Get Rich Slowly links to this excellent collection of
tips for financial independence by Mark Gallagher. From everything I've studied in my MBA, most of what I've learned in economics, and my own personal experiences with financial blunders and successes, I'd agree with all of these:
- Keep your life simple. He suggests that this is best done by being very careful with the big decisions in your life: career, marriage, etc.
- Learn what brings you happiness. Does buying the latest Thneed really bring you joy. Do you really need those Ziffer-Zoof seeds? What do you value? Learn what this is and then pursue it.
- Buy a home. Take your time. Don’t rush. Be sure every aspect of the decision meets your needs.
- Buy a car. Gallagher recommends buying a new car every 8-10 years. “Never lease,” he says.
- Never buy a vacation home.
- Never buy anything from a door-to-door salesman or a telemarketer. Awesome advice. Don’t buy anything you didn’t seek out yourself. Don’t let others convince you that you need things.
- Stay out of debt. By the time you’re 30, you should have no credit card debt. By the time you’re 40, you should have only mortgage debt. By the time you’re 50, you should have no debt at all.
- Save. Build an emergency fund. Invest for retirement.
- Downshift. When you have no debt, and when you have a nest egg that provides passive income, alter your life so that it is most fulfilling.
- Avoid divorce. Gallagher stresses that your life partner will have the greatest effect on your happiness and your ability to achieve financial independence.
Read more on each item after the second link.
Get Rich Slowly links to this excellent collection of tips for financial independence by Mark Gallagher. From everything I've studied in my MBA, most of what I've learned in economics, and my own personal experiences with financial blunders and successes, I'd agree with all of these:
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