Jump to content

How many of you can even imagine Financial Freedom

Kootami

By Kootami
in Discussions

 Share

Recommended Posts
  • Replies 81
  • Created
  • Last Reply

Top Posters In This Topic

  • Kootami

    21

  • phatposts

    9

  • betapilli

    8

  • Amrita

    7

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

Kootami
Kootami

I cant even imagine , Ninnati nundi try chestunna , how it will be if i dont need to work and sit and eat off of my portfolio or savings or etc. First thing come to my mind is maintaining H1b status

phatposts
phatposts

I started reading few years  ago and after few days of reading I realized understanding the whole investment strategy is important but you should not try to over optimize and micro manager and HAVE TO

jambalhaatraja
jambalhaatraja

I have been reading financial freedom and personal finance management since few days . Its a separate topic all together and you don't achieve freedom by buying some random 1-2 homes or 1-2 plots a ca

phatposts Sr. Hero

phatposts

Posted
Posted

I started reading few years  ago and after few days of reading I realized understanding the whole investment strategy is important but you should not try to over optimize and micro manager and HAVE TO start somewhere. 

Over a period of time I did several things which I am happy with - build a rainy day fund (do not invest this money), increased 401k contributions to max out even when employer did not match, set a number for household budget and try to live in that amount (i do not try to set individual budgets like food clothes etc.), whenever salary increases or get other income make sure majority of that goes into an investment. 

Definition of investment could mean different things to different people but choosing the correct instruments is key. IMO buying a 1C property in India and getting 30K rent is not an investment. Period!!! 

After a bit of reading and talking to few people this is what I am comfortable with and believe will help reach my goals

1. Maximize 401K - invest in a 40/40/20 model - 20 is bonds for security.

2. Max Backdoor Roth IRA (if your income is less than 90K PA - do this first before 401k)

3. Take life insurance - at least 1M  

4. Invest a small portion of your net income (aka after tax) in the market. I just started using Betterment

5. Only after you do all the above, start investing in individual stocks.

6. Invest in real estate that gets rent to almost meet your commitments (mortgage, tax, insurance, maintenance, vacancy etc.)

 

Ala cheppukuntu pote chala untayi. Make a list and start working towards each. 

Above are things I believe are essential for my FI. Your list can be different.

Talk to fee only investment advisors. They charge you for consultation and help you with a path. They do not sell any products with fees. 

Get an investor policy statement and stick to your plan. 

I mentioned so many things which you may not be familiar with. If so, do not get intimidated. Just try to understand more and more thats all. 

 

Good luck!

  • Upvote 2
Link to comment
Share on other sites
jambalhaatraja Hero

jambalhaatraja

Posted
Posted

Contracting lo 401 K IRA and Roth IRA how to do. any idea

As in contracting employer doesnt add to 401k

4 minutes ago, phatposts said:

I started reading few years  ago and after few days of reading I realized understanding the whole investment strategy is important but you should not try to over optimize and micro manager and HAVE TO start somewhere. 

Over a period of time I did several things which I am happy with - build a rainy day fund (do not invest this money), increased 401k contributions to max out even when employer did not match, set a number for household budget and try to live in that amount (i do not try to set individual budgets like food clothes etc.), whenever salary increases or get other income make sure majority of that goes into an investment. 

Definition of investment could mean different things to different people but choosing the correct instruments is key. IMO buying a 1C property in India and getting 30K rent is not an investment. Period!!! 

After a bit of reading and talking to few people this is what I am comfortable with and believe will help reach my goals

1. Maximize 401K - invest in a 40/40/20 model - 20 is bonds for security.

2. Max Backdoor Roth IRA (if your income is less than 90K PA - do this first before 401k)

3. Take life insurance - at least 1M  

4. Invest a small portion of your net income (aka after tax) in the market. I just started using Betterment

5. Only after you do all the above, start investing in individual stocks.

6. Invest in real estate that gets rent to almost meet your commitments (mortgage, tax, insurance, maintenance, vacancy etc.)

 

Ala cheppukuntu pote chala untayi. Make a list and start working towards each. 

Above are things I believe are essential for my FI. Your list can be different.

Talk to fee only investment advisors. They charge you for consultation and help you with a path. They do not sell any products with fees. 

Get an investor policy statement and stick to your plan. 

I mentioned so many things which you may not be familiar with. If so, do not get intimidated. Just try to understand more and more thats all. 

 

Good luck!

 

Link to comment
Share on other sites
Kootami Sr. Hero

Kootami

Posted
  • Author
Posted
4 minutes ago, phatposts said:

I started reading few years  ago and after few days of reading I realized understanding the whole investment strategy is important but you should not try to over optimize and micro manager and HAVE TO start somewhere. 

Over a period of time I did several things which I am happy with - build a rainy day fund (do not invest this money), increased 401k contributions to max out even when employer did not match, set a number for household budget and try to live in that amount (i do not try to set individual budgets like food clothes etc.), whenever salary increases or get other income make sure majority of that goes into an investment. 

Definition of investment could mean different things to different people but choosing the correct instruments is key. IMO buying a 1C property in India and getting 30K rent is not an investment. Period!!! 

After a bit of reading and talking to few people this is what I am comfortable with and believe will help reach my goals

1. Maximize 401K - invest in a 40/40/20 model - 20 is bonds for security.

2. Max Backdoor Roth IRA (if your income is less than 90K PA - do this first before 401k)

3. Take life insurance - at least 1M  

4. Invest a small portion of your net income (aka after tax) in the market. I just started using Betterment

5. Only after you do all the above, start investing in individual stocks.

6. Invest in real estate that gets rent to almost meet your commitments (mortgage, tax, insurance, maintenance, vacancy etc.)

 

Ala cheppukuntu pote chala untayi. Make a list and start working towards each. 

Above are things I believe are essential for my FI. Your list can be different.

Talk to fee only investment advisors. They charge you for consultation and help you with a path. They do not sell any products with fees. 

Get an investor policy statement and stick to your plan. 

I mentioned so many things which you may not be familiar with. If so, do not get intimidated. Just try to understand more and more thats all. 

 

Good luck!

1C property gurinchi spot on @3$% . I have been Doing all this from last year, Thanks Dave Ramsey . But H1b contracting lo 401k antey employer istada ?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing
×
×
  • Create New...