No fireworks will explode if you can pull off financial independence, but it sure beats working for the man. How do you do it? Do you have to live like a monk? Give up chocolate? Move to a tent? Stop watching the Cartoon Network?

While it helps if you were an investment banker, CEO, professional athlete, movie star or inherited a ton of money, there are other ways to get there. Here are some favorite, little-heralded ways.

Debt is the Devil

The biggest impediment to financial independence is unbridled debt. If you spend more than you make and get into debt, you’re working for the banks. That’s pretty standard advice, although most folks don’t know how to systematically avoid this trap. Like a demon, debt needs to be exorcised. First, get to the point where a bank is paying you to use credit. Use reward cards (they give you cash awards, airline miles or other dividends) and pay them off by their due date. Don’t carry over any balances. If you can’t pay for something when the bill comes due, don’t buy it. Don’t take out home-equity or installment loans. They are not worth it. I have nothing against carrying a mortgage balance — it’s always been called “good” debt. But the sooner you can pay it off, the better. The benefit of getting a tax deduction is overblown. A long-term debt impairs your freedom as much as a short-term one.

What can you live without?

Unfortunately, most consumer societies are predicated on having it all now thanks to readily available credit. Save up to pay cash for the things you really want. Get rid of the things that provide marginal pleasure. Can you live without cable or satellite TV? Dump it and save the difference. How about that health-club membership? Did you know you could exercise at home for nothing (remember calisthenics)? Most libraries allow you to check out movies, music and books for free. Go without that morning cup of coffee or that daily lunch. Bank the savings. Make it your motto to “save first, spend later.” Fill up your short-term money market account with savings that can take care of emergencies and rainy days. Check your health, home or auto insurance. Make sure you have enough money to cover out-of-pocket expenses. As for life insurance, unless you have dependents who would be financially hurt if you pass, don’t buy it. Disability insurance is a good idea. You have a greater chance of being disabled than dying during your working career.

Save like a demon

You’ve probably seen suggestions that saving 10 percent to 15 percent of your annual income will lead to a comfortable retirement. Forget it. On most retirement withdrawals — including annuity income — you’ll need more to pay Uncle Sam and then cover higher medical expenses in coming years. Start with a goal of saving one-third of your income. Open up a Roth IRA or 401(k). You pay taxes on the contributions, but not on the withdrawals. Use every opportunity you can to save with tax-deferred accounts. No amount is too small. Don’t forget to save enough to cover taxes.

Small fees take big hits

I’m a raging evangelist on this issue. Being nickel and dimed by brokerage fees, commissions and middlemen expenses eats up your wealth in a big way. Some 70 percent of employees don’t even know that their employer or 401(k) fund provider is charging them fees to invest in their retirement funds, according to an AARP survey. What looks like a small amount on your statements can eat up your kitty over time. And forget about brand names, advertising and the supposed prowess of fund managers. All that matters is cost and diversification. Let’s say you have the American Funds Growth Fund of America, a popular stock fund for retirement. Then compare it to the ultra-diversified, passive Vanguard Total Stock Market Index . While I can’t predict what future returns will be in either fund, if you invested $10,000 in each fund, earned a modest five-percent annual return, you’d have saved $1,152.97 in fees and sales charges (on the “A” shares in the American fund) in the Vanguard fund after a decade. This is not a patent endorsement of Vanguard, although I have most of my retirement funds invested with them. It’s basic math. Costs matter. The less you have to pay — whether it’s in fund fees, banking charges, commissions or interest — the better. Avoid any broker-sold product. Buy direct. Run your own numbers to compare funds with the FINRA Mutual Fund Cost Analyzer, which is what I used in the above example. You can’t beat Wall Street. They beat you with the small stuff every day.

It’s not about numbers, it’s about your life

I’m sick of self-serving surveys of how poorly people are saving for retirement. They are usually published by the same companies who want to gouge you to invest in their “retirement” products. Find out how much it would take for you to live comfortably and put away enough money to get there. Develop a dynamic lifetime financial plan that changes with each phase of life. Get a ballpark estimate to see if you’re on track. Financial independence is possible if you can live below your means. Although that sounds unpatriotic in a consumer economy, what you save is what you keep. You’ll have plenty of reasons to celebrate if you can reach that goal.