New to FIDough – Getting started down the road to financial independence.
There are many great resources for FIDough newbies. Below are a few of our favorites designed to help you start to take control of your financial life. They touch on various aspects of the keys to success – Spend less than you earn and invest the difference wisely.
Understanding the stages of financial independence.
For most folks, financial independence is not something you are born with. Typically, and during the course of a lifetime, people gradually move through various stages of financial independence. Some have broken these up into four stages and others see as many as six or even seven. But the basic idea is the same, and is a useful concept to keep in mind as you get started down your own personal journey toward financial independence.
You start out dependent on others, you (hopefully) eventually are able to financially support yourself, and if all goes well, you save, and invest, and one day you have enough to live on for the rest of your life without working. The length of that journey varies widely, and the important lesson is to recognize it takes time. But do not assume it will happen without planning. Be deliberate in your choices and design our life accordingly.
Spend less and save more without a traditional budget – Our concept on how to control your spending without using a traditional budget, which includes recognizing that virtually all spending involves choices and values, and making sure you make deliberate choices so that you spend less than you earn.
Dave Ramsey’s 7 Baby Steps to Financial Peace – Dave Ramsey’s infamous “baby steps” designed to be followed one right after the other to lead you out of debt and stress and into a life of saving and giving. A plan that has purportedly helped millions.
5 basic money rules you can live by forever. This common sense piece includes helpful videos that explain some of the core money basics.
Other helpful resources
In no particular order, here are some websites and blogs with content that will help you become more comfortable with a wide variety of personal finance topics.