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Financial Independence And Savings

Discussion in 'Education & Personal Growth' started by noire, Dec 1, 2018.

  1. noire

    noire Silver IL'ite

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    Thank you so much for all your suggestions. This thread has gotten me thinking about financial independence with renewed vigour, thank you.

    I used to have a couple of apps, but a spreadsheet or an app is all the same for me. Both are equally tedious :). I don't do either as regularly as I should.

    I read about others' habits too. Encourages me to do things which I probably may have been neglecting. Thanks for the link, I will check it out.

    Buying a house does not even factor into my plan any time soon, if at all :coldsweat:. Houses are so damn expensive! Maybe I'll buy one when and if I can ever afford to get one without a mortgage if I choose to. If wishes were horses...

    FIRE is a little too extreme, I agree. But I like the idea of minimalism. Not extreme frugality, just minimalistic-ish. If you make a certain amount of money and with enough diversification I guess (hope) you should be immune to downturns in stock markets or anywhere else, shouldn't you?

    I'm a single mom, so saving a good amount is not that easy on just one person's income. But I gotta do what I gotta do. I have my eye on the prize and am not going to let up.


    Thank you for the book suggestions, Gallant. Appreciate it.
     
    kkrish and Gauri03 like this.
  2. armummy

    armummy Platinum IL'ite

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    FIRE is a little too extreme, I agree. But I like the idea of minimalism. Not extreme frugality, just minimalistic-ish. If you make a certain amount of money and with enough diversification I guess (hope) you should be immune to downturns in stock markets or anywhere else, shouldn't you?
    ------------------

    You are never immune to downturns if you are in stocks or mutual funds , a down turn will impact the Capitol ,

    I think, We need to be very focused and set aside greed when dealing with stocks , have return goals set for short term and once you reach , move the returns to safer investments is what is good practice but very few people follow.

    Another approach is leave it for very long term so the ups and downs even out and will give average returns.

    My belief is you need to have very good knowledge in stocks to make any money , most of us lose money as we put money when we see markets are rising and already at peak and we don't exit fast enough when markets are falling .
     
  3. noire

    noire Silver IL'ite

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    When I was talking about diversification I was referring to different avenues of investment like bonds, mutual funds, gold bars, PPF etc., not about the stock portfolio diversification.

    My thoughts are pretty much aligned with this. I save only for the long term. If Warren Buffet invests for the long-term, I might as well do the same.
     
  4. EfSotta

    EfSotta New IL'ite

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    I am also interested in this topic
     
  5. EagerForInfo

    EagerForInfo Bronze IL'ite

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    What is SIP ?
     

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