Ever ask yourself what type of calculators are available to assist you in achieving Financial Independence? After much searching, we’ve narrowed down the most popular and useful net worth tracking apps, budgeting tools, early retirement calculators, and dynamic spreadsheets in existence.
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Best Net Worth Tracking Tools
A huge labor of love was to develop a way to identify a target financial independence date for a real person and to see if savings will last for a lifetime. Many of the online calculators don’t include planned events, various expense reductions, owning a car for longer than the loan amount, expense ratios and fees, inflation, variable savings rates, etc. Developing a plan to FI with financial formulas is daunting and takes quite a bit of time, but we’ve done most of the work for you.
PC is one of the most robust tools to track investments, income, expenses and determine where your money is going. It’s great for budgeting, but even better for retirement planning. It’ll track your Net Worth, investment portfolio, fees, asset allocation, and run Monte Carlo simulations to predict the likelihood of retirement success.
A series of free online applications to help households organize their finances by tracking budgets, net worth, asset allocations, and cash flow. Their features target the DIY investor that manually wants to evaluate their finances rather than trusting their account information to financial institutions with ulterior motives. Wealth Media also features a blog and other calculators related to Financial Independence and retirement planning.
Best Budgeting Tools
Similar to Personal Capital, but with more focus on the budgeting and bill paying aspect of personal finance. Mint will also monitor your investments, credit score, provide savings advice and give you tools for debt management and budgets.
Best Financial Independence Retire Early Calculators
Obviously you save different amounts as a kid than as an adult. You also invest more as an executive than an entry level employee. Most compound interest calculators don’t take that into consideration. theFIway.com has created a fully customizable spreadsheet to help you predict what your total assets could be based on various monthly savings during a specified time period.
This tool answers the question of how long money will last in retirement if the market does no worse than the great depression taking into account expenses, savings rate, life expectancy, inflation assumptions and income.
FireCalc provides insights as to how much you need to ensure your investment portfolio lasts based on data dating back to the 1800s. You’ll get a sense of the risk to your financial independence or retirement plan in every market condition the world has ever faced.
The choice between buying a home and renting is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal. To help you answer this question, the NY Times calculator takes the most important costs associated with buying a house and computes the equivalent monthly rent.
Backtest your investments and asset allocations with Portfolio Visualizer. This online tool allows you to construct one or more portfolios based on selected investments and backtest portfolio annual and rolling returns. The results include a visualization of the portfolio growth chart, adjusts for inflation, and can include periodic contributions or withdrawals.