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PMT Forum's MOST POPULAR Discussion Boards => General Questions and Discussions about Money => Topic started by: eugene on Dec 17, 2014, 02:14 PM

Title: What's the best route to financial independence given below pointers?
Post by: eugene on Dec 17, 2014, 02:14 PM
Employee

1. Is a Software Developer in the Philippines.
2. Is earning a net income of Php30k a month.
3. Has Life and Medical Insurance.
4. Has already an emergency fund, equivalent to 6 months of his salary.
5. Has no other sources of income.
6. Is 27 years old and single.
7. Wants to be financially independent.

TIA  :D
Title: Re: What's the best route to financial independence given below pointers?
Post by: Jayumaster on Dec 17, 2014, 03:45 PM
Step One:
Get married.  :applause:
Title: Re: What's the best route to financial independence given below pointers?
Post by: TulogSaPancitan on Dec 18, 2014, 03:19 AM
i agree on get married tip. haha :cool2:
first list the goals to achieve. then have a plan.
but seriously income is not enough. try to get more income so there's more to invest. :bday:

Title: Re: What's the best route to financial independence given below pointers?
Post by: windscorpion on Dec 18, 2014, 03:34 AM
kung nakatira ka pa sa parents mo, move out!  may dent your savings a bit but will force you to have a different and healthier (imho) perspective in life.  malaking tulong sa pagplano at pag-aksyon towards independence, not just financially.  i don't mean buying your own condo, still be frugal, rent a small place maybe.
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 18, 2014, 10:46 AM
First of all, 30K is really too small.  Can you find a better job?  Will you be promoted to a higher paying job?  How much can a top software developer in the phil. make?

What's good is you're still young...and are already thinking of financial freedom.  Therefore, it won't be as hard to hit that target...compared to, let's say, someone in their 40's.
Title: Re: What's the best route to financial independence given below pointers?
Post by: ferrariEverest on Dec 18, 2014, 12:22 PM
First of all, 30K is really too small.  Can you find a better job?  Will you be promoted to a higher paying job?  How much can a top software developer in the phil. make?
30k is relatively small kung pag-uusapan ang financial independence, pero kung simple ang lifestyle/expenses, malayo mararating nun.

I always say the best route is your personal route -- kung ano yung bagay sa iyo. What is your definition of financial independence? What are your goals? Dito ka lagi mag-uumpisa.

You can find more jobs or higher-paying jobs. Kung marami ka free time, mag-online jobs ka. Depende sa skills mo, pwede ka at least P100k per month. Sobra laki maiipon mo pag ganyan income mo. Sobrang napakaganda ng future ng lahat ng into software/IT, kasi ang daming trabaho and malaki kita. Add more related skills para mas lumaki kita mo.

Pag-isipan mo ang business.

Increase your emergency fund to 12-24 months' worth and more.

I disagree about moving out and getting married. Parehong magastos yun. Wag mo gawin yung bagay na hindi kailangan or suitable sa lifestyle/situation mo. Malaki ang matitipid mo pag nakatira ka kasama parents mo (lalo na kung eventually ay plano mo silang makasama at bantayan sa pagtanda). Yung pera na bayad sana sa renta/sariling bahay, i-allocate mo na lang sa savings or expenses nyo. Regarding marriage, hindi yan guarantee na magsasama kayo habang buhay or may tunay/mas malaking pagmamahal. :D At hindi mo rin kailangan magkapamilya para ma-inspire or ma-motivate ka to do great things. Real and serious motivation should always come from within you.

Step by step lang. Tapos ka na sa ibang steps, magfocus ka dun sa ibang steps naman. Always check your goals and corresponding actions kung on track ka. Expect obstacles and mag-adjust along the way kung kailangan.

Good luck bro!
Title: Re: What's the best route to financial independence given below pointers?
Post by: Jayumaster on Dec 18, 2014, 12:42 PM
Seriously, get married. Financial independence at your grey years means nothing if you are lonely. It is true that you don't need it for motivation, but it really will be your number one motivating factor. Being single may cause one to lose track of one's goals, and end up failing in the end and worse, failing and lonely. You may be disciplined, but you are still human.

First step, find a partner to walk hand in hand towards that goal. Seriously.  :hihi:
Title: Re: What's the best route to financial independence given below pointers?
Post by: TulogSaPancitan on Dec 18, 2014, 03:34 PM
Seriously, get married. Financial independence at your grey years means nothing if you are lonely. It is true that you don't need it for motivation, but it really will be your number one motivating factor. Being single may cause one to lose track of one's goals, and end up failing in the end and worse, failing and lonely. You may be disciplined, but you are still human.

First step, find a partner to walk hand in hand towards that goal. Seriously.  :hihi:

agree 100%. getting married was the best decision in my life. i guess there is a reason why they call it "settling" when getting married.

most bachelors are reckless spender trying to impress the girls and everyone. you will eventually mellow down once you get married. i was earning good as an engineer but after several years, i have nothing to show for it. when you get married your priorities changes and you start to think of the future. you will start to think hard about savings and investing to be able to give a comfortable nest egg.

i view marriage as an investment in yourself and your future. getting married is just one time expense and you can always go on budget. but of course choosing the right spouse is for reserved for another thread. lol.

my prof in upd once advised that men should marry young. marry when your career hasn't taken off, when you are just starting. that way you and your spouse can build your career and wealth together. if you marry when you have become wealthy and successful, your wife will just a trophy to your already vast achievement. something to ponder. :bday:
Title: Re: What's the best route to financial independence given below pointers?
Post by: bauer on Dec 18, 2014, 04:00 PM
Employee

1. Is a Software Developer in the Philippines.
2. Is earning a net income of Php30k a month.
3. Has Life and Medical Insurance.
4. Has already an emergency fund, equivalent to 6 months of his salary.
5. Has no other sources of income.
6. Is 27 years old and single.
7. Wants to be financially independent.

TIA  :D

^ Your salary is good. It is not an impediment to become a millionaire someday.  I have said it years ago, and I will state it clear once more, even a METRO AIDE (street cleaner) with a salary of 5,000 pesos per month CAN BECOME a millionaire by retirement age.

I have started on a salary of 4,500 pesos per month but I have so far exceeded my goals and I believe you can too with proper financial discipline.

Next step for you --

8. Getting married ?  It depends if you find the right person that will help you and not pose a burden (difficult to find in these times)

9. Move out if staying with your parents? - I agree, rent a small room.  This will work if you are sharing your earnings with your parents.  If not, just stay with them --- you are the problem, not them.

10. Learn to invest --- UITF first, property later, and maybe stocks if you have a strong heart.

11. try a small business -- DO NOT TAKE PARTNERS.
Title: Re: What's the best route to financial independence given below pointers?
Post by: george88 on Dec 18, 2014, 04:09 PM
They call it life when you study 20 years and then get married, work hard, enjoy retirement age then die  :applause: Follow normal people you may enjoy it too :hihi:

My advise to you TS is do not trust any of the advise here not even me. It might work on them but will not work on you I have a multi-millionaire friends who is 100x richer than this folks who is still single.
Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 19, 2014, 07:57 PM
They call it life when you study 20 years and then get married, work hard, enjoy retirement age then die  :applause: Follow normal people you may enjoy it too :hihi:

My advise to you TS is do not trust any of the advise here not even me. It might work on them but will not work on you I have a multi-millionaire friends who is 100x richer than this folks who is still single.

tama! I saw this thread from day 1, never gave any advice. I'm not yet financially independent so what can I say?
Title: Re: What's the best route to financial independence given below pointers?
Post by: pulubing_palaboy on Dec 20, 2014, 12:34 AM
if my wife and i decide to quit working right now, we can live comfortably; so i suppose i can claim to have financial independence.

as for you, continue working and try to be the best at what you do. prople always say that ther's always someone better. be that someone. continue to learn and continue to grow.  your pay should also get better in time, and with additional responsibilities.  don't believe those who say na hindi ka yayaman kung ordinaryong empleyado ka lang.

keep saving. save for retirement amd save for investments. kung ano man investment, nasa sa iyo na yun. mag invest ka kung saan ka komportable.
Title: Re: What's the best route to financial independence given below pointers?
Post by: Jayumaster on Dec 20, 2014, 02:49 AM
Quote from: george88 on Dec 18, 2014, 04:09 PM

    They call it life when you study 20 years and then get married, work hard, enjoy retirement age then die  :applause: Follow normal people you may enjoy it too :hihi:

    My advise to you TS is do not trust any of the advise here not even me. It might work on them but will not work on you I have a multi-millionaire friends who is 100x richer than this folks who is still single.

tama! I saw this thread from day 1, never gave any advice. I'm not yet financially independent so what can I say?

No offense po, pero this is a forum where we can share opinions, advice and the like.
It is the within the author's discretion whether he/she would follow any or none from them.
They asked for advise, we answer, they ponder for it, then decide whether to accept them or not.

It is not fair to say that just because someone is still not financially independent, he/she should not say anything.
Nor he/she should not be trusted.

It's just like saying that "we shouldn't trust what our teachers taught us just because they are not Einstein."
Opinion lang po.
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 20, 2014, 09:58 AM
Well, the TS is asking how to achieve financial independence, not how to have a fruitful and happy life.  One is not entirely linked to the other.

Will marrying help you achieve f.i.?  Of course not, but it should make you a happier, more fulfilled person.

Of course, you don't choose a wife who will make you rich.  But how lucky you are if your wife can help and support you achieve whatever goals you have...and if f.i. is one of your goals, then so be it!

To reach, f.i., you must be extremely, extremely frugal.  If you are lucky to have started as a pauper and spending like a pauper, THEN are now making more money...STILL SPEND LIKE A PAUPER.

But back to the TS...if you're only making 30K a month, you can achieve f.i., but you may already be 70 years old!!!  Even if you are super frugal, and invest moderately, inflation will eat up your savings.  Considering that 30k today will not really buy you much.

Now, imagine if you find the will to be an entrepreneur, and use your talents and find, set up, or collaborate with other people equally driven, to eventually make at least P1M  a month instead of P30K, then f.i. can be achieved when you're still young.
Title: Re: What's the best route to financial independence given below pointers?
Post by: bauer on Dec 21, 2014, 10:16 AM
Quote from: Jayumaster link=topic=48102.msg511024#msg511024

It's just like saying that "we shouldn't trust what our teachers taught us just because they are not Einstein."
Opinion lang po.

Nice quote!
Title: Re: What's the best route to financial independence given below pointers?
Post by: bauer on Dec 21, 2014, 10:18 AM


Now, imagine if you find the will to be an entrepreneur, and use your talents and find, set up, or collaborate with other people equally driven, to eventually make at least P1M  a month instead of P30K, then f.i. can be achieved when you're still young.

Good advice!
Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 22, 2014, 10:21 AM
No offense po, pero this is a forum where we can share opinions, advice and the like.
It is the within the author's discretion whether he/she would follow any or none from them.
They asked for advise, we answer, they ponder for it, then decide whether to accept them or not.

It is not fair to say that just because someone is still not financially independent, he/she should not say anything.
Nor he/she should not be trusted.

It's just like saying that "we shouldn't trust what our teachers taught us just because they are not Einstein."
Opinion lang po.

no offense taken. I'm just saying I don't want to give an advice as of the moment. I just prefer giving an advice about financial independence If I'm already in that "state".

also there are lots of folks here who can dish out a better advice than I can.
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 22, 2014, 10:48 AM
no offense taken. I'm just saying I don't want to give an advice as of the moment. I just prefer giving an advice about financial independence If I'm already in that "state".

also there are lots of folks here who can dish out a better advice than I can.

Actually, in my opinion, there is much more we can learn from what did not work.  Kumbaga, 'I tried that, but it did not work'. 

As the saying goes, you learn much more from your failures than your victories.
Title: Re: What's the best route to financial independence given below pointers?
Post by: angeljme on Dec 23, 2014, 11:52 AM
Don't get married! Or don't have a child early on the marriage.
If and when you do that, the 30k would be like 100pesos.  Hindi ka na talaga makaka-ipon.  You can never be sure if the partner that you'll get will increase your wealth.
Get a UITF or an MF to start investing.  Or buy a small town house or mid-rise condo.  At least the thing that you would buy would be an asset to you and not a liability.
Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 24, 2014, 06:59 AM
Actually, in my opinion, there is much more we can learn from what did not work.  Kumbaga, 'I tried that, but it did not work'. 

As the saying goes, you learn much more from your failures than your victories.

well , I was not referring to failures or to things that did not work. I was just expecting someone would give sensible advise that has been given here in this forum.
you just said to try entrepreneurship, I know someone would dish out that kind of advise.... anyway back to regular programming
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 24, 2014, 12:23 PM
well , I was not referring to failures or to things that did not work. I was just expecting someone would give sensible advise that has been given here in this forum.
you just said to try entrepreneurship, I know someone would dish out that kind of advise.... anyway back to regular programming

So do you have anything against entrepreneurship?

Unless for some reason, you are extremely lucky or extremely gifted, it is hard to achieve f.i. being employed.  Entrepreneurship seems to be easiest way if you're just an ordinary person...like me.
Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 24, 2014, 12:46 PM
I have nothing against entrepreneurship. medyo nagulat ako na  may naiisip kang ganyan eh wala naman akong sinabing masama tungkol sa entreprenuership at sa iyo pa manggagaling.
pasensya ka na it seems na-derail na yung topic. sinabi ko lang yung punto ko. I'm just saying people will give their own advice  like entrepreneurship, and to add like investing in mutuals funds/UITFs/VULs, stocks, bonds, foreign exchange, cooperatives, insurance, etc. etc. get the drift?

any way, good luck kay TS at dun sa mga nagaabang ng advice.
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 24, 2014, 02:15 PM
I have nothing against entrepreneurship. medyo nagulat ako na  may naiisip kang ganyan eh wala naman akong sinabing masama tungkol sa entreprenuership at sa iyo pa manggagaling.
pasensya ka na it seems na-derail na yung topic. sinabi ko lang yung punto ko. I'm just saying people will give their own advice  like entrepreneurship, and to add like investing in mutuals funds/UITFs/VULs, stocks, bonds, foreign exchange, cooperatives, insurance, etc. etc. get the drift?

any way, good luck kay TS at dun sa mga nagaabang ng advice.

You seem to be very combative lately.  Is there something you'd like to get off your chest?
Title: Re: What's the best route to financial independence given below pointers?
Post by: Jayumaster on Dec 24, 2014, 05:11 PM
Apparently, the author haven't posted since day one. Maybe he had already answered his questions while back-reading. Or he may have been unable to find it and left.

 Anyway, Merry Christmas @Eugene and may you find your own unique route to financial independence. I have another advice. And you may already know it.

1. I hope you would save your 13th month pay and a portion of your Christmas bonus in the investment vehicle of your choice. Leave it and forget about it. Consider it an expense you paid for a gift for your self.  :applause:
Title: Re: What's the best route to financial independence given below pointers?
Post by: Wills on Dec 24, 2014, 10:43 PM
First of all Philippines is a brutal place if you want to achieve your goal fast, I'm not saying its impossible to do it here, you can achieve FI here but you will experience a very hard life because you need to be extreme in all your ways to see result. It's just easier when you're in a richer environment.

So the best way (or the fastest way) to financial independence is to go abroad while you're still not married, you are already motivated you don't need a family yet. Marriage and family will help you focus when you're there in the middle of the fight but it's a burden if you are just starting out.

This is the most critical time of your life because your action in the next five or seven years will determine your future if pabaya ka gaya ng ibang kabataan na luho ang sinusunod for sure hindi ka uunlad.



Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 26, 2014, 01:20 AM
You seem to be very combative lately.  Is there something you'd like to get off your chest?

whoa? me combative? :harhar:  do you have any proof? what is your basis that saying "get the drift" makes me combative? I mean Its been used lots of time to me when people are enumerating something to me to establish a pattern.

anyways ang layo ng reply mo sa akin. ayokong magbigay ng advise tapos reply kayo ng reply para mag-advise ako; may crush ka yata sa akin. :hihi:

Apparently, the author haven't posted since day one. Maybe he had already answered his questions while back-reading. Or he may have been unable to find it and left.

 Anyway, Merry Christmas @Eugene and may you find your own unique route to financial independence. I have another advice. And you may already know it.

1. I hope you would save your 13th month pay and a portion of your Christmas bonus in the investment vehicle of your choice. Leave it and forget about it. Consider it an expense you paid for a gift for your self.  :applause:


so advise #2 investment

entrepreneurship... then investment  :cool2:


Merry Christmas PMT
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 27, 2014, 01:43 PM
whoa? me combative? :harhar:  do you have any proof? what is your basis that saying "get the drift" makes me combative? I mean Its been used lots of time to me when people are enumerating something to me to establish a pattern.

anyways ang layo ng reply mo sa akin. ayokong magbigay ng advise tapos reply kayo ng reply para mag-advise ako; may crush ka yata sa akin. :hihi:


so advise #2 investment

entrepreneurship... then investment  :cool2:


Merry Christmas PMT

Very well then, I guess I just have to take your word for it.

First of all Philippines is a brutal place if you want to achieve your goal fast, I'm not saying its impossible to do it here, you can achieve FI here but you will experience a very hard life because you need to be extreme in all your ways to see result. It's just easier when you're in a richer environment.

So the best way (or the fastest way) to financial independence is to go abroad while you're still not married, you are already motivated you don't need a family yet. Marriage and family will help you focus when you're there in the middle of the fight but it's a burden if you are just starting out.

This is the most critical time of your life because your action in the next five or seven years will determine your future if pabaya ka gaya ng ibang kabataan na luho ang sinusunod for sure hindi ka uunlad.





Yes, it's true that it is easier abroad, but you have to be a citizen.  Once you are, then when you retire, the government will tafe care of you.  With a pension, welfare, and healthcare. 

Given how trained we are to be frugal in the phil, it will be so easy to set aside money abroad, especially in the US, Canada, most places in Europe, and Australia.

Dito sa atin, ang laki ng kaltas ng taxes natin, tapos magpa-hospital ka, ikaw pa rin ang magbabayad!

But I wouldn't replace my life here in the phil.  I know I'll make tons more money abroad...but money isn't everything, di ba?
Title: Re: What's the best route to financial independence given below pointers?
Post by: pulubing_palaboy on Dec 28, 2014, 09:57 AM
rp, i wish you could be more specific when you say "abroad". what countries are you talking about in particular as far as retirement, pension, welfare, and healthcare?

Title: Re: What's the best route to financial independence given below pointers?
Post by: lowije_dapogs on Dec 28, 2014, 11:03 AM
Seriously, get married. Financial independence at your grey years means nothing if you are lonely. It is true that you don't need it for motivation, but it really will be your number one motivating factor. Being single may cause one to lose track of one's goals, and end up failing in the end and worse, failing and lonely. You may be disciplined, but you are still human.

First step, find a partner to walk hand in hand towards that goal. Seriously.  :hihi:
s0rry naguluhan ak0... parang ang layo ng get married sa objective na financial independence. unless ang target m0 makapag-asawa ng mayaman then 0k, gets k0 na... :D

hindi lhat ng nag-aasawa nagkakadireksyon sa buhay. yung iba p0 lal0ng nagiging pabaya at dependent sa tul0ng ng magulang 0 kamag-anak, kasi hindi sila prepared at hangggang sa pagtanda hindi na natut0 tumay0 sa sariling paa kahit mga anak sa lolo at lola na pinaasa.

Title: Re: What's the best route to financial independence given below pointers?
Post by: Jayumaster on Dec 28, 2014, 12:18 PM
s0rry naguluhan ak0... parang ang layo ng get married sa objective na financial independence. unless ang target m0 makapag-asawa ng mayaman then 0k, gets k0 na... :D

hindi lhat ng nag-aasawa nagkakadireksyon sa buhay. yung iba p0 lal0ng nagiging pabaya at dependent sa tul0ng ng magulang 0 kamag-anak, kasi hindi sila prepared at hangggang sa pagtanda hindi na natut0 tumay0 sa sariling paa kahit mga anak sa lolo at lola na pinaasa.

That is correct. But you get screwed either way.

Either you don't get married and get lost enjoying your bachelor's life until you realize how much precious time you wasted.

Or you don't get married and just focus on becoming rich. In which case, i would really admire your resolve and discipline.

Or you could get married, and lose your chances of becoming financially independent because of the challenges (and cost) of having a family to support.

Or you could get married, then start to mature enough  (and motivated) to focus on your goals in life.

Either way, at the end of the day, YOU are still responsible for your life. It all boils down on your programming, on your point of view, the way you were raised, the way you learn, your resolve and your determination.

Merry X-mas!  :D
Title: Re: What's the best route to financial independence given below pointers?
Post by: richpulubi on Dec 29, 2014, 02:22 PM
You should get married if you find the right one for you.  That's it, nothing to do with being f.i.  You get married to be happy and to share a life with someone whether you reach f.i. or not.  Being happily married trumps any money in the world.

Title: Re: What's the best route to financial independence given below pointers?
Post by: Wills on Dec 29, 2014, 10:33 PM
Very well then, I guess I just have to take your word for it.

Yes, it's true that it is easier abroad, but you have to be a citizen.  Once you are, then when you retire, the government will tafe care of you.  With a pension, welfare, and healthcare. 

Given how trained we are to be frugal in the phil, it will be so easy to set aside money abroad, especially in the US, Canada, most places in Europe, and Australia.

Dito sa atin, ang laki ng kaltas ng taxes natin, tapos magpa-hospital ka, ikaw pa rin ang magbabayad!

But I wouldn't replace my life here in the phil.  I know I'll make tons more money abroad...but money isn't everything, di ba?

Tsong my point is work abroad for 5-6 years then after makaipon come back here and start a life.

Quote
But I wouldn't replace my life here in the phil.  I know I'll make tons more money abroad...but money isn't everything, di ba?

agree with you here, I have a dual citizenship and yet I'm still here in PH haha!
Title: Re: What's the best route to financial independence given below pointers?
Post by: SirZap on Dec 31, 2014, 02:06 PM
You should get married if you find the right one for you.  That's it, nothing to do with being f.i.  You get married to be happy and to share a life with someone whether you reach f.i. or not.  Being happily married trumps any money in the world.



the best advise besides money matters....