The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: dannymurphy on April 15, 2017, 07:04:09 AM
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Ever had this conversation with a spouse?
You: “That’s not in the budget.” Spouse: “So?” You: “So, we’re trying to become financially independent.” Spouse: “Well I’m sure this won’t change much” You: “Gee, I wish there was an app I could use to help explain this.”
...or this conversation with yourself?
You: “I’d like to get a new car, and it’s only $300/month. How does that affect my future financial freedom? Gee, it sure would be nice to have an app to help me with this decision.”
Good news, folks, this is an Android app that does exactly this. The ‘Pretirement’ app calculates how much a spending decision will change your financial independence date. Here’s how it works:
1. You enter basic financials and assumptions (assets, baseline contributions, expected returns, inflation rates, etc) and it provides your baseline FI date
2. Whenever you are faced with a financial decision (or argument), you open the app and find out how many years/months/days earlier or later that decision allows you to be financially independent
Download for Android and iOS:
The Pretirement App (http://pretirementfi.com?utm_source=forum.mrmoneymustache.com&utm_medium=forum)
As a disclaimer: I’m sure a lot of you mustachians will find the FI date calculation oversimplified, but hopefully the app is still useful for evaluating impacts of spending decisions. I’d love your feedback on any changes/additions that improve its usability for this very financially savvy crowd.
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Nice!
I couldn't find it searching in the Play store, though; I had to follow your link.
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Wow, that looks nice!
At one point, I built myself a spreadsheet to do something similar and got frustrated when I made a mistake with some of the math behind it. I can see myself playing around with your app, definitely planning on showing it to some family members who have the mental conversation you described.
As far as features/updates:
I feel like the general concept of your app would appeal to people just discovering FIRE or who are going through debt-repayment, but they might be turned off / overwhelmed by needing to input a lot of data when they first try to use the app. (IIRC, there was an article a while back about a large number of seniors giving up on using AARP's retirement calculator tools within 5 minutes because they just weren't financially literate enough or didn't have immediate access to that information). Conversely, you said that you were concerned about the simplified FI date calculation for the "advanced mustache crowd" -- maybe give the user the ability to choose a "mustache level" that allows for different inputs?
Level 1 is an extremely basic calculation that is mostly built on average assumptions with $0 saved and $0 contributions, Level 2 allows you to enter the amount currently saved / contributions, Level 3 allows you to adjust expected returns and/or inflation, etc. Top Level just automatically punches you in the face for even contemplating your purchase. ;-)
How challenging / invasive would it be to add a feature that connects the app to Android Pay (or similar) and force the user to review the "Pretirement" effect before authorizing the purchase?
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:( not available in Mexico!
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I just do it with some simple math. Like lets say I want $3 coffee instead of my home made stuff:
$3x250 (working days a year) x25 (inverse of 4%) = $18,750 invested just to pay for coffee.
Or each $1 wasted a day costs $9,125 that I'll need.
your car at 300/month would be $90,000 shit, that's a used ferrarri in cash!
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I downloaded the app, I'll give it a shot. I punched in the set up numbers and it told me I was FI and congrats and then I double checked and I fat fingered an extra zero lol.
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Nice!
I couldn't find it searching in the Play store, though; I had to follow your link.
Thanks dhc. It was probably a few pages down. Presumably Google doesn't give you first page status until you're a more legitimate app developer with more downloads. We'll see if this one moves up the list.
-Danny
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Conversely, you said that you were concerned about the simplified FI date calculation for the "advanced mustache crowd" -- maybe give the user the ability to choose a "mustache level" that allows for different inputs?
I've thought about this a lot. I think the first "advanced" features I would add would be to include time-tagged stuff in your baseline. For example, my mortgage is paid off in 5 years and at that point my baseline savings rate goes up by 1000/month, or whatever. I'd also like to separate the baseline into pre-tax and post-tax assets with some assumptions about tax rates of conversion for the pre-tax stuff. What other advanced features would you like to see?
Level 1 is an extremely basic calculation that is mostly built on average assumptions with $0 saved and $0 contributions, Level 2 allows you to enter the amount currently saved / contributions, Level 3 allows you to adjust expected returns and/or inflation, etc. Top Level just automatically punches you in the face for even contemplating your purchase. ;-)
Punching in the face might be tough to do, but maybe I can work out a really loud painful sound that plays when you try to spend too much, ha ;)
How challenging / invasive would it be to add a feature that connects the app to Android Pay (or similar) and force the user to review the "Pretirement" effect before authorizing the purchase?
I really like this, but it would definitely be a lot of work (probably more than I have time available). It sure wouldn't make me best friends with the e-retailers either!
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That's cool! But it tells me "this item is not available in your country". :( If you get a web version up I'd love to play with it!
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:( not available in Mexico!
Hi LadyStache. I just opened it up for Mexico. Let me know what you think!
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That's cool! But it tells me "this item is not available in your country". :( If you get a web version up I'd love to play with it!
I just added Australia to the list... assuming that covers "Anywhere/Perth"?
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That's cool! But it tells me "this item is not available in your country". :( If you get a web version up I'd love to play with it!
I just added Australia to the list... assuming that covers "Anywhere/Perth"?
Thanks, it works now! :) Finding it enjoyable to use so far!
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I've been enjoying using this app for the last few days. Makes what if questions super simple to answer.
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Whats your approx date for release of the apple version?
I've been keeping this tab open to check, now posting to follow :)
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This sounds like it could be a rally handy app!
Looking forward to the iphone-version.. =)
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Ever had this conversation with a spouse?
You: “That’s not in the budget.” Spouse: “So?” You: “So, we’re trying to become financially independent.” Spouse: “Well I’m sure this won’t change much” You: “Gee, I wish there was an app I could use to help explain this.”
...or this conversation with yourself?
You: “I’d like to get a new car, and it’s only $300/month. How does that affect my future financial freedom? Gee, it sure would be nice to have an app to help me with this decision.”
Good news, folks, this is an Android app that does exactly this. The ‘Pretirement’ app calculates how much a spending decision will change your financial independence date. Here’s how it works:
1. You enter basic financials and assumptions (assets, baseline contributions, expected returns, inflation rates, etc) and it provides your baseline FI date
2. Whenever you are faced with a financial decision (or argument), you open the app and find out how many years/months/days earlier or later that decision allows you to be financially independent
The Android app is available here: Pretirement: Financial Freedom on Google Play Store (https://play.google.com/store/apps/details?id=com.amokrunner.pretire&referrer=utm_source%3DMMM%26utm_medium%3DForum%26utm_campaign%3DPost)
It’s coming for iPhone, but not quite ready.
As a disclaimer: I’m sure a lot of you mustachians will find the FI date calculation oversimplified, but hopefully the app is still useful for evaluating impacts of spending decisions. I’d love your feedback on any changes/additions that improve its usability for this very financially savvy crowd.
Great idea to convert $ into a tangible amount of time taken out of your life.
I've thought about a "countdown" clock too that adjusts with monthly budget updates. Maybe it could be permanently stuck in the Android notification bar so you can see how many years/weeks/days whatever you have until FI/RE
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Another suggestion would be to have a monthly check in option. You could input your net worth and see if you are getting better or worse than the baseline case you originally set up. Is that date shifting forward or backward...
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Another suggestion would be to have a monthly check in option. You could input your net worth and see if you are getting better or worse than the baseline case you originally set up. Is that date shifting forward or backward...
I like this, it's definitely on the list of things to add. Thanks!
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Whats your approx date for release of the apple version?
I've been keeping this tab open to check, now posting to follow :)
I should have it out in a few weeks. I'll make sure to let you know.
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Very very cool app, thanks!
Can you make it so it can show you the numbers? Such as money needed for retirement, and the yearly draw down rate etc? I love it when financial calculators show all the data
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Posting to follow ... while waiting for the iphone version:-)
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Ever had this conversation with a spouse?
You: “That’s not in the budget.” Spouse: “So?” You: “So, we’re trying to become financially independent.” Spouse: “Well I’m sure this won’t change much” You: “Gee, I wish there was an app I could use to help explain this.”
I’d love your feedback on any changes/additions that improve its usability for this very financially savvy crowd.
I do not have a smart phone, but I think this is a fantastic idea! Yes, that above conversation has happened multiple times. However, I'm not quite quick enough in the head to be able to show the calculation on paper or a calculator. Does the app show how you come up with the number? For example, let’s say SO wants to purchase a $25 thingamabob. Does it show the math on how that $25 affects the greater overall investment/return? So I can point to *this first number/$25*, that’s the cost right now, then *this next number* is the total cost over X time frame, and you’ll need Y amount..etc.. Or does the app already do this? Sorry if this is a stupid suggestion.
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Just installed it! It's pretty!
Question: when I click "save" say $200/monthly, does the app assume that $200 is being invested or just not spent?
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Downloaded! Thanks for this! I love it. I hope it helps encourage my Wife to be less of a consuma sukka!
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Just installed it! It's pretty!
Question: when I click "save" say $200/monthly, does the app assume that $200 is being invested or just not spent?
I believe it assumes that the default use for those savings is to invest them along with your other chunk of annual investments.
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Looks like I can retire when I'm 92! yay.
Definitely eye opening. Thanks for the work you put into this app.
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Sounds interesting , can't wait to play.. Waiting patiently for the iPhone version :)
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Just installed it! It's pretty!
Question: when I click "save" say $200/monthly, does the app assume that $200 is being invested or just not spent?
I believe it assumes that the default use for those savings is to invest them along with your other chunk of annual investments.
That's exactly right. Similarly if you were to click "save $200 now" it would add 200 to your investment principal.
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Another suggestion would be to have a monthly check in option. You could input your net worth and see if you are getting better or worse than the baseline case you originally set up. Is that date shifting forward or backward...
Yes! This is going at the top of the list. Thanks for the recommendation cheapass
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Very very cool app, thanks!
Can you make it so it can show you the numbers? Such as money needed for retirement, and the yearly draw down rate etc? I love it when financial calculators show all the data
I will definitely add this in. Thanks for the suggestion DieHard. I'll add a "drill-down" button to the results.
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I'd love to try this, says not available in the UK?
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following so I know when the iphone app comes out!
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Following because would also like the iphone version. Thank you!
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Excellent work. Thanks for doing this.
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Looks sweet! Following for iPhone.
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Pretty cool. Another iPhone user here :)
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Really cool app, just downloaded it and played with it for a few minutes. I agree that a monthly or quarterly check-ins option with a graph would be good.
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Looks cool.
Can't download in China, any chance that might change?
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Oooo...sounds cool. Will wait for the iPhone version :)
Sent from my iPhone using Tapatalk
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I have a suggestion for you.
Add an "Age" slow on the baseline page. Then show how old we'll be on the results, along with the year and countdown.
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So cool - just installed, love it, finally something simple for people who are hopeless at math - THANK YOU!
Yes - showing age along with the date would be another great incentive.
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The iOS version is now available! Get it here:
Pretirement: Financial Freedom on iTunes (https://itunes.apple.com/us/app/pretirement-financial-freedom/id1238915865#)
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PTF - Thanks dannymurphy!
Edit: Just tried it out on my Chomebook Flip, and it works great :)
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Downloaded for my iPad and rated! Thanks for making this!
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Awesome! I just tried it on my iphone. I left you a review on the app store :)
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ToTheMoon, Half Stached, casserole_dish... thanks for the good feedback!
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I very much enjoy your app.
I was thinking on my way home today, what if the net worth was graphed. So when you said I'm going to spend an extra $20 a month, you would see on a graph what kind of different it would make towards FI.
I made a very crude graph to illustrate.
(http://i.imgur.com/3pqTSMRl.png)
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I very much enjoy your app.
I was thinking on my way home today, what if the net worth was graphed. So when you said I'm going to spend an extra $20 a month, you would see on a graph what kind of different it would make towards FI.
I made a very crude graph to illustrate.
Great idea cantgrowone. I'm almost done with some of the other trending plots recommended by others above, so this will be easy to add. I'll let you know when its done!
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Very cool! Just installed on android and was up and running in about a minute! Looking forward to new features already.
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I was psyched to download this tonight ... but it doesn't work in Canada :(
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I was psyched to download this tonight ... but it doesn't work in Canada :(
1967mama, I just opened it up to Canada!
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iOS app downloaded! Awesome tool.
Also gave it a good review in the App Store :)
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I very much enjoy your app.
I was thinking on my way home today, what if the net worth was graphed. So when you said I'm going to spend an extra $20 a month, you would see on a graph what kind of different it would make towards FI.
I made a very crude graph to illustrate.
(http://i.imgur.com/3pqTSMRl.png)
@cantgrowone: I added this plot into the latest version of the app (just pushed out to the app store). After you do a "whatif", there is a plot button at the bottom that provides this comparison. Thanks for the suggestion!
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Oh yay I can retire at 64 :-|
Better get working on paying off that debt and saving like crazy!
Danny - Love the clean, simple look of the app (and the piggy is super cute too). I found it easy to use, but as people have already said, your average person may not have those numbers on hand. However, the type of people who would enjoy this app are your FI crowd anyway, and we DO have access to those numbers.
Being able to track progress over time would be a worthwhile addition, as progress is usually a good motivator.
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Oh yay I can retire at 64 :-|
Better get working on paying off that debt and saving like crazy!
Danny - Love the clean, simple look of the app (and the piggy is super cute too). I found it easy to use, but as people have already said, your average person may not have those numbers on hand. However, the type of people who would enjoy this app are your FI crowd anyway, and we DO have access to those numbers.
Being able to track progress over time would be a worthwhile addition, as progress is usually a good motivator.
Thanks @SquirrelStashe for the feedback! The trending functions and that should be ready soon. The two trending graphs I have in mind are:
- Actual asset value and predicted asset value over time
- FI age/date over time
Any others that you'd like to see?
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Good app, I've had some fun playing with the numbers yesterday. Now let's see if it helps keep my spending in line :)
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Very fun app- sent notifications to my friends/coworkers for them to download
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I just looked at the app for the first time in a while and noticed some of the cool improvements.
My favorite is how your invested assets grows in real-time. I just earned 20 cents while I was sitting here typing this!!!!!
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@dannymurphy - you might consider simply opening up the app so that it's available in all countries. I just discovered a couple weeks ago that Google defaults to US-only when publishing an app. Apple defaults to be available worldwide.
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@zolotiyeruki - yes, very soon, just getting the kinks worked out of various currency formats, then I'll open it up everywhere.
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Linked through from another thread, downloaded Android version and up and running in no time.
Minor suggestion, as it's used a lot down here, the Frequency option for Save/Spend could include fortnights, i.e. two weeks. Most mortgage payments are made on a fortnightly basis.
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@zolotiyeruki - yes, very soon, just getting the kinks worked out of various currency formats, then I'll open it up everywhere.
Awesome. I hope I will be able to try it then.
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Downloaded. Interesting. Not much there if you are already FI. Perhaps something to think about (e.g. suggest higher withdraw rates or spending per year amount fir assumptions or tell how much a spend will impact legacy you will leave to heirs. Right now it just says congratulations.
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Maybe I'm so not tech minded but I dont really understand how it works .
Is working assets what you have now or what you plan to have to be FIRE?
If I do just minimum contributions it says time to retirement 22 years ... Ok fair enough :)
But when I put " increase by $3600 per month " it changes that I can retire TODAY!!! Hmm that would be nice but I still need to save my $3600 per month for a few years ... confused :(
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Maybe I'm so not tech minded but I dont really understand how it works .
Is working assets what you have now or what you plan to have to be FIRE?
If I do just minimum contributions it says time to retirement 22 years ... Ok fair enough :)
But when I put " increase by $3600 per month " it changes that I can retire TODAY!!! Hmm that would be nice but I still need to save my $3600 per month for a few years ... confused :(
There is an option under preferences to choose whether you want your annual spending to be adjusted based on the "what if" scenario.
For example: if I save $5/day on my coffee, my annual expenses go down by 365x5=1825, so not only am I getting more gains on the money I'm saving but my target is lower.
For your example, if enabled (as it is by default), the assumption is that you are saving another $3600/month by spending less. So your annual expenses go down by $43k which apparently in your case means you meet the FI criteria.
If you are wanting to run a scenario where you are actually getting another $3600/month to save (maybe a promotion or something), disable that feature in your preferences. Does that make sense?
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Downloaded. Interesting. Not much there if you are already FI. Perhaps something to think about (e.g. suggest higher withdraw rates or spending per year amount fir assumptions or tell how much a spend will impact legacy you will leave to heirs. Right now it just says congratulations.
Thanks for the feedback Steve. Yes, the target audience is really those who are working to become FI rather than those already there. However, the latest update (currently going through the app store), does a better job of letting FIRE users test whether spending breaks their FI. I'll think about other features to better serve the already-FIRE folks.
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Downloaded. Interesting. Not much there if you are already FI. Perhaps something to think about (e.g. suggest higher withdraw rates or spending per year amount fir assumptions or tell how much a spend will impact legacy you will leave to heirs. Right now it just says congratulations.
Thanks for the feedback Steve. Yes, the target audience is really those who are working to become FI rather than those already there. However, the latest update (currently going through the app store), does a better job of letting FIRE users test whether spending breaks their FI. I'll think about other features to better serve the already-FIRE folks.
Maybe a dynamic calculation of safe withdrawal rate would be useful? If you wanted to get fancy you could use some of the same logic as firesim or firecalc (i forget which one it is) and calculate the probability of portfolio survival.
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Maybe I'm so not tech minded but I dont really understand how it works .
Is working assets what you have now or what you plan to have to be FIRE?
If I do just minimum contributions it says time to retirement 22 years ... Ok fair enough :)
But when I put " increase by $3600 per month " it changes that I can retire TODAY!!! Hmm that would be nice but I still need to save my $3600 per month for a few years ... confused :(
There is an option under preferences to choose whether you want your annual spending to be adjusted based on the "what if" scenario.
For example: if I save $5/day on my coffee, my annual expenses go down by 365x5=1825, so not only am I getting more gains on the money I'm saving but my target is lower.
For your example, if enabled (as it is by default), the assumption is that you are saving another $3600/month by spending less. So your annual expenses go down by $43k which apparently in your case means you meet the FI criteria.
If you are wanting to run a scenario where you are actually getting another $3600/month to save (maybe a promotion or something), disable that feature in your preferences. Does that make sense?
Thanks for pointing it out. I knew it was definitely user error :) I've disabled one "what if" and now the projections look right ... off I go to play :)
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The app is now available worldwide with support for any currency. Thanks all, and keep the feedback coming.
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I started using this app a while back and I refer to it several times a week, it's fun to see the money grow. Back in reply #30 a "baseline" feature was mentioned. Do you still have plans for this? I really liked that suggestion. Btw, I'm on the paid version and appreciate the work you've put into this.
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I started using this app a while back and I refer to it several times a week, it's fun to see the money grow. Back in reply #30 a "baseline" feature was mentioned. Do you still have plans for this? I really liked that suggestion. Btw, I'm on the paid version and appreciate the work you've put into this.
@sturmgewehr762: thank you for supporting the project! Yes, that is still coming. Got sidetracked with updates to show results/plots in terms of your age instead of just dates (that update should make it through the app store this weekend). Shoot me a PM if you'd like to be on the beta tester list to see updates early, I'll definitely be looking for beta feedback on the new trending features as they roll out.
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12 years 2 months 10 days 06:53:15 and counting
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The latest version on the app stores now has a beta "Trends" page that tracks movement in your FI date as you regularly update asset totals. Check it out and let me know what you think!
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Love the new feature!
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Great app :-)!
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I can't find the Hong Kong Dollar (HKD) currency. I hope you could add it to the available currency list. Thanks !
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Just got the app. Love it!
Problem: I want to pay $6 for the premium version, because it is awesome and worth much more than $6 to me. BUT according to the app $6 will delay FIRE by 35 minutes...
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There is an option under preferences to choose whether you want your annual spending to be adjusted based on the "what if" scenario.
For example: if I save $5/day on my coffee, my annual expenses go down by 365x5=1825, so not only am I getting more gains on the money I'm saving but my target is lower.
For your example, if enabled (as it is by default), the assumption is that you are saving another $3600/month by spending less. So your annual expenses go down by $43k which apparently in your case means you meet the FI criteria.
If you are wanting to run a scenario where you are actually getting another $3600/month to save (maybe a promotion or something), disable that feature in your preferences. Does that make sense?
ah, good. That's the part I was missing. I look3d to see what would happen if I saved an additional 10k/yr and I suddenly only needed about 400k which didn't sound right.
I have been enjoying this app and my FI date has shortened by 75 days so far. One thing I would like to be able to see is what the final numbers are projected to be at FI and the what-if point. I did just find the setting to change the chart to age vs calendar year.
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A simple thing to add that would help things is to add a date label to the x axis in trends :). Currently its just data points that appear like they are an arbitrary distance apart.
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Thought of a possible feature... how about making a countdown widget?
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Love the app. Just 0.5 $ spent daily on silly things sets me back by 4 months and 22 days.
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I got the app in IOS and I am loving it so far! Great job and thanks for all the work you put into it!
I got 7.5 years to retirement - which sounds especially amazing because I'm 32. But my question is this - if my assets and contributions are in tax sheltered retirement accounts that I cannot withdraw from (without a penalty) until 59 1/2...
Would it be possible to add the type of assets and its classifications? Thanks!
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I got the app in IOS and I am loving it so far! Great job and thanks for all the work you put into it!
I got 7.5 years to retirement - which sounds especially amazing because I'm 32. But my question is this - if my assets and contributions are in tax sheltered retirement accounts that I cannot withdraw from (without a penalty) until 59 1/2...
Would it be possible to add the type of assets and its classifications? Thanks!
You can withdraw from retirement accounts without penalty. Just takes a little planning.
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Thanks! I can see why planning would be very important... a quick google search lead me to: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-substantially-equal-periodic-payments
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Thanks! I can see why planning would be very important... a quick google search lead me to: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-substantially-equal-periodic-payments
The Roth conversion ladder is a more popular option for early retirees... Mad Fientist has a great article on how to access retirement funds early.
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The latest version on the app stores now has a beta "Trends" page that tracks movement in your FI date as you regularly update asset totals. Check it out and let me know what you think!
Very cool app. How many downloads have you had?
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Thanks! I can see why planning would be very important... a quick google search lead me to: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-substantially-equal-periodic-payments
The Roth conversion ladder is a more popular option for early retirees... Mad Fientist has a great article on how to access retirement funds early.
I am new to this - and can I just say... mind.blown! Thank you!
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Nice app. Trying to figure out a way to set a custom FIRE amount. Right now, it seems set on 1Mil$
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This is so handy! Thanks for your work on this dannymurphy.
I have a DB scheme in hand already, but may want to jump ship even earlier than it will allow, so using this to tinker with my numbers for FIRE dates based on my separate investments and figuring out how to bridge an income gap until the DB is at optimum level.
Also - love the piggy icon!
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Thank you for making this for iOS, Danny. Love that it is to the second. Great app!
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I don't like that hitting the "save" button automatically reduces my expenses. What if it's a one-off gift or deciding to take on an extra job? My expenses would stay the same, but I'd have more going into savings.
Unless I"m missing something
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I don't like that hitting the "save" button automatically reduces my expenses. What if it's a one-off gift or deciding to take on an extra job? My expenses would stay the same, but I'd have more going into savings.
Unless I"m missing something
You can change this under settings>calculations untick the last option What-If: Include "what-if" recurring saving/spending in annual spending.
Sent from my iPhone using Tapatalk
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So I'm using the following formula to calculate my anticipated FIRE date. If I increase the contributions by $500/mo, it changes my FIRE data (in excel) by about 8 months. If I add a reoccurring $500 savings increase in the application, it reduces my time to FIRE by over 3 years. Is this a bug in the application, my excel formula or a difference in how you are calculating the average return? I'm using a modest 6%.
=TODAY() +NPER(6%/12,-35000/12, -L10, 30000*25)/12*365.25
Edit: I should also note, that if I take my $35K annual contributions and increase it to $41K in the baseline section of the application, it reduces my time to FIRE by only 8 months (As my excel calculation does), not the 3 years which the hypothetical contributions would.
Edit 2: By removing the "What-If: Adjust 'what-if' reoccurring savings/spending with inflation" checkbox, the new calculation drops to 9 months. Interesting.
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I don't like that hitting the "save" button automatically reduces my expenses. What if it's a one-off gift or deciding to take on an extra job? My expenses would stay the same, but I'd have more going into savings.
Unless I"m missing something
You can change this under settings>calculations untick the last option What-If: Include "what-if" recurring saving/spending in annual spending.
Sent from my iPhone using Tapatalk
Oh that makes sense! Thanks!
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Nice app. Trying to figure out a way to set a custom FIRE amount. Right now, it seems set on 1Mil$
Thanks! The FIRE amount is a function of annual spending, safe withdrawal rate, and inflation. Amount = (Spending*inflation(time))/SWR
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Hey, just wanted to say I like the trends feature, just started using it and it's pretty cool if you keep it updated on a regular basis
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I also Downloaded it and put it on my phone. It says I have to work until 90 BUT I have a guaranteed pension (eligible from 61 upwards) as well as a state supplied pensioen-like benefits (from. 67 and upwards)... So I'm actually saving to cover the FI to pension date, and not the permanently FI date.
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Does the annual contribution amount go up with inflation or does it stay constant? There is no option to increase by x percentage per year.
I plan to increase my monthly/annual investment contribution through the years as my income trends up.
Great app by the way. Love it.
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Download for Android and iOS:
The Pretirement App (http://pretirementfi.com?utm_source=forum.mrmoneymustache.com&utm_medium=forum)
As a disclaimer: I’m sure a lot of you mustachians will find the FI date calculation oversimplified, but hopefully the app is still useful for evaluating impacts of spending decisions. I’d love your feedback on any changes/additions that improve its usability for this very financially savvy crowd.
I thought cool app, I'll download it right now. And then it asks for my birthdate but won't let me enter and makes me go through the calendar. I'm not clicking back almost 500 times!!
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Download for Android and iOS:
The Pretirement App (http://pretirementfi.com?utm_source=forum.mrmoneymustache.com&utm_medium=forum)
As a disclaimer: I’m sure a lot of you mustachians will find the FI date calculation oversimplified, but hopefully the app is still useful for evaluating impacts of spending decisions. I’d love your feedback on any changes/additions that improve its usability for this very financially savvy crowd.
I thought cool app, I'll download it right now. And then it asks for my birthdate but won't let me enter and makes me go through the calendar. I'm not clicking back almost 500 times!!
I stuck with today's date and while my age is wrong it still gives me an idea to how much sooner/later I can retire with changes in saving or spending. I'll have to play with more but it seems pretty cool.
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This is now kinda addictive. If the wife and I buy cars to replace our current jalopies we will retire 3.5 years later. Although this calculation also assumes that we are paying these car payments indefinitely.
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I just do it with some simple math. Like lets say I want $3 coffee instead of my home made stuff:
$3x250 (working days a year) x25 (inverse of 4%) = $18,750 invested just to pay for coffee.
Or each $1 wasted a day costs $9,125 that I'll need.
your car at 300/month would be $90,000 shit, that's a used ferrarri in cash!
Thanks for providing the simple math :)
I would definitely check out the app, but I have maxed out storage on my phone...have to clear some things out!
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Is there some way to add the ”What if scenario” directly to the baseline?
Say i want to buy a pizza 10$, i calculate it in the app and then decide to save the 10$ And add it to my total invested..
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Sorry for resurrecting an old thread ...
Wondering if it's possible to gain access to the data points in the Trends (Beta) section -- or at least to be able to select certain data points and delete them. I was messing around with "options" and now I have spikes all over the place as I considered different life decisions.
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Sorry for resurrecting an old thread ...
Wondering if it's possible to gain access to the data points in the Trends (Beta) section -- or at least to be able to select certain data points and delete them. I was messing around with "options" and now I have spikes all over the place as I considered different life decisions.
lol. Yeah that's why even though I was going to change some of the assumptions to better reflect my investments, I decided just to leave it alone and keep updating the actual dollar number I have to avoid the crazy spikes all over my nice graph
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I’m bringing this super old thread back because my phone offloaded this app and I really miss it. I hadn’t used it in a while because I didn’t want to see my FI date look further away with the recent market correction! It’s no longer in the App Store so my iPhone can’t download it. (I don’t understand how it left my “purchased” list. I can still pull YNAB classic onto new devices this way.).
I had forgotten that it was someone on these forums that created it. Paging @dannymurphy I’m begging for this app!