Comments on: How I became financially independent in 5 years - Part II http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html Financial independence, frugality, self-sufficiency, ecology, capitalism, and voluntary simplicity Fri, 21 Nov 2008 21:49:49 +0000 http://wordpress.org/?v=2.6.3 By: s http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-994 s Mon, 14 Apr 2008 21:00:52 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-994 i was hoping you can give more details on how you get to FI(not the LBYM side, but the investment side, if any). If you have a portfolio, what asset allocation did you follow, index funds or actively managed, etc. thanks. i was hoping you can give more details on how you get to FI(not the LBYM side, but the investment side, if any). If you have a portfolio, what asset allocation did you follow, index funds or actively managed, etc.

thanks.

]]> By: m http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-228 m Thu, 24 Jan 2008 23:12:48 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-228 I'd love to know more about the passive income, not sure if you're comf. revealing details, such as what the sources of income are, at least in a general sense (or maybe that's elsewhere on your blog). Anyhow, interesting post and series. I’d love to know more about the passive income, not sure if you’re comf. revealing details, such as what the sources of income are, at least in a general sense (or maybe that’s elsewhere on your blog). Anyhow, interesting post and series.

]]> By: Cameron http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-154 Cameron Mon, 14 Jan 2008 23:56:57 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-154 Keep it up and bring on part 3! Keep it up and bring on part 3!

]]> By: Jacob http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-146 Jacob Mon, 14 Jan 2008 00:54:33 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-146 I'm working on part III. I hope to have it out soon. @ Brian. In my view financial independence is about having more choices not about having enough money to spend without concern. I realize that these are two different goals which can only be unified for the few who have a very high income. Those with normal incomes have to choose whether they want to spend most of their life on a job to enjoy the comforts of spending a lot of money or whether they want the freedom from not being locked into a day job for most of their life. There is no free lunch here. You're right, I have to live with eating out only on special occasions, sharing a small car with my wife, and keeping the thermostat down. Is that hard? For some it may be, it is not hard for me. On the other hand, we don't ever worry about having enough money to pay the bills or whether we have enough saved for retirement, or whether we can quit our jobs and go back to college, or even whether we will still have a job tomorrow. Is worrying about social security, job security, and paying bills hard? Maybe not for some, but it would be for me. This is why I made the choice that I did. I’m working on part III. I hope to have it out soon.

@ Brian. In my view financial independence is about having more choices not about having enough money to spend without concern. I realize that these are two different goals which can only be unified for the few who have a very high income. Those with normal incomes have to choose whether they want to spend most of their life on a job to enjoy the comforts of spending a lot of money or whether they want the freedom from not being locked into a day job for most of their life. There is no free lunch here.

You’re right, I have to live with eating out only on special occasions, sharing a small car with my wife, and keeping the thermostat down. Is that hard? For some it may be, it is not hard for me.
On the other hand, we don’t ever worry about having enough money to pay the bills or whether we have enough saved for retirement, or whether we can quit our jobs and go back to college, or even whether we will still have a job tomorrow. Is worrying about social security, job security, and paying bills hard? Maybe not for some, but it would be for me. This is why I made the choice that I did.

]]> By: Brian http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-145 Brian Sun, 13 Jan 2008 23:36:27 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-145 Of course, like most financial bloggers you totally fail at what you're trying to do. Of course you can "achieve" financial independence by lowering your standard of living to near ascetic levels and then saying your are financially free to maintain that without working. Financial Independence is supposed to be about being able to maintain the standard of living you have. For just about everyone that includes eating out, cable, transportation, and you know, heat. Of course, like most financial bloggers you totally fail at what you’re trying to do. Of course you can “achieve” financial independence by lowering your standard of living to near ascetic levels and then saying your are financially free to maintain that without working.

Financial Independence is supposed to be about being able to maintain the standard of living you have. For just about everyone that includes eating out, cable, transportation, and you know, heat.

]]> By: Partysauce http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-143 Partysauce Sun, 13 Jan 2008 02:52:51 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-143 you've been stumbled so there's gonna be a lot of people who want to hear part 3. hopefully you write it up again. what do you say to the people that enjoy expensive foods and wines? or technology junkies that like building things as hobbies? I think you stated in part one that you were born with the qualities required to save money. Personally, I like the idea of a job. It's a place to do something I enjoy while working with at least a few people i'm friends with. you’ve been stumbled so there’s gonna be a lot of people who want to hear part 3. hopefully you write it up again.

what do you say to the people that enjoy expensive foods and wines? or technology junkies that like building things as hobbies? I think you stated in part one that you were born with the qualities required to save money.

Personally, I like the idea of a job. It’s a place to do something I enjoy while working with at least a few people i’m friends with.

]]> By: margaret http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-139 margaret Sat, 12 Jan 2008 18:19:19 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-139 Please send me part 3 of your post. Also, it would be helpful if you were more specific in some of the details. What are your monthly expenses in the area of food, rent, utilities, clothing, entertainment, savings, etc. What choices do you make to reduce costs? Land line or cell phone? Which features (e.g. call waiting) are easiest to skip? Why? What sorts of things (investments, other) go into making up your passive income? Why did you choose those? What are the risks/benefits of those choices? More detailed answers would really help. Please send me part 3 of your post.

Also, it would be helpful if you were more specific in some of the details.

What are your monthly expenses in the area of food, rent, utilities, clothing, entertainment, savings, etc.
What choices do you make to reduce costs? Land line or cell phone? Which features (e.g. call waiting) are easiest to skip? Why?

What sorts of things (investments, other) go into making up your passive income? Why did you choose those? What are the risks/benefits of those choices?

More detailed answers would really help.

]]> By: manubhalla http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-128 manubhalla Fri, 11 Jan 2008 11:24:24 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-128 I'm looking forward to read part 3 of your post! Your post correctly mentions that Paradigm shift in mindset is what differentiates a genius from ordinary, and if we as normal human beings try and accept this shift in mindset, we will be far more independent financially as well as mentally! In fact, a friend of mine actually runs a financial independence course in india which is inspired by Rich Dad Poor Dad. I took this course last year and subsequently i have made various changes in my lifestyle including ways of saving and making money which could not have happened via regular education! For reference, you can visit their website at http://www.celebratelife.in I’m looking forward to read part 3 of your post!

Your post correctly mentions that Paradigm shift in mindset is what differentiates a genius from ordinary, and if we as normal human beings try and accept this shift in mindset, we will be far more independent financially as well as mentally!

In fact, a friend of mine actually runs a financial independence course in india which is inspired by Rich Dad Poor Dad. I took this course last year and subsequently i have made various changes in my lifestyle including ways of saving and making money which could not have happened via regular education!

For reference, you can visit their website at http://www.celebratelife.in

]]> By: FxMark http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-127 FxMark Fri, 11 Jan 2008 05:07:28 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-127 I have enjoyed your story. Please continue. I have enjoyed your story.
Please continue.

]]> By: Frugal Bachelor http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-46 Frugal Bachelor Fri, 28 Dec 2007 04:02:00 +0000 http://earlyretirementextreme.com/2007/12/how-i-became-financially-independent-in-5-years-part-ii.html#comment-46 Another great post, I <b>hate</b> A/C. I live in Texas which is pretty warm, but only put on A/C for 3-4 days per year, and then only at night. My electric bill is only about $40.00 even in the summer.<br/><br/>What I really dislike it businesses which crank up their A/C to like 60 degrees in the summer. My office is like this so everybody wears a sweater or jacket, which is just dumb. In protest I want to put space heater in my office. The worst is when it is maybe 90-100 degrees outside and you are sweating but then walk into a restaurant or business and it is like a walk-in freezer, and you practically catch pneumonia. Then walk back outside. Those huge temperature swings cannot be healthy! And are humongous waste of our money and natural resources! Another great post, I hate A/C. I live in Texas which is pretty warm, but only put on A/C for 3-4 days per year, and then only at night. My electric bill is only about $40.00 even in the summer.

What I really dislike it businesses which crank up their A/C to like 60 degrees in the summer. My office is like this so everybody wears a sweater or jacket, which is just dumb. In protest I want to put space heater in my office. The worst is when it is maybe 90-100 degrees outside and you are sweating but then walk into a restaurant or business and it is like a walk-in freezer, and you practically catch pneumonia. Then walk back outside. Those huge temperature swings cannot be healthy! And are humongous waste of our money and natural resources!

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