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🔥FI/RE 🔥 What are the different levels of FI? I could put this all in one post but I’m afraid people will skip over the most important part. Financial Freedom. —————————————————— 💰FI (Financial Independence) Do you know how much you need to retire? If you don’t, you to need do this now. This is the number you need in your bank account if you decide to retire at the average age of 67. You will first need to decide how much your yearly expenses are, and figure out how much you think you’ll need per year in retirement. —————————————————— 👩🏼‍🏫 I’m going to use $40,000/yr as an example. You can change this number depending on your own expenses. If you retire at 67 and live to be 100, you will need: $40,000 x 33 years = $1,320,000. Some people use the 4% safe withdrawal rule to calculate their FI number. allowing your multiplier to be x25. $40,000 x 25 = $1,000,000 As we learn more about FI/RE, we’ll talk about how much more you will need to retire early. —————————————————— 🗺 People think that FI/RE is all about retiring early with lamborginis and vacation homes… but get this. Everyone needs to reach FI. For people who follow FI/RE, financial independence is simply a necessary checkpoint. The other types of financial independence give you the freedom to decide whether or not you want to work for the rest of your life, or have the freedom to walk away from your job if you wanted to. —————————————————— 🧮 I’m sure many of you have taken advantage of a compound interest calendar. But this is a good way to see how close you are to your goals. I just discovered that with the amount I currently have invested, i could JUST max my employee match on my 401k and nothing else until I retire at 67 with a 7% annual return, and still have $60,000/yr 😳 I’m obviously not going to stop investing aggressively, but the math helps me visualize that I am on the right path. —————————————————— 😔If you feel like you’re behind your goal, that’s okay. Take a chance to evaluate your current plan and tweak what needs changing. If my opinion counts at all, I think you are already on a great path. If you are on Public and wanting to learn more, that’s more than A LOT of people. So keep it up 🤩 —————————————————— Compound Interest Calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator #FIREbender
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