up. Turns out she has already calculated her estimated year-end bonus and spent it in advance. And it was only September!
Also, Madscientist is definately a well-informed and highly trained trader with indept knowledge of microeconomics as seen from his posts.
Kapoh a bit here as taken time off from watching how US market reacts tonight.
My personal take regarding this issue is that as long as one needs not kowtow to others for favors and is capable of generating income consistently to maintain his/her desired style of living is considered as financially independent.
Thanks for the awesome compliments!
Actually... history tells us all about debt... and being debt free... if only we learnt enough from history. (This is a good lesson for those whose kids complain about learning history in school... it may seem irrelevant to them at this point)
The (self-sufficient) Roman empire imploded really with usury banking system (by the Greeks) which started by imprisoning the farmers with loans (that they did not need) and then forcing them to go into the city to find jobs to pay of the loans/debts. This made Rome import food, which basically inflated prices. The usury banking system continued to spread and loans were disbursed all over Rome... debt levels soared, and so did inflation. It got so bad that rich Romans left the city and the not-so-rich had to bear with spiralling inflation. As a result, many did not have children due to rising cost (fertility rate dropped drastically). The manpower problem got so bad that when the Romans wanted to build the Roman wall, they managed to complete 1/8th of it only! This paved an easy way for foreigners (the Vikings) to come in and take over / destroy the Roman empire.
This is what debt can do to an empire... what more can it do to an individual?
PS. Sounds very familiar to somewhere in particular close to your heart?? Hint: It is not by deliberation that this was posted on this particular day.
Happy National Day to all! Majulah Singapura! -
1amber:
Financial freedom means not having to set the alarm clock to get up and drag your feet to work the next day.
I truly agreed....with this statements.... :xedfingers:
Waiting for my Girls to be independent....another 10years... :boogie:
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