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What's the best route to financial independence given below pointers?

eugene · 33 · 7551

eugene

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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


Jayumaster

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Step One:
Get married.  :applause:


TulogSaPancitan

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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:



windscorpion

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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.


richpulubi

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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.
« Last Edit: Dec 18, 2014, 10:47 AM by richpulubi »


ferrariEverest

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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!
« Last Edit: Dec 18, 2014, 12:29 PM by ferrariEverest »


Jayumaster

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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:


TulogSaPancitan

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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:


bauer

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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.


george88

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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.
« Last Edit: Dec 18, 2014, 04:55 PM by george88 »


SirZap

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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?


pulubing_palaboy

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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.
« Last Edit: Dec 20, 2014, 12:36 AM by pulubing_palaboy »


Jayumaster

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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.


richpulubi

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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.
« Last Edit: Dec 20, 2014, 10:34 AM by richpulubi »


bauer

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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!


 


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