I read Quora questions/answers regularly and I bookmark a lot of them.
So in the spirit of redistributing and having an easier access to my favorite stories over there, I decided to publish them on a daily basis here.
The following question and answer were the best I glanced over for the day.
What are the quickest steps to financial freedom?
I have some good news and bad news. The bad news is that things take time and there is no such thing as a free lunch.
We were taught as kids that the hare could lose to the tortoise right?
There are no quick steps unless:
- You can sell your home and business, and invest the surplus well, to reach it
- You marry a rich person
- You get a lot of money from inheritance and don’t waste it
- Your rich friend gives you a lot of money
- Doing something illegal which is never recommended!
- Getting incredibly lucky from something like the lottery and investing the surplus well
However, the good news is that most of the world’s millionaires are self-made and not high-income as this book shows:
Anybody can get rich investing and become financially independent. You just need to:
- Live below your means
- Focus on your income, expenditure and investment habits. Create a surplus of at least $500 a month.
- Perfect your craft and then start your own business if it makes sense, not the other way around, which is trying to start a business without experience
- Migrating for lower living costs if needed
The truth is, moreover, you will need patience even after you have enough passive income to retire early.
If somebody isn’t patient, they will overspend, in retirement. That is one reason why most inherited wealthy people, seem to lose the money.
Those that gradually achieve something, tend to not lose it, so easily, as if it was handed to them easily or quickly.
Best to focus on two things; living below your means and investing on the side for long-term growth.
For more information contact me - Personal Investment Services - Adam Fayed
- How to become rich by investing
- Where are the 120,000+ billionaires?
- Why the wealthy spend less on luxury: the 70/30 rule in finance
- adamfayed (@adamfayed3) | Twitter
I hope you enjoyed this answer as much as I did.
I really recommend you check out other answers to this question on Quora. I may have read it a long time ago and some new and even better answers may have popped up since.
If you don’t use Quora, feel free to leave a comment down below about this answer.