Become Financially Independent

I’m starting a new job next week, and I’ll be saving 8% of my pay for retirement. Plus I get a discount on purchases.

what can I say – life has handed me a lot of the brown stuff lately. At least I haven’t had to dip into retirement savings.

well, I’ve proved I can lose 40 lbs, so I should be able to discipline myself to achieve other goals.

At the rate of $20 a week at the moment. Not much, but comes to $1040 a year which is better than nothing.

I worked out my net worth on http://www.networthiq.com/people/nellie/2006

I think that’s very good for my income. At least I have paid off all my debt.

my first step is to get a parttime job. Then I will have some money coming in to invest, and I’ll be able to put some in a retirement account without the Dept of Social Welfare trying to strip all my assets off me. I’ll also be able to do necessary repairs to my house, which will help keep its value. At the moment I can’t get an equity loan to do it as my income is too low.

For June I received $3.03 in interest after tax. I call this my free money because it comes to me no matter what I do.

My retirement account earned $2700 in interest this year.

For March I received $2.68 in interest. Thinks, I can buy a bag of potatoes with that, so I won’t have to go to work or be dependent on the govt for a few meals.

on my emergency fund came to $2.51 Nice to think if I can keep my fund intact i will receive this much every month for the rest of my life.

for me to have a definition of what financially independent means to me. For me it means at least $1000 a month coming in from passive sources like rental properties or shares. This month I got interest of $2.35 on my emergency fund. So I only have to repeat saving 500 times!