Your Questions About Financial Freedom

William asks…

What is your path to secure financial freedom?

How do you plan to become wealthy. (if at all)

Please explain why you think your route to financial security is the “best” method.

John answers:

Theres a difference between being wealthy and being rich. Being rich is making alot of money. Being wealthy is making your money work for you and making money while on vacation or not working anymore. Becoming wealthy is to put away money the right way as soon as you can. Use the rule of 72 to your advantage. The rule of 72 tells you how long it takes for your money to double. 72 divided by your interest rate tells you. 3% cd’s take 24 years, 6% tbills take 12 years, 12% mutual funds take 6 years. How long do you want to wait to retire or be wealthy?

Richard asks…

Is financial freedom a good price to pay for a society with the equal distribution of wealth?

We all know that communism doesn’t work, neither does capitalism. Communism takes away people’s unalienable rights as human beings too much and capitalism has little restrictions on the distribution of wealth.

I value freedom in everything with the exception of the free market.
mzz p: I agree. Capitalism just makes people empty and sad as it drives people to want more and more through peer pressure.
Most people my age want cars and shit. I got low expectations however I’m in a financial mess. Capitalism rewards peer pressure.
Well what if you’re not a goal setter?

John answers:

So a doctor and a janitor should share the same wealth? What would be the motivation of sacrificing ones life in medicine if there was no monetary motivation? I make 5 times what an entry level person makes. If I made the same, I would want the same lack of responsibilities that the entry level person has. Screw that. SHOW ME THE MONEY!!!

Chris asks…

Suggestions to reach financial freedom using the fastest and/or easiest route in my circumstance.?

Financial freedom to me is not having to work while living a comfortable life. As of now, the breakdown of achieving this is amassing $3-5 million and living off the interest running at ~5%

Age: Early 20s and in college.

Earnings: Just started working but put all of my paychecks in savings getting around ~5% interest. Continuing this and not factoring in interest, I’ll earn around $10k/yr

Misc. Info: I have no financial obligations such as food, bills, insurance etc. as of now. However, I’m planning to attend medical school within the next 3 years which will probably put me back $100-200k

Please include with your suggestions and est. time. Thank you.

John answers:

Put all of your money into savings is too conservative in your age. You should at least invest huge portion of that money into mutual fund, or funds that offers long term capital growth. You can put the rest of the money into a savings account.

The key to achieve financial freedom is to diversify your portfolio: saving, stock, mutual fund, etc.

As for your financial obligations, things will change in time. And, you will need to factor that in when you invest.

Jenny asks…

How can i achieve Financial Freedom from this work from home business?
I need your sincere advise…

John answers:

You cant!!!!!!!!!!!

Joseph asks…

How do I obtain financial freedom?

I just turned 21 and now see the importance of my finances. I have 2 credit cards with a low limit, a low car payment, low insurance. Im in the hole though with fast cash companies I owe an estemated 2,500 not including intrest. I also just got married and now am making more that what I did before but it doesnt seem like its enough. How can I get these debts off my back for good and obtain the finantial freedom I’m looking for?

John answers:

Pay off the highest rate loans first. Pay a little to all loans. Don’t start new loans (especially to fast cash companies, they’re a rip). Eventually you will get out of the hole. When you do, start saving. You can “borrow” from yourself when you need to. Don’t forget to pay yourself back!

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