How to achieve financial freedom?

[Headstrongcrazylover]

[libsaretards]

Long post warning

1. Get multiple streams of income

2. Pay the minimums of your debts until you have a decent emergency savings so your credit does not take hits for late payments. No point in making huge payments on debt just to go into debt again when an emergency hits. Ideal emergency savings is between $1000 up to 6 months of expenses covered.

3. Use snowball method to pay debts off faster once you have step 2 complete. Below I will show you 2 methods of snowballing. For illustrative purposes, we will assume you have $100 to spare a month not going towards any expense and your emergency savings is fully funded.

DEBT A ($10,000 car loan at 4.6% interest rate with monthly payment of 290.56 for 36 months),

DEBT B (Credit card maxed out at $10,000 with 12.7% interest rate and minimum of $70 per month),

DEBT C ($40,000 student loans, monthly payment of $40 due to IDR plan, ignore interest)

The first method of snowball is to take the lowest monthly payment, which is DEBT C, and pay the $40 minimum PLUS $100. That means you pay $140 towards DEBT C until it is paid, then add that $170 towards DEBT B.

The second method is snowball by highest interest rate. In this case you would add to the minimum of DEBT B, then DEBT A then DEBT C.

4. Once the debts are paid, start investing the money you saved from getting rid of the debt.

[jamesgoldman]

Invest for long term income
Avoid debt unless in the pursuit of profit

[Headstrongcrazylover]

Yeah that is easy bucks but I want to know how to make it work quickly.

[jamesgoldman]

No way to do it quickly unless you inherit, win or marry into it

[Creampiekarl420]

Collect your money slowly over time if you can’t manage a little you’ll never have a lot

[SaoirseS]

Eliminate debt.

[Headstrongcrazylover]

No debt

[SaoirseS]

Then you're well on your way!

[Gloree]

Multiple sources of income is the answer.

[Guy13]

Work your 🚼 off

[Headstrongcrazylover]

Already doing it.

[Guy13]

Save everything. Buy beater car. Down payment on house. ZERO credit card debt ‼️
Live that way your WHOLE LIFE.
-Buy rentals. I made a 30% return per unit post purchase on 8 unit building. I own a 2002 car…. had 58,000 when I got it. 267,000 now.

[Headstrongcrazylover]

I am saving everything right now.
Not using a car.
I have zero credit card debt
Only now this rental stuff I will have a look.

[Guy13]

I’m lucky to be in good area too. I bought my house for 138,000.-Carolina blue shag-like carpet, blue countertops etc...
They are selling for 250-300 now.

[Guy13]

What are rent prices where you are? The building I got for half-price was in gun shot during daylight and 2/1.5 $750.00. I gutted them one at a time stainless steel inside, wood/vinyl plank. Lowest rent is 1050.00 highest is 1295…
Put your finger through some of exterior vinyl though…

[Headstrongcrazylover]

Not much but i will see if can do something like that.

[In_Trance]

Hussle

[jimmy2]

Quit spending

[Headstrongcrazylover]

Stopped it already.

[Guslove]

Stay out of debt!!!