Aiming for financial independence
Up until last year, I thought I'll be a salaryman all my life. But recent events in The Company (which I might touch on in future posts) opened my eyes to the folly of working to benefit someone else. An employee will never be financially secure unless he makes it to the very top. To achieve that, he needs to be either 1. very good at what he does, be well-rounded AND fortunate or 2. an expert at kissing ass (heck, he needs to do a lot of ass-rimming, not just buttcheek-kissing)
I'm very good at what I do but I also have several notable weaknesses, chiefly my inability to suck up. So, no chance of climbing to the very top. Am I going to accept that life's not fair and retire poor, like most corporate drones? Not a chance.
Up to now, all my eggs are in one basket. I've been feverishly looking for additional baskets. For starters, I'll stay in my current job but will invest some of my FD savings in several small, minimum capital businesses. Why minimum capital? Most people fail in their first business, my partner is also inexperienced and I have limited risk tolerance.
The objective is modest - to have the businesses generate profits at least equal to my current paycheck.
Once that is is achieved, I'll buy a well-located property or two. Many people believe there'll be an economic downturn in the next few years, and there's profit to be made from motivated sellers.
Property is the traditional method of building wealth and it's a field that I have some basic knowledge of.
Anyway, those are my objectives in the short term. In the medium to long term, I hope to achieve financial independence through investments in capital guaranteed funds/real estate/businesses.
Finally, a piece of advice from a property guru I respect.
I'm very good at what I do but I also have several notable weaknesses, chiefly my inability to suck up. So, no chance of climbing to the very top. Am I going to accept that life's not fair and retire poor, like most corporate drones? Not a chance.
Up to now, all my eggs are in one basket. I've been feverishly looking for additional baskets. For starters, I'll stay in my current job but will invest some of my FD savings in several small, minimum capital businesses. Why minimum capital? Most people fail in their first business, my partner is also inexperienced and I have limited risk tolerance.
The objective is modest - to have the businesses generate profits at least equal to my current paycheck.
Once that is is achieved, I'll buy a well-located property or two. Many people believe there'll be an economic downturn in the next few years, and there's profit to be made from motivated sellers.
Property is the traditional method of building wealth and it's a field that I have some basic knowledge of.
Anyway, those are my objectives in the short term. In the medium to long term, I hope to achieve financial independence through investments in capital guaranteed funds/real estate/businesses.
Finally, a piece of advice from a property guru I respect.
What I can say is, know your game, know what your limitations are, never be afraid of risks and whack the opportunities as hard as you can. Only when you do this, you will make money. If you don't, you will note that the climb up the ladder of success is as slow as can be, if any at all.
posted by Dirty Old Man at
8:38 PM
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