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Best investing strategy for financial independence

Last post Sun, May 18 2014 8:36 PM by Walt34. 2 replies.
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  • Fri, Apr 4 2014 6:58 AM

    • MRJIM
    • Not Ranked
    • Joined on Fri, Apr 4 2014
    • Posts 1

    Best investing strategy for financial independence

    I have been researching financial independence and investing for a few months now and I’m a bit overwhelmed with all of the information out there. I have been looking at blogs like Dividend mantra, Dividend monk, Early Retirement Extreme and Mr Money Mustache and these sites have introduced me to investing strategies like dividend growth investing and index investing. I would just like to know out of these or if there are any others that are the best for achieving financial independence within 10 years, I have read that dividend growth investing is too slow if you don’t have a large sum of money to invest but I’m not sure if that’s true or not. Also it seems like the people who run these blogs are only focusing on how much only they spend and aiming for an income goal based on that, but for someone like me who wants to start a family I won’t be able to have my investments just pay my expenses. So I mean really I’m looking for the best investing strategy that will be able to pay me enough annual income to support me and my future family within 10 years. I’m 19 at the moment and looking to reach financial independence by the age of 30 (under 30 would be great if I could achieve that) as I feel that 30 is the right time to start a family and I don’t want to rely on a job to support them. If anyone who’s aiming for financial independence or has already achieved it could shed some light on this I would really appreciate it.
  • Thu, Apr 17 2014 1:14 PM In reply to

    • MamaJ
    • Top 100 Contributor
    • Joined on Thu, Nov 5 2009
    • Posts 963

    Re: Best investing strategy for financial independence

    I don't know if I have any magic bullets that would grant you financial independence with an 11-year investment horizon. But I'll tell you what I've learned:

    - Don't go into debt. Compound interest can either work for you or against you. Make it work *for* you.

    - Live below your means. It gives you more money to invest now, and it means you're used to living on less when it comes time to draw down your nest egg.

     

  • Sun, May 18 2014 8:36 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on Mon, Dec 17 2007
    • WV eastern panhandle
    • Posts 1,406

    Re: Best investing strategy for financial independence

    As with so many other things achieving financial independence is rarely quick and easy. It takes decades of living below your means and investing wisely. Unless you have a very high income and can live well below that income I doubt you will be able to do that in only eleven years.

    Suggested books in no particular order:

    How a 2nd grader beat Wall Street

    The Millionaire Teacher

    Predictably Irrational

    Why Smart People Make big Money Mistakes

    Your Money & Your Brain

    The Investor's Manifesto

    The Four Pillars of Investing

    You can buy them at Amazon of course, but a LBYM person first checks to see if they're at the library. That's free.

    Officially Recognized Stretchpert in Money Management
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