Sunday, April 1, 2012

Calculating Your Financial Independence Number

If you wish to retire or become financially independent some day you must first find out the answers to the following three questions:
  1. Identify, and accept, reality - Exactly where am I now, and what will happen in retirement if I make no changes?
  2. Set goals to aim for in the future - What do I want in my retirement years? What’s my “Financial Independence Number” - my “FIN”?
  3. Make a game plan and take action - How much must I be investing every month to achieve my desired retirement goals?
There are lots of financial calculators out there, but here is a simple worksheet that can be used to help you find answers to the previous three questions.

By answering a few simple questions and by using just a regular non-financial calculator, you can estimate the amount of money you would need to become financially independent (your Financial Independence Number or FIN). Once your FIN has been calculated, you can then easily calculate the amount of money you would need to put away each month to accomplish your financial independence goals.

Click on the image below to enlarge it for printing purposes and try it out for yourself.

You can also view a short video of me explaining the simple process to my Toastmaster friends.

I hope you enjoy and please leave me your comments below!

If you cannot view the video please click on this link

I'm so excited to share this information with you. If you have enjoyed the information or feel that it would benefit someone else, please share it. If you have any comments, please post them below, otherwise, feel free to contact me.
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