There is a big difference between financial freedom and being wealthy or fabulously rich. And I believe financial freedom is possible for anybody.— Warren Ingram, Financial Advisor Galileo Capital
Financial freedom is getting to a point where your monthly lifestyle costs, can be funded by your investments.— Warren Ingram, Financial Adviser at Galileo Capital
Ingram says it comes down to lifestyle choices - live frugally and sensibly, or live large and beyond your means. It comes down to choices and areas that one can control.
Only 5 out of every 100 people will get to a point where they can be financially free. The rest of us will be slaves to the bank, slaves to our bosses, working to just get by and working as long as we can.— Warren Ingram, Financial Adviser at Galileo Capital
You are going to keep on working as long as you can if you are a typical South Africa becasue that's all you can do.— Warren Ingram, Financial Adviser at Galileo Capital
People are living large on the bank's dime at the moment.— Warren Ingram, Financial Adviser at Galileo Capital
Debt - and especially credit card debt - is the biggest problem.
Debt is the atomic bomb of wealth. You can't have compound interest work against you.— Warren Ingram, Financial Adviser at Galileo Capital
Three steps to financial freedom says Warren Ingram
- Get rid of all bad debt
- Create an emergency fund - in an accessible money market that you can use in a REAL emergency - and not resort to a credit card.
- Save as hard as you can to fund a future lifestyle once you stop working. You need R2.4 million capital to have R10 000 a month. Cut all the unnecessary spending and keep your current lifestyle within your means. Bring sandwiches to work!
This article first appeared on 702 : Financial freedom - is it achievable? Here are 3 big tips