FIRE Spreadsheet with a Free Subscription to theFIway
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If you have visited the resource sections of the site, you will inevitably come across some misconceptions about Financial Independence and Early Retirement. Many of the calculators and FIRE spreadsheets out there just don’t cut it. They cannot create accurate predictions of when you’ll become financially independent and if your money will last.
Consulting with a financial advisor will give you the nonsensical, “Your retirement spending will be 80% of your pre-retirement income so you’ll need $XX Million dollars.” You may read on many personal finance communities that a certain savings rate percentage will get you to FI in X number of years. Again, this is nonsense as it does not account for life events and how expenses can drastically change from year to year.
Blanket assumptions could give you false hope or force you to work longer than you need to. Your retirement spending could be higher or it could be lower. No tool out there can customize your FI path well enough and consider everything along the way, such as…
- Maximum contribution limit increases for retirement accounts
- Company matching in 401Ks
- Going from renting to a mortgage or vice versa
- Downsizing of a house
- Expense ratios and fees paid along the way
- Real estate appreciation
- Go from two vehicles to one
- Owning cars for 10 years and investing the extra income while paid off
- Savings on taxes at various income levels
- Commuting cost reductions
- Debt payments
- Costs around the house may go down as you DIY in retirement
- College fund contributions are over
- Empty nest savings
- New baby coming
- Day care costs going away
- Healthcare coverage changes
- Returns on portfolio allocations
- …and many other things
You really need to map out your path with a customizable FIRE spreadsheet to get an accurate picture. There’s no way around it. Everyone and every life plan is different. We’ve tested the various online tools vs our spreadsheet and found a drastic difference in retirement date for an average american family. Developing an FI plan with financial formulas is daunting and takes quite a bit of time, but we’ve done most of the work for you. Our tool can calculate with all the variables of life and provide:
- When you will become Financially Independent and percentages along the way.
- How long your money will last based on planned expenses adjusted for inflation.
- How much income is generated utilizing the standard 4% Safe Withdrawal Rate.
- What your expenses will look like in the future.
- How much your portfolio will be reduced or grow from year to year.
- Full Adaptability for life events.
- Map out early retirement savings to cover the gap of accessing retirement accounts.
- Calculate your Net Worth.
- Allow for income from side hustles, part time work, or social security.
- Adjust annually for market fluctuations.
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In addition, Priority Mail subscribers will receive:
- Access to updates on all our tools
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- Access to additional tools in development
- Exclusive content expanding on FI fundamentals
- The occasional free product or service
- …and more
If the FIRE Spreadsheet is overwhelming, you can start by downloading our compound interest calculator and run various simulations. 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 for subscribers to help you predict what your total assets could be based on various monthly savings during a specified time period.