Financial independence means having enough financial resources to meet your living expenses without having to continue work for an income – and that’s the entire object of the game for your financial life. Thanks to the power of compound interest, it’s surprisingly easy to achieve, especially if you start early…
A pay raise is another special opportunity to accelerate your progress. Decide how to handle such an increase consciously and deliberately. Consider this strategy for building net worth: a little for now, the rest for the future.
One-time windfalls represent special opportunities to accelerate your progress, and you should consider them carefully. Before deciding what to do with a windfall, impose a cooling-off period.
Your monthly savings goal is super important. You’ll arrive at this specific, quantitative goal after careful thought and consideration, and you’ll only change it on rare occasions. It's called your "magic number."
How fast you achieve financial independence depends on how much you save each month, and for how long. Check out the various scenarios and zero in on the one that's right for you using this calculator. Put your age, current savings amount, and predicted retirement age into the fields with orange text in the calculator. The white text fields are suggestions from Net Worthy, but you may adjust them to fit your expectations. Finally, the results of these calculations can be seen in the green areas of the calculator.