Approaches to financial independence

by vibeckemarkhus, posted in My way to financial independence

Since there are two sides to the assets and expenses equation, there are two main directions one can focus their energy: accumulating assets or reducing their expenses.

Asset accumulation

Accumulating assets can focus one or both of these approaches:

  • Gather revenue generating assets until the generated revenue surpasses living/liability expenses.
  • Gather enough liquid assets to then sustain all future living/liability expenses

Expense reduction

Another approach to financial independence is to reduce regular expenses while accumulating assets, to reduce the amount of assets required for financial independence. This can be done by focusing on simple living, or other strategies to reduce expenses.[2][3]

Passive sources of income to achieve financial independence

The following is a non-exhaustive list of sources of passive income which potentially yields financial independence.

References:

  1. Cummuta, John. «The Myths & Realities of Achieving Financial Independence«. Nightingale Conant. Retrieved on 14-Sep-2009
  2. Early Retirement Extreme: A philosophical and practical guide to financial independence. 
  3. Your Money Or Your Life: 9 Steps to Transforming Your Relationship With Money And Achieving Financial Independence. 
  4. «What is Passive Income?». Investor Monkey. Retrieved 4 July 2013. 
  5. CCIE Pursuit. «Rent Your Cisco Certification For Cash» Retrieved on 14-Sep-2009

 

This information is from Wikipedia

Hiking to the highest point in Norway – Galdhøpiggen

by vibeckemarkhus, posted in Travel
Galdhøpiggen

This post is written and published by Bilivoka. You can read more about their fabolous blog here

This summer we decided to summit the highest mountain in Norway, namely Galdhøpiggen. The weather, however, was not going to be on our side.

There are two main trails leading to Galdhøpiggen:

  • From Juvasshytta starting at 1841 m.a.s.l. passing over a glacier
  • From Spiterstulen starting at 1100 m.a.s.l. without glacier

There are two immediate differences between these two routes. Starting from Juvasshytta you have to cross a glacier and therefore need a guide (well, you should have a guide!), while starting from Spiterstulen you need to gain a lot more elevation to reach the summit.

Spiterstulen in the bottom of the valley.

Since we did not know which day we were going there, nor how the weather would turn out we wanted as much flexibility as possible. The choice was therefore simple, and we opted for the guide-free route from Spiterstulen.

Despite our flexibility there weren’t too many days free in our schedule and in the end we had to choose between two days. The first day the wind picked up quite strong and the forecast told us it would be raining too. Therefore we crossed our fingers and decided to wait for the second day. After all, the weather forecast had promised us a glimpse of sun mid-day.

At the beginning of the trail, 1369 meters of elevation from the top of Norway.

In the morning the air was cold and clear and it all seems quite good. In the lush valley at Spiterstulen a sign reading “Galdhøpiggen” marked the beginning of our hike to the very top of Norway, 2469 meters above sea level.

Despite this we didn’t have to look very far up the hillside before a thick layer of fog covered the mountains. Had we been fooled by the weather forecast or was this just morning dew about to disappear?

The first few hundred vertical meters went along a nice path and was clearly marked. After this the terrain turned rockier and our boots soon hit a soft and white surface. Yes, even in August parts of the trail to Galdhøpiggen is covered in snow.

Initially it was easy to follow the footsteps of others through the snow, but further up it became less visible. The fog didn’t seem to want to disappear, making it all but easier. Maps and compasses are useful tools to have, but with no visibility in the fog GPS navigation on the phone was the superior option.

Easy to follow “dirt path” in the snow that quickly disappeared and made it hard to find the right direction.

The scariest aspect of the fog was probably that the trail passed over two other mountain ridges with steep cliffs on both sides. If you step over the edge that is probably the last thing you do. Luckily it was possible to see a few meters ahead of us and therefore safe to continue forwards.

Occasionally the fog shifted a little and unveiled the mountain ridges we were crossing and a glacier on the left.

After about four hours at a slow pace we finally reached the summit. There was even a heated hut here, a welcoming sight after passing through rain, fog and a fair bit of wind. Unfortunately we weren’t the only ones wanting to enjoy the heat and the hut was packed with people. Most of them seemed to struggle with basic math, because the infamous one meter social distancing rule had shrunk to a few centimeters. Needless to say we opted to stay outside and figured we might as well head down again.

But first, a mandatory photo at the summit!

Allegedly one third of all of Southern Norway can be seen from this spot on a clear day. Instead, we got the amazing experience of seeing one third of all the fog in the entire country.

Heading down the fog started to clear up. Not enough to give us clear skies, but at least a good line of sight a few hundred meters higher up than in the morning.

Even though the weather conditions could certainly have been better we enjoyed the hike, and the bragging rights of having summited the highest peak in Norway wasn’t too bad either… The few glimpses we got of the landscape while the fog shifted gave a clear indication that on sunny days this is a spectacular hike. This will probably not be the last time we’re here, we’ll be back on a sunnier day.

Practical

Galdhøpiggen is located in Jotunheimen and the closest town is Lom. Parking is found at Spiterstulen, where there are cabins from DNT as well as places to pitch a tent. It is to be noted that the accommodation is more of a hotel than a cabin, and overpriced and overbooked is our first impression. Parking and tolls are paid at the hotel, but there is a new automatic system on the way, so this could change at any time.

We spent about four hours going up and another three returning again at a fairly slow pace, plus a break on the top. Ut.no recommends to set aside 9 hours for the hike, which we think is a quite good estimate.

There are no places to refill your water bottle, so bring enough food and water for the entire hike. Even mid-summer the temperatures can drop below zero and get windy, so bring wind and waterproof clothing, gloves and a hat.