The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: intotherealworld on February 01, 2016, 01:20:31 AM
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Since I'm around 7+ years away from my ideal FIRE I've realised it can be more motivating to look at what your day to day actions are worth.
My current cost of living is 25000 per year.
That means my cost per day is $68
I just invested $2000.
Assuming 7% returns over the long term (10+ years), without even taking into account compounding, the return on $2000 will be around $140 per year.
That's two days of financial independence, every year, for the rest of my life.
For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
EDIT: Check out the awesome calculator the user CCCA has made to calculate this!
https://engaging-data.com/freedom-calculator/
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Nice idea! Running off to work out my own figures….
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Nice idea! Running off to work out my own figures….
It gets even more exciting if you actually decide to take into account compounding!
To buy 1 day of financial freedom each year, forever, starting 7 years from now costs me $600 today.
($600 compounded at 7% annually for 7 years = roughly $1000)
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I'm amazed that even after all this time, people still come up with new ways to measure something like this.
I like this one. So easy to understand.
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I like this perspective, too!
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Oh this is so cool to think about in terms of days!
I am going to disagree with taking into account compounding for one reason. We can't predict returns in such a short time period. Sure the market returns 7-8% average over the long haul but periods between a half and two decades are anyone's guess as far as what the market will do.
That being said our FIRE spending if we pulled the plug today would be ~$36,500 for two people. Which makes the math easy. We need $100 per day, and with our current 'stache of $150k throws off $6,000/year @ 4% WR which means we have 60 days of our year =)
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I'm also loving this way of looking at it! Nice work OP!!
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Not to be a downer but 4% is a much more realistic assumption to use than 7%, so $1000 invested only gets you $40/year.
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So OP, you've saved $2,000 in sum total and except to retire in 7 years?
Just curious on how you plan to go from saving nothing almost ($2k), to $365k.
I wish you well.
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I'll throw in my 2 cents on percentages.
Historically the stock market has returned just over 10%/year, after inflation that's about 6.5%. The trinity study has shown us that 4% is a safe withdrawal rate for early retirement. Many economists including Wade Pfau believe it will be slightly lower this century. The Shiller P/E10 has historically done a good job at predicting real returns over a decade or more. On 12/1/15 there was a Shiller CAPE ratio of 25.6, making the recommended withdrawal rate for those retiring right now about 3.9%.
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I like the thinking!
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So OP, you've saved $2,000 in sum total and except to retire in 7 years?
Just curious on how you plan to go from saving nothing almost ($2k), to $365k.
I wish you well.
I think the $2,000 was the most recent investment.
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$2206 will give me one day. What an idea. :)
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So OP, you've saved $2,000 in sum total and except to retire in 7 years?
Just curious on how you plan to go from saving nothing almost ($2k), to $365k.
I wish you well.
I reckon he needs $625,000, not $365,000($25,000 x 25 = $625,000), and the plan would probably to save around $60,000/year(assuming he is currently at $2,000) or so which is possible with a very high paying job.
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Since I'm around 7+ years away from my ideal FIRE I've realised it can be more motivating to look at what your day to day actions are worth.
My current cost of living is 25000 per year.
That means my cost per day is $68
I just invested $2000.
Assuming 7% returns over the long term (10+ years), without even taking into account compounding, the return on $2000 will be around $140 per year.
That's two days of financial independence, every year, for the rest of my life.
For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
If you want a 4% SWR and $25,000/year I think it will cost $1,700 per day rather than $1,000 per day
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363 to go? What about leap years? ;)
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I love the idea of calculating a daily cost of living. So simple and so relatable!
Genius!
(I haven't bothered to do a calculation of how many days I've bought of freedom with an investment, but I've started calculating my expenses per month, and then created a rolling 3 month and 12 month average to account for lumpiness. Creating a daily cost based on these averages gives you very tangible immediate feedback).
Thanks!
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Interesting way to think about it.
I always considered my savings as giving myself an annual raise. Save $1000, gave myself a $40 raise. Save $10,000, a $400 raise. I've probably always beat my annual (non-promotional) raises in a year.
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I do love the simplicity of this. The method I've been using is monthly income replacement, but thinking about a daily amount to invest in order to buy a day is also good. Anything that gets us motivated to save and invest is a worthwhile project.
Because I work for a government agency, there really aren't raises like the ones you hear about in private industry. The only way for me to earn more is to spend less and invest all that I can. Eventually, I will add in some side hustles to boost my numbers.
NDQ
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
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I love this and am now running off to paper and calculator
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This is awesome! I've been brainstorming ways to break down the larger numbers into smaller, bite-sized goals, and this may just do the trick. Fun to think of new frames-of-reference for the old FIRE calcs!
I've already sorta run the numbers for (current stash)(.04) = (annual income, disregarding subsidies or expected SS for the sake of simple calculations)
I'm also not sure I will want to ultimately use a 4% WR on the back end; I think of it as a baseline but psychologically I think I'd be much happier with 3%. We will see when I'm further along.
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This is so much more motivating than the way I was doing it. Thanks!
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I'm trying to figure out how even smaller amounts can be thought about in a motivating way.
For example, saving $100 = $4 return every year (conservatively)
That's enough to buy a simple breakfast for a week.
So rather than saving $100, it's buying 1 week of breakfast every year, forever, for $100.
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I need to figure this out for my rate. This will be a more motivating method for me this year, I think, since I'm not focused on growing my liquid savings and am directing most of my savings energy on pre-tax accounts right now, which have been dragging their feet so far this year. At the moment, I'm living on about $16,000/year, so with my current stash at about $50K, I'll have to evaluate where I fall currently on days "paid."
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
I can't figure out how to make this formula work. What exactly are you putting in for A2?
I just ended up making a formula to calculate how many days a 4% withdrawal rate buys me. Right now I am at 42 days.
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This is a great way of looking at things. I've just added two items to my spreadsheet: "current amount per day I could withdraw", and "number of days bought". I can already sustain $4.03/day forever (barebones FI is more like $35); my number of days bought is 43.
Can't wait for it to climb further.
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I'll be honest I do like this way of thinking about financial freedom but if it were me (which is isn't) I would play it ultra safe and assume 1% returns. I'd also place my living costs as $100 per day Australian dollars. So for ME (not anyone else on this thread) I would think every $10,000 I save gives me 1 day of financial freedom per year.
What's the reason I have returns so low? Well, what if you suddenly realise you have cancer or need a major operation... You need to make a major repair on your property ect... Plus, what ever extra you make can go towards compounding and help you keep above inflation.
Plus if it was ME I wouldn't start counting excess/invested cash using this method until I have payed off and own a small property making living costs lower.
That's just me though :)
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For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
Just when I thought I had heard it all, this forum makes a new and interesting concept. Well done, OP.
My number, counted at 4%, is $904 per annual day of freedom (not counting my SS).
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I'll be honest I do like this way of thinking about financial freedom but if it were me (which is isn't) I would play it ultra safe and assume 1% returns. I'd also place my living costs as $100 per day Australian dollars. So for ME (not anyone else on this thread) I would think every $10,000 I save gives me 1 day of financial freedom per year.
Are you saying you are planning on using a 1% withdrawal rate?
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I'll be honest I do like this way of thinking about financial freedom but if it were me (which is isn't) I would play it ultra safe and assume 1% returns. I'd also place my living costs as $100 per day Australian dollars. So for ME (not anyone else on this thread) I would think every $10,000 I save gives me 1 day of financial freedom per year.
Are you saying you are planning on using a 1% withdrawal rate?
To be honest, yes. Mainly for the purpose of playing it ultra safe AND I want my money to continuously grow at a decent rate after I retire so I can continue to pick up an increasing amount of investment properties and have my lifestyle improve as well over time. For me it's not simply about financial freedom where I retire with 1 million, earn 40K per year in returns then spend it each year to keep my million. I want that million to be 2 million in 10 years, then 4, 8 ect (not exactly, as long as it is growing at a decent rate though...)
My goal is to retire with my own place paid off and two investment properties paid off. Live off the rent while saving the majority towards the next property I want to live in. Then rent out the old one and move to the next. It's a way to travel from city to city and invest at the same time. My plan is to retire in 9 years with a networth of at least 1 million. Right now it is 179K (self made) and I'm 21 years old. I'm planning to move at least every 5 years. I've got my eyes on Yamba right now or Whyalla if I'm THAT desperate. I'm also the type of person who hate vacancies so I'm likely to give good deals to make sure things stay filled, thus why 1% is playing it safe for me.
Anyway, too far in the future to talk about right now for me. I've still gotta finish paying off my current place before I even think about getting my first investment property.
Edit: Although I said I would fine living on $100 per day comfortably (requiring 3.65 million on 1% withdraw rate) I would live on less than that at age 30 as I'd prefer to be financially free than "living comfortably" while still working.
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
Hmmmm, 25-June. Not bad, not bad.
I can't figure out how to make this formula work. What exactly are you putting in for A2?
The excel format is DATE(year, month, day). So snshijuptr is saying DATE(2015+1,1,1), which is 2016 Jan 1st. It's the same as saying DATE(2016,1,1), but I assume there's some multi-year formula magic happening.
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This is a great concept! Love it.
I agree with all those posting to use the 4% SWR, rather than a 7% compounded return.
In essence, you take your annual expenses, multiply by 25 (4% SWR) to get stache amount, then divide by 365, to get the amount needed to be saved to cover one day's expenses.
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This is a great concept! Love it.
I agree with all those posting to use the 4% SWR, rather than a 7% compounded return.
In essence, you take your annual expenses, multiply by 25 (4% SWR) to get stache amount, then divide by 365, to get the amount needed to be saved to cover one day's expenses.
Thanks for summarizing the formula, that just helped me a lot. Looks like every time I save about $1100, I buy myself another day of freedom per year forever.
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This is a great concept! Love it.
I agree with all those posting to use the 4% SWR, rather than a 7% compounded return.
In essence, you take your annual expenses, multiply by 25 (4% SWR) to get stache amount, then divide by 365, to get the amount needed to be saved to cover one day's expenses.
Thanks for summarizing the formula, that just helped me a lot. Looks like every time I save about $1100, I buy myself another day of freedom per year forever.
No problem. I tried to clean it up further, but 25/365 is irrational, so that seemed close enough. For the less math inclined, or lazy, having a straightforward formula is great. ;)
Your 16k annual spending is badass!
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
Hmmmm, 25-June. Not bad, not bad.
I can't figure out how to make this formula work. What exactly are you putting in for A2?
The excel format is DATE(year, month, day). So snshijuptr is saying DATE(2015+1,1,1), which is 2016 Jan 1st. It's the same as saying DATE(2016,1,1), but I assume there's some multi-year formula magic happening.
No magic - you've got the put last year into A2 part. Then a date in excel is just an integer - specifically it is the number of days since the beginning of time (as defined by excel - the earliest date excel will recognize - probably 01-01-0001). So first part of the formula is just setting the start date of the computation to January 1 of this year. Then you add the number of days you have saved up per arebelspy's instructions. This gives you the "crap, I have to start working for the rest of the year" date for the current year.
Personally would have done that part as (Current Investments ) / ((Current Expenses X 25) / 365), but that is equivalent to (Current Investments / 25) / (Current Expenses / 365).
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This is a great concept! Love it.
I agree with all those posting to use the 4% SWR, rather than a 7% compounded return.
In essence, you take your annual expenses, multiply by 25 (4% SWR) to get stache amount, then divide by 365, to get the amount needed to be saved to cover one day's expenses.
Thanks for summarizing the formula, that just helped me a lot. Looks like every time I save about $1100, I buy myself another day of freedom per year forever.
No problem. I tried to clean it up further, but 25/365 is irrational, so that seemed close enough. For the less math inclined, or lazy, having a straightforward formula is great. ;)
Your 16k annual spending is badass!
Ha, I might be both! Yeah, having a roommate and no bills makes it much easier. Even if my expenses go up in the future due to costlier housing, I could just supplement with some kind of part-time work. $16K should cover the bulk of my future yearly expenses as far as I can see, though.
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Love this way of thinking as well. We want a $1M stache, which works out to $2700 (roughly) to buy one "forever day." We have 83 forever days banked, which is 23% of a forever year :)
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I need to figure this out for my rate. This will be a more motivating method for me this year, I think, since I'm not focused on growing my liquid savings and am directing most of my savings energy on pre-tax accounts right now, which have been dragging their feet so far this year. At the moment, I'm living on about $16,000/year, so with my current stash at about $50K, I'll have to evaluate where I fall currently on days "paid."
So I've discovered every $1100 invested buys me 1 "forever-day." That means I've got about 45 days covered so far. By what I anticipate to save this year, I should have about 72 days total paid for at the end of 2016...that'll be close to being 20% retired for me!
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Love this idea! Going to start calculating how many days I'm buying with every transfer to my investment account.
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Awesome post OP.
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This is cool! I figured out something similar, which I distilled down to (to make easy math): Every $100 invested will bring you a penny a day, forever. (3.65% WR). Really puts the opportunity cost into perspective: Do I really want to blow $500 on that TV? Or would I rather have a nickel a day for the rest of my life?
Or put even another way: A perpetual $1 annuity costs only $25. After you buy 25 of these annuities, they will automatically purchase another one of themselves every year (compounding). Rinse repeat.
It's so much fun to play around with the numbers in this way, and motivates me to make even small increases in saving/investing wherever I can!
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My "forever day" cost is $1770. Coincidentally, I just invested this much this morning, so I've bought myself another day of freedom. I really like this idea.
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I just love this! Looks like we have 2 months out of the year cures, forever. This is so much more tangible to imagine! I think I will combine this idea with the art idea of shading in 365 leaves of a savings tree to represent our FIRE goal :)
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Nice.
I just bought 3.7 forever days worth of shares.
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Or put even another way: A perpetual $1 annuity costs only $25. After you buy 25 of these annuities, they will automatically purchase another one of themselves every year (compounding). Rinse repeat.
This is another fun one. Well said.
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This has made it into my happiness spreadsheet, its now October 26 6:17am, and keeps increasing each day...
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I love this idea.
For those of you calculating the cost of your "forever days" -- do you use your current (actual) spending, or your planned retirement spending?
I'm far enough away from FI that our retirement budget is guesstimate, but I'm into this idea and would like to calculate our "forever days." I do expect some of our costs to come down in FI. For one, we will probably take a break from contributing to charity, or scale it back dramatically. (However, healthcare costs will increase.)
Our FI plans are difficult to put a real number on, in general, as I expect we will phase out of the workforce via part time work -- and we are promised fairly substantial pensions from our jobs even with early retirement, but when calculating our FI number and "forever days" I tend to ignore those entirely.
I suppose this is the sort of thing where even as a guesstimate its a pretty effective motivator --- I love the idea of combining it with the wall chart! I may be breaking out some markers tonight...
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I love this idea.
For those of you calculating the cost of your "forever days" -- do you use your current (actual) spending, or your planned retirement spending?
I would think the latter. Those are the days you're purchasing, and the much more relevant number.
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So OP, you've saved $2,000 in sum total and except to retire in 7 years?
Just curious on how you plan to go from saving nothing almost ($2k), to $365k.
I wish you well.
I think the $2,000 was the most recent investment.
Even if it wasn't, gotta start somewhere. A journey of a thousand miles is going to require lunch? or something like that? I should've eaten breakfast...
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Awesome way to think of it! Thanks OP
Sent from my iPhone using Tapatalk
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Or put even another way: A perpetual $1 annuity costs only $25. After you buy 25 of these annuities, they will automatically purchase another one of themselves every year (compounding). Rinse repeat.
This is another fun one. Well said.
We could communicate this to non-Mustachians by saying "Buy 25, get 1 free!" ;-)
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Love this idea OP, but like others I've used the idea against the 4% SWR...
For us, we need $1643 invested for every annual day of freedom (on top of pension income). Currently sitting at 230 days paid for!
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Our cost of $2,465 per forever day seems little bit high, compared to some of the other replies on this thread. You guys are doing a lot better than we are, it seems!
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Our cost of $2,465 per forever day seems little bit high, compared to some of the other replies on this thread. You guys are doing a lot better than we are, it seems!
If it helps, one forever day for us is about $4K. Do have about 80 of them saved up at this point at least.
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I'd only make it to Feb 24 :(
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Love this! Will have to fuss it to take out mil pension, but great idea! The calendar date formula is awesome. Can't wait to get to New Year's Eve!
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77 days paid for 288 to go -_-
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... but 25/365 is irrational ...
25/365 is definitely rational
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I need to figure this out for my rate. This will be a more motivating method for me this year, I think, since I'm not focused on growing my liquid savings and am directing most of my savings energy on pre-tax accounts right now, which have been dragging their feet so far this year. At the moment, I'm living on about $16,000/year, so with my current stash at about $50K, I'll have to evaluate where I fall currently on days "paid."
So I've discovered every $1100 invested buys me 1 "forever-day." That means I've got about 45 days covered so far. By what I anticipate to save this year, I should have about 72 days total paid for at the end of 2016...that'll be close to being 20% retired for me!
Now at almost halfway through the year, I've got 57 days covered.
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... but 25/365 is irrational ...
25/365 is definitely rational
The fact that it took 4 months for someone to point this out speaks poorly of our math skills :)
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Asking for a math check
My current NW (including 401k)= $200k (approximately)
My current annual expenses (not counting the nanny*) = $25k (approximately)
$27,000 * 25 = $675,000/365 = $1849 needed to save to buy 1 day of FI
With my current NW I have 108 days bought.
The nanny adds to the current annual expenses right now, however we are not planning to have this expense in early retirement.
Do I count my 401k into my total NW for these purposes?
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Count 401k, but not your house (if you are counting it there, and unless your plan is to sell it or cash-out refinance to fund part of your retirement spending) - basically just add up the assets you will actually use to fund your retirement.
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Count 401k, but not your house (if you are counting it there, and unless your plan is to sell it or cash-out refinance to fund part of your retirement spending) - basically just add up the assets you will actually use to fund your retirement.
Thanks! Nope I'm not counting my house.
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... but 25/365 is irrational ...
25/365 is definitely rational
The fact that it took 4 months for someone to point this out speaks poorly of our math skills :)
Rational but not rounded. For those that need a more simple formula, calculating 7% of your expected annual spend in retirement will give your daily purchase rate using a 4% SRW (rounded slightly conservatively).
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This is an awesome idea! Sometimes it is hard to stay focused on such a large and distant goal, but thinking of it by the day really puts in into perspective vs other possible expenditures. A yearly wall calendar is a great way to visualize the progress!
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I love having this new metric in my spreadsheet. Unfortunately we have been saving up a down payment for a house, so I have only been buying myself about 1 forever day per month lately. Currently sitting at 55.
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I love this way of looking at the stash. I had to make a spreadsheet to play around with the numbers. Currently, we're up to May 9 :)
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Oh! 6 months later and we've made it to September 23rd
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I'm up to March 21st! Woohoo Spring is here ;)
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Added to spreadsheet.
We're currently at 299.7 out of 365.25 days based on our lower-bound FIRE total.
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... but 25/365 is irrational ...
25/365 is definitely rational
The fact that it took 4 months for someone to point this out speaks poorly of our math skills :)
If you want poor math skills, look at the some of the 'why biking is better than driving' threads...
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oh man... I think I would find 4c a day to be a little bit depressing to be honest. Even if it had a grain of truth to it...
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Except that saving 80% would mean you spend $100 dollars a day. At that rate you'd need 7 years of work get there, or 2500 days....
Just incase you didn't depress people enough. :D
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Well. Crud. We're only through March 13th. Feels like a long way to go...
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Wow, I just realized I exceeded my expectations for this year. I predicted I'd have 72 days covered and now I have 73...and the year is not over yet!
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I am tracking to 328.9 at the end of the year.
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Love this idea!! I'm at August 10th :-)
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I also like this way of calculating or tracking your progress!
What I have done in the past and is a bit similar was to calculate how much time I needed to spend in the office to buy something. Like, hmm a new tablet would cost XXX euro, which would mean working X days, is it really worth that? A lot of times it stopped me from making the purchase. Or have me looking for cheaper alternatives.
Another guy who was into dividend investing matched dividend income from individual stocks to regular expenses he had. Example: ‘the amount of dividends I will receive from company X are enough to pay for my annual Spotify subscription’; starting small with the Spotify subscription of 8 eur a month and then going up: internet subscription of 35 eur, car insurance, food, .. Stuff like that.
Ok, the math might have been fuzzy on some things (dividends can go up or down in time, costs will also vary from year to year). But I think it motivating him a lot to save because in a – strange way- he was not saving by buying X amount of stock but he was actually buying future Spotify subscriptions with it … investing 10.000 euro was investing it, but also buying breakfast for the rest of his life … it made it all the more tangible …
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What a great concept. You magnificent bastard.
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I also like this way of calculating or tracking your progress!
What I have done in the past and is a bit similar was to calculate how much time I needed to spend in the office to buy something. Like, hmm a new tablet would cost XXX euro, which would mean working X days, is it really worth that? A lot of times it stopped me from making the purchase. Or have me looking for cheaper alternatives.
Another guy who was into dividend investing matched dividend income from individual stocks to regular expenses he had. Example: ‘the amount of dividends I will receive from company X are enough to pay for my annual Spotify subscription’; starting small with the Spotify subscription of 8 eur a month and then going up: internet subscription of 35 eur, car insurance, food, .. Stuff like that.
Ok, the math might have been fuzzy on some things (dividends can go up or down in time, costs will also vary from year to year). But I think it motivating him a lot to save because in a – strange way- he was not saving by buying X amount of stock but he was actually buying future Spotify subscriptions with it … investing 10.000 euro was investing it, but also buying breakfast for the rest of his life … it made it all the more tangible …
I've actually thought of doing something similar, although in my case it was making a game out of using only Lending Club interest to fund bar tabs/entertainment fund items. I don't use Lending Club (yet?) so obviously this scheme never made it off the ground, but I definitely see where he is coming from. It's like the expression 'playing with house money'.
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I'm up to Nov 26!
Close enough!! Let me out!
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My jealousy burns with the heat of a thousand suns.
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This is definitely a cool new way to look at it. I also liked the idea someone posted on compounding and how stealing from yourself now really robs your future self. While I've always known this seeing the numbers is very eye opening. This new calculation confirms what I already knew which is that I'm halfway there. I sometimes wish I lived in a LCOL area instead of where I live so I can be done now, but this is where my friends and family are and you can't beat the weather. I've still got at least 6 more years of work, but I plan to not work too hard and try to travel at least once a year to somewhere new.
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Wow, this is a great way to look at it. With my current stach (and accounting for compounding by retirement age), it looks like I've purchased 35-52 days (depending on my retirement spending). Looking at it this way is way more motivating (especially because it accounts for the compounding effect over time.)
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I'm closing out the year with 324.4 days out of 365.
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I'm closing out the year with 324.4 days out of 365.
That's awesome!
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I'm closing out the year with 324.4 days out of 365.
Fantastic!
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Great thread. I'm always up for new ways to chart and graph my stash, and this one is very cool. I'm at day 211, or July 31 on the calendar.
But really once you've figured out how to get the percent of your FIRE number, you can represent it any way you want. Perhaps the most resonant to me is to think about how far into a work day I am, metaphorically speaking. So I figured out where I am in a standard 9-5 workday, disregarding that I often work different hours. That's 480 minutes total, but you can use any time frame that works for you (including the entire day if you prefer) by figuring out how many minutes are in that time frame. From the 9 to 5 perspective, my stash currently puts me at 1:38 PM, just getting into the mid-afternoon slog but with the end almost in sight when I can retire "for the day." I've gained just over an hour of freedom per year during each of the past couple years, so if that trend holds (market willing) I should hit 5pm quitting time in about three years.
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Our cost of $2,465 per forever day seems little bit high, compared to some of the other replies on this thread. You guys are doing a lot better than we are, it seems!
If it helps, one forever day for us is about $4K. Do have about 80 of them saved up at this point at least.
You can feel even better knowing that one forever day is $5k for us. HCOL area means housing is our biggest expense and is larger than all our other costs combined.
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All these different ways of looking at numbers are great! Thank you all.
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I need to figure this out for my rate. This will be a more motivating method for me this year, I think, since I'm not focused on growing my liquid savings and am directing most of my savings energy on pre-tax accounts right now, which have been dragging their feet so far this year. At the moment, I'm living on about $16,000/year, so with my current stash at about $50K, I'll have to evaluate where I fall currently on days "paid."
So I've discovered every $1100 invested buys me 1 "forever-day." That means I've got about 45 days covered so far. By what I anticipate to save this year, I should have about 72 days total paid for at the end of 2016...that'll be close to being 20% retired for me!
I now have 80 days paid for. Come on, 100!
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164 days paid! w000h00000
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Very cool concept. I have 24.5 days paid off!
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I just had to go calculate this. It looks like we have 17 days in the 401k right now. I back calculated for a couple years, based on the end of year balance and we are not moving very fast, probably due to focusing on debt over investing.
I also back calculated NW of the same couple of years and those numbers are much more motivating right now and probably will continue that way until we switch our focus.
I guess I could get the best of both worlds if I used NW to calculate # of day but since I will always need a place to live I don't usually use that number for anything but making myself feel good about paying down debt.
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Our investments put us at 34-38 days so right around 10% of the way there!
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Since I'm around 7+ years away from my ideal FIRE I've realised it can be more motivating to look at what your day to day actions are worth.
My current cost of living is 25000 per year.
That means my cost per day is $68
I just invested $2000.
Assuming 7% returns over the long term (10+ years), without even taking into account compounding, the return on $2000 will be around $140 per year.
That's two days of financial independence, every year, for the rest of my life.
For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
Mid you get 7% that's close to double almost tue last 20 years. I do keep hoping we revert back to the mean.
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I like this calculation.
Stache growth will have me FI in 12 years. With a 4% withdrawal rate, it'll be enough to continue making all the student loan and mortgage payments I'm making now.
A minute of Forever Freedom today costs me $2. A minute of Forever Freedom in 12 years costs me only $0.85
So every $1 saved brings me one more minute close to FIRE!
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I'm up to 335.7 now.
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Probably want to reduce your real return assumptions to 4-5%
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
Thanks! I just added it to my spreadsheet.
You can geek it out a bit by getting rid of A2 so you don't have to keep updating it:
=DATE(Year(Today()),1,1)+(D2/25)/(B2/365)
Also, for those of us counting days, we could split out--
# of days paid for:
= (D2/25)/(B2/365)
You could get really "I got too much time on your hand" by replacing 365 with
=DATE(YEAR(TODAY())+1, 1, 1)-DATE(YEAR(TODAY()), 1, 1)
to account for leap years...
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I decided to add something like this to my spreadsheet too, even though I'm drastically behind most of you.
Days of Freedom Purchased!
=(Investment Total/25)/(-Month's Expense*12/365)
This connects the items that fluctuate so you can see the # of days until freedom each month.
"Investment Total" is my 401k + Other investments (No SS)
"Month's Expense" is what I actually spent that month. This will help show that my spending directly affects my days until I have a full year of freedom. I used a negative (-) to cancel out my spreadsheet investment being shown as negative.
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You can geek it out a bit by getting rid of A2 so you don't have to keep updating it:
=DATE(Year(Today()),1,1)+(D2/25)/(B2/365)
Also, for those of us counting days, we could split out--
# of days paid for:
= (D2/25)/(B2/365)
Thanks for the calculation, I added this to my "date" section of my spreadsheet -- Currently March 15. For my calculation though, I'm using my projected expenses in FIRE based upon my family's current budget, excluding any debt, but including a Mortgage. If I exclude my mortgage expenses, I'd be up to May 27th.
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Wow this is mindblowing 0__0
Thanks OP!
Question:
With the 4% SWR formula, $2703/month which is 1 "forever day" will take 30 years to make it to $1M? is this correct?
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"Number of retirement days endowed per year" is my new favorite way to mark progress.
As of today, I have endowed 243 days of freedom in perpetuity. My goal is to endow at least 4 additional days per month.
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I'm up to 338.6 now.
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Wow this is mindblowing 0__0
Thanks OP!
Question:
With the 4% SWR formula, $2703/month which is 1 "forever day" will take 30 years to make it to $1M? is this correct?
I don't think that this is correct.
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It really frustrates me when I have the passion and will power (and gaining the knowledge more and more on here and other sites) but I suck at math. I try really hard to figure all this out but sometimes I don't trust my own math and assumptions to get this right. Am I alone here? I am still unsure about the math I have done to get my FIRE date right even though I have calculated it so many times (every site I use gives me vasty different numbers). It feels like the majority of folks on here are little whizzes at crunching numbers. Im envious. Waving the white flag :(
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It really frustrates me when I have the passion and will power (and gaining the knowledge more and more on here and other sites) but I suck at math. I try really hard to figure all this out but sometimes I don't trust my own math and assumptions to get this right. Am I alone here? I am still unsure about the math I have done to get my FIRE date right even though I have calculated it so many times (every site I use gives me vasty different numbers). It feels like the majority of folks on here are little whizzes at crunching numbers. Im envious. Waving the white flag :(
Most FIRE dates are just educated guesses based anyway based on what the market will probably do over time. FIRE is certainly a few years out for us yet, so whenever I play with the calculators it's a bit of fun speculation. If we keep investing this much, and the market returns this much, holy moly, we'll have that much and can FIRE because we only spend this much. Woot!
As far as this thread goes, I can share a quick little spreadsheet that I made inspired by this thread if you want it.
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Up to 113 days :-) weee!
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It really frustrates me when I have the passion and will power (and gaining the knowledge more and more on here and other sites) but I suck at math. I try really hard to figure all this out but sometimes I don't trust my own math and assumptions to get this right. Am I alone here? I am still unsure about the math I have done to get my FIRE date right even though I have calculated it so many times (every site I use gives me vasty different numbers). It feels like the majority of folks on here are little whizzes at crunching numbers. Im envious. Waving the white flag :(
I think the most simple way to look at it is:
(Total Invested / 25) / 12 / (Average Monthly Spending) = %
So, if you have $600,000 saved, the 4% rule says you can expect $24k/yr in gains.
Dividing $24k/yr by 12, you can find what you get each month = $2k/mo.
Dividing $2k/mo by your average monthly spend (for me $3k) = 66% to goal.
Of course, if you plan to sell your home when you FIRE and travel, you can add the value of the home. I only use Total Invested, because I plan to keep my home when I retire.
Note: I just picked these numbers for simple math examples.
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If you want to do "days endowed," in contrast, do this easy (though dirty) calculation:
How much do you want to spend per year? For instance, "$40,000."
Divide $40,000 by 365, which is how much you want to spend per day: $110
If you are going to use the 4% rule, then you need 25X this amount to "endow" that day (because 4%X25=100%, but don't worry if you don't understand that--just trust me on the 25): $110 X 25 = $2750.
So every $2750 you save is one day you have endowed.
How many days have you endowed? Take your current nest egg, and divide by $2750. Imagine it is $500,000: $500,000/$2750 = 181 days so far, and 365-181= 184 to go.
Wah-lah!
(By the way, it is "dirty" because you're not accounting for inflation. If you are far away from retiring, that $40,000 amount is going to go up. No worries--just every few years, redo the calculations with an updated yearly spend.)
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If you want to do "days endowed," in contrast, do this easy (though dirty) calculation:
How much do you want to spend per year? For instance, "$40,000."
Divide $40,000 by 365, which is how much you want to spend per day: $110
If you are going to use the 4% rule, then you need 25X this amount to "endow" that day (because 4%X25=100%, but don't worry if you don't understand that--just trust me on the 25): $110 X 25 = $2750.
So every $2750 you save is one day you have endowed.
How many days have you endowed? Take your current nest egg, and divide by $2750. Imagine it is $500,000: $500,000/$2750 = 181 days so far, and 365-181= 184 to go.
Wah-lah!
(By the way, it is "dirty" because you're not accounting for inflation. If you are far away from retiring, that $40,000 amount is going to go up. No worries--just every few years, redo the calculations with an updated yearly spend.)
I think you are forgetting market returns and over stating inflation, unless all investments are in cash.
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Yes it ignores market returns, too. And it ignores inflation. That's why it's quick and dirty. The point was to give a poster who said he/she isn't good a math, a way to understand what we are doing.
A marginal increase in accuracy will come at a large cost in complexity. The further you are away from planned retirement, the worse the inaccuracy.
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Great way to look at it. I've added this equation to my financial spreadsheet too.
I have bought myself 223 glorious days. 139 to go.
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Oh! 6 months later and we've made it to September 23rd
Kind of fun to keep circling back....we are up to October 17th, or 290 days per year of freedom.
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170 down, 195 to go!
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I'm done with winter, spring and summer. Just starting on my final season, fall--up to Sept. 3. Fall has always been my favorite season. :)
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January 23rd - counting only invested funds.
Long way to go.
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I am currently at 22 days, which is not a bad start. I like this game.
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7/365 - One week down!
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Can almost retire for February on a non leap year. 27.376 days
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Well, I've just passed my birthday!!! And a double hooray because thats November 22
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According to this calculation, I've made it to about Jan 30 of the following year! (i.e. day 395). Okay, so I should be FIRE right now, but I'm not yet. I have NMM (nine more months!) at 50% part-time, less than OMY.
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I do something similar, but match the return to a cost of living. For example, our electric bill averages $130/month and thus, when we acquired a rental property yielding $130 per month, I count that as a perpetual source of electricity payments. Ditto for just about all the other costs of living. The $1150/month health insurance bill took two paid off rental houses, but one by one, the asset ROI is displacing the costs of living and freedom is nigh.....just about 5 major costs of living to offset with ROI and Bob's your uncle. DONE!
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I've been doing a lot of thinking lately about what my actual FIRE goal/number is. There's a ~$250k difference between some of the numbers I've come up with in doing so. (30k/yr @ 4%, or 750k invested, vs. 30k/yr @ 3%, or 1000k). The thought is that perhaps crossing the 7 figure mark will have some psychological bearing on whether I feel comfortable enough to pull the trigger and DO IT. This of course has a direct bearing on the denominator in this equation, but estimating conservatively I'm at February 26th. Not bad!
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Up to 67!
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I couldn't love this thread more! I'm up to Jan 21st. $1,680 for every forever day. :D
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This is a fun exercise :) 41 days/February 10!
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Looks like I'm at 66.9 days with my liquid investments and 105.5 if I include equity! :D
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This is one of the most refreshing ways to think about calculating the FIRE date that I've seen in a while. It's nothing earth shattering or anything but at the same time it is. It's such a cool way of seeing it!
- Just investments - September 10
- plus short term positions - November 7
- plus house equity - January 7 ... next year
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I've added this to my accounts spreadsheet even though it's a little depressing as we're very much at the beginning of our journey...
I have made it calculate from today's date though as I feel it's most accessible as a 'quit-ability' factor that way...
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560 days @ 4% WR. I can't quit for four more years due to contract obligations, else I'd be out adventuring instead of sitting in this damn office. :(
#mustachianproblems
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I am loving this method too! And my avoid-anything-numerical-at-all-costs husband gets it too, double win!!
Unfortunately, while ourstash says August, I when I include what I need to pay off our house (We can't / don't want to retire with a mortgage) I'm back to the 12th of August. $3,837 Aussie Pesos buys us a forever day of freedom!
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I think this is a fun way to look at it. We're at May 1.
But when I showed my husband (who has heard "Honey, come look at !" more times than most men), he thought it was a sad way to view things. He thought it was like he's an indentured servant, buying out his contract.
I know there's nothing revolutionary about the numbers themselves, it's just another way to look at them. But I don't know why he felt that it was a depressing way to look at life.
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Some people just really, really hate talking about these things. They find it grubby, and yes, depressing. My husband is the same way. It's hard, because I want to share milestones with him, but he haaaaaaaaaaates it. Like, it makes him feel bad and puts him in a foul mood. I find it completely weird, but he's not the first person I've met like that.
I have fifty million different ways of describing "how close" we are to the ability to retire. Every single one of them gives me delight. I have the most ridiculous spreadsheet you have ever seen. Every time I come up with/hear of a new way to track finances, add it. But I can't share it with anyone! It's very lonely. So I just post here. :)
Back on topic, I allow myself to formally update the "days of freedom" bought only once per month. On that day, I get to add a line, with the new cumulative number of days, and then I get to update the "date." And I swear to god I start looking forward to that little treat over a week in advance.
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Some people just really, really hate talking about these things. They find it grubby, and yes, depressing. My husband is the same way. It's hard, because I want to share milestones with him, but he haaaaaaaaaaates it. Like, it makes him feel bad and puts him in a foul mood. I find it completely weird, but he's not the first person I've met like that.
I have fifty million different ways of describing "how close" we are to the ability to retire. Every single one of them gives me delight. I have the most ridiculous spreadsheet you have ever seen. Every time I come up with/hear of a new way to track finances, add it. But I can't share it with anyone! It's very lonely. So I just post here. :)
Back on topic, I allow myself to formally update the "days of freedom" bought only once per month. On that day, I get to add a line, with the new cumulative number of days, and then I get to update the "date." And I swear to god I start looking forward to that little treat over a week in advance.
Roothy, I had to double check to make sure I hadn't written this!!
I *try* to limit myself to only looking quarterly, but by goodness, during the last fortnight of May I was dragging money from everywhere to find enough to get our total higher to push over to an extra day! I'm not sure I could be trusted to look monthly- but I am tempted!!
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Note I said I "formally update" only once a month, and only that particular measure. But I LOOK at it... umm... a lot. I'm too embarrassed to admit how often I *look*. :)
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I need to figure this out for my rate. This will be a more motivating method for me this year, I think, since I'm not focused on growing my liquid savings and am directing most of my savings energy on pre-tax accounts right now, which have been dragging their feet so far this year. At the moment, I'm living on about $16,000/year, so with my current stash at about $50K, I'll have to evaluate where I fall currently on days "paid."
So I've discovered every $1100 invested buys me 1 "forever-day." That means I've got about 45 days covered so far. By what I anticipate to save this year, I should have about 72 days total paid for at the end of 2016...that'll be close to being 20% retired for me!
Now at almost halfway through the year, I've got 57 days covered.
Wow, I've come a long way. I was super stoked to hit $100K net worth last month and as of today I'm sitting at $101,363. That means I now have 92 forever-days covered! Over 25% of the forever year!
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I'm at 3:11 pm on October 22nd the following year. Been FIRED for about 18 months but it's still fun to do these sorts of calculations sometimes.
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I'm at 3:11 pm on October 22nd the following year. Been FIRED for about 18 months but it's still fun to do these sorts of calculations sometimes.
Sheesh. A bit more compounding and you'll have lapped FIRE!
Or, to put it another way, you're at a 2.2% WR and dropping.
Taking a 50% haircut and still being able to have a 4% WR must be a pretty nice feeling. ;)
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I'm at 3:11 pm on October 22nd the following year. Been FIRED for about 18 months but it's still fun to do these sorts of calculations sometimes.
Sheesh. A bit more compounding and you'll have lapped FIRE!
Or, to put it another way, you're at a 2.2% WR and dropping.
Taking a 50% haircut and still being able to have a 4% WR must be a pretty nice feeling. ;)
Yeah. If you adjust for piggybacking and some other miscellaneous income, I'm at about a 0.3% WR. For reasons that I haven't fully fathomed, I don't particularly feel as safe as I would expect even with everything humming along nicely. I think it may be that my Mom was a worrier and when things were going well, she would worry that there was nothing to worry about.
Also, I calculate my WR based on my last six months of expenses. With Christmas and real estate taxes, I have some seasonality in my WR and I'm entering the lowest/best part of the year. But I have several years of data on that so I'm OK with it.
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Yeah. If you adjust for piggybacking and some other miscellaneous income, I'm at about a 0.3% WR. For reasons that I haven't fully fathomed, I don't particularly feel as safe as I would expect even with everything humming along nicely. I think it may be that my Mom was a worrier and when things were going well, she would worry that there was nothing to worry about.
It's hard when the market is at record highs to feel totally safe.
The nice part will be when the next crash happens, half your wealth evaporates, you have side gig income keeping your WR still around 3% even counting the crash, and then the market starts to come back and your WR starts dropping again.
That's when you'll pass the sequence of returns risk test. Hopefully at that point it'll feel better? ;)
Also, I calculate my WR based on my last six months of expenses.
What's the reasoning for this instead of calculating using not the last 12 months?
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I'm at 26 days ! That's motivating :D.
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Yeah. If you adjust for piggybacking and some other miscellaneous income, I'm at about a 0.3% WR. For reasons that I haven't fully fathomed, I don't particularly feel as safe as I would expect even with everything humming along nicely. I think it may be that my Mom was a worrier and when things were going well, she would worry that there was nothing to worry about.
It's hard when the market is at record highs to feel totally safe.
The nice part will be when the next crash happens, half your wealth evaporates, you have side gig income keeping your WR still around 3% even counting the crash, and then the market starts to come back and your WR starts dropping again.
That's when you'll pass the sequence of returns risk test. Hopefully at that point it'll feel better? ;)
Also, I calculate my WR based on my last six months of expenses.
What's the reasoning for this instead of calculating using not the last 12 months?
The all time highs of the market don't bother me. I would not be surprised to see a pullback soon, but I am optimistic both in the near-term and the long-term. My apprehension is more vague and non-specific...which makes it all the more aggravating because I am having trouble arguing my way out of it. As you say, I'm relatively speaking in good shape.
Yes, getting through the first downturn post-RE will be an important milestone, and I hope I will feel better. Because of the way my finances are, actually each passing month things get a little safer (one less month of child support, occasionally one less tuition check to write).
I use the last six months to balance between two factors: being long enough to represent a plausible average, and being short enough to respond to any efforts I make to reduce my expenses. Changing it to 12 months really wouldn't change the number much I don't think...I've been wandering between 2% and 4% since FIREing.
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I just reached January 26th. It will be quite the milestone for me when I get the first complete month of freedom. Then it will be 11 months left to go.
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Useful concept. I put away ~0.5 Forever Days each month!
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31 forever days. 1 month down 11 to go.
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There's an app for this! https://forum.mrmoneymustache.com/share-your-badassity/'pretirement'-app-instantly-converts-spending-to-fi-date-delta/
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There's an app for this! https://forum.mrmoneymustache.com/share-your-badassity/'pretirement'-app-instantly-converts-spending-to-fi-date-delta/
Saw the app. Liked it, then saw the ads. Ditched solely on ads.
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There's an app for this! https://forum.mrmoneymustache.com/share-your-badassity/'pretirement'-app-instantly-converts-spending-to-fi-date-delta/
Cool app, but it isn't the same. This thread is about how many days of a theoretical year you have "endowed." In other words, I've endowed 272 days of 365--Sept. 29. I have 93 days left to endow, then I'll have endowed a full year--meaning I can now retire.
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Note I said I "formally update" only once a month, and only that particular measure. But I LOOK at it... umm... a lot. I'm too embarrassed to admit how often I *look*. :)
Love this thread and especially this response. Before I was FIRE, I used to tally my accounts once a month and stick it on the wall in my (home) office. I looked at it all the time. If I'd known of this buying days trick, I'd have been all over it. Too late now, lol.
Good luck to everyone who has reported their progress. It's great to see everyone reeling in the years and taking control of their lives.
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Looks like I'm at 66.9 days with my liquid investments and 105.5 if I include equity! :D
In 2.5 months, calculated as of the end of June, I was at 72.32 days of freedom for my liquid investments.
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At of today, I´m already at December 6, but soon will receive a Bonus that will take me to December 12,,,, the Christmas songs are already playing in my mind jejeje
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
I've been following your journey, 2b1s. This is great progress. Congratulations!!!!
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I love this idea! I'm probably at negative 5 days hahaha but it's going down!
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I love this idea! I'm probably at negative 5 days hahaha but it's going down!
That works just as well--think of each day you "buy back" from indentured servitude. Five days to go, then your "purchases" of time are completely for you!
This is definitely my favorite progress marker. I don't know why it resonates so much with me.
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Woo-hoo!
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I am at Dec 1st. :D
I am including $120K as a conservative estimate of what I will clear when I sell my house in 1 or 2 years.
And I am using $30K as my annual spend, which is probably way higher than it actually will be.
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Just reached March 1st. 2 months down, 10 to go.
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Since I'm around 7+ years away from my ideal FIRE I've realised it can be more motivating to look at what your day to day actions are worth.
My current cost of living is 25000 per year.
That means my cost per day is $68
I just invested $2000.
Assuming 7% returns over the long term (10+ years), without even taking into account compounding, the return on $2000 will be around $140 per year.
That's two days of financial independence, every year, for the rest of my life.
For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
Just wondering how OP is doing ?? Upgrade us! how many days have you bought since the beginning of this thread ??
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Just wondering how OP is doing ??
Upgrade Update us! how many days have you bought since the beginning of this thread ??
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Converted to mustachianism at the start of the year and couldn't be more excited for the future.
48 Days Bought!
317 To Go!
Cheers!
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This is actually a great idea. I'm planning to FIRE at €12000 / year, so about €33/day. Slightly lower than my current income, but by then we'll have the house paid off and no work-related costs and I would be willing to live more frugally if that meant I would be able to quit my job. Using a conservative 4% rate of returns that means every €825 invested represents one day of FIRE, indefinitely and €103 represents an hour. My investment portfolio is still quite small, but it means I'm already have more than 2 days per year of free life, indefinitely, and will probably have more than 3 by the end of the year. It's a motivating way to think about it.
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Realized our savings account had built up a spare day of freedom beyond auto-pilot investing plan, so I bought a bonus day of freedom yesterday (well, 1.1 days actually).
I really enjoy this accounting method!
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I just had to go calculate this. It looks like we have 17 days in the 401k right now. I back calculated for a couple years, based on the end of year balance and we are not moving very fast, probably due to focusing on debt over investing.
I also back calculated NW of the same couple of years and those numbers are much more motivating right now and probably will continue that way until we switch our focus.
I guess I could get the best of both worlds if I used NW to calculate # of day but since I will always need a place to live I don't usually use that number for anything but making myself feel good about paying down debt.
I have been really bummed at work lately, our company was purchased at the end of June and things have been extremely stressful. So of course I have started to look at escape plans again. As of today, using just 401k balance, we are at 21.7 days based on expected spend rate. If I look at very very bare bones we double that and are at 42.3 days but that requires house and solar panels to be paid off or move and rent for very cheap. Things are starting to move along a little faster this year, hopefully they will continue to pick up momentum. In 2018 we will be having baby #2 and finally finishing off SL debt, I am going to assume there will be some months in there that things are very stagnate but after all that I am hoping to see these numbers climb significantly!
Due to the frustrations at work I have been looking at my 401k and I believe that (after penalties) we could live off of that money without changing lifestyle for about 2 years. If we start shedding unnecessary cost (no daycare, go down to 1 car, etc) I think it might be able to last a little longer but that will complete deplete our retirement savings. This is just a pipe dream because it would completely drain our retirement option and DH has life long medical concerns. If work gets that bad, my career field is always hiring (it just doesn't pay a ton) so I will find another job fairly quickly but it is nice to fantasize about not coming into work anymore.
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I just love this! Looks like we have 2 months out of the year cures, forever. This is so much more tangible to imagine! I think I will combine this idea with the art idea of shading in 365 leaves of a savings tree to represent our FIRE goal :)
I love the money tree idea! I think I will do this too!
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Based on $40,000 annual spending. So about $2700 per day.
31 forever days. 1 month down 11 to go.
34 days.
I do like this concept, but seems like it will take forever. However, a lot can and most certainly will change over the next few years.
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Looks like I'm at 66.9 days with my liquid investments and 105.5 if I include equity! :D
In 2.5 months, calculated as of the end of June, I was at 72.32 days of freedom for my liquid investments.
At the 5.5 month mark I'm up to 85.18 days of freedom on liquid investments, almost at the 3 month mark! That is 23% of a forever year so far!
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Assuming 4% SWR, $75k annual spending, and 4% post-inflation returns going forward, then our investable assets cover...
234 days (through August 22nd each year) if we stop working today.
299 days (through October 27th each year) if we work and contribute to pre-tax accounts 4 more years.
366 days (through Jan 1 of the following year, each year) if we then work part time, stop contributing to pre-tax accounts, and let balances grow for 5 years before withdrawing.
FIRECalc tells a slightly more pessimistic story with the same inputs: 96% success rate for 50 years including SS @22k/yr starting in ~21 years. Without SS, spending goes down to ~$63k/yr for a 96% success rate. The FIRECalc/4% SWR discrepancy once again highlights the importance of being able to scale back spending (and/or rely on a side-hustle) during bear markets.
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Oh, and more to the point of the thread, our monthly savings adds ~0.5 days per year of free life. ~6 days per year of predictable, boring regularity via bi-weekly deposits. But we'll take it!
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I absolutely love this concept. I'm going to track like this from now on. It feels so much more attainable than the mystical FI number that seems so far away from me. It'll make me smile a heck of a lot more!
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
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Projected expenses will be around $20K/yr (excluding a vehicle and rent/mortgage as I'll be living on a catamaran). I'm currently budgeting to have $32K/yr at FIRE for extra padding/ living life / travel.
Based on the $32K/yr number, I'm at 84.79 days -- an increase of 20.48 days this year so far. Looking to add another 7-8 days of my life back before the year ends.
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Using the 4% rule I have enough stache to support me for about 142 days/yr. Currently buying another 14.2 days each year. Hopefully my 142 days starts buying me even more days.
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Just wondering how OP is doing ?? Upgrade Update us! how many days have you bought since the beginning of this thread ??
Hey! I was lurking on the forums and very happily surprised to see this thread is still around and that people have found the idea useful!! :)
So far I've bought about 80ish forever days!
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196 days per year paid for, 169 to go.
Saving for the second half should take much less time than the first half. I'm expecting my investment returns to add 10-30 days each year on their own! This year so far they've added 33 days, but I do remind myself that "past performance is no guarantee of future results".
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I just reached the beginning of February for the first time ever. That's one month of freedom forever and eleven months left to go. What a nice feeling. I really am making some progress toward my goal. Onward and upward!
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My stash bought me a week so far this year. Such a thoughtful gift.
I don't know if you or someone earlier in the thread should get credit, but I love this way of looking at it. I just crunched the numbers and found my stash has generated 25 days per year so far this year.
Of course the stash giveth and taketh away. At this point another 2008-type of year would wipe out ~50 days per year. :o
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I just had to go calculate this. It looks like we have 17 days in the 401k right now. I back calculated for a couple years, based on the end of year balance and we are not moving very fast, probably due to focusing on debt over investing.
I also back calculated NW of the same couple of years and those numbers are much more motivating right now and probably will continue that way until we switch our focus.
I guess I could get the best of both worlds if I used NW to calculate # of day but since I will always need a place to live I don't usually use that number for anything but making myself feel good about paying down debt.
I have been really bummed at work lately, our company was purchased at the end of June and things have been extremely stressful. So of course I have started to look at escape plans again. As of today, using just 401k balance, we are at 21.7 days based on expected spend rate. If I look at very very bare bones we double that and are at 42.3 days but that requires house and solar panels to be paid off or move and rent for very cheap. Things are starting to move along a little faster this year, hopefully they will continue to pick up momentum. In 2018 we will be having baby #2 and finally finishing off SL debt, I am going to assume there will be some months in there that things are very stagnate but after all that I am hoping to see these numbers climb significantly!
Due to the frustrations at work I have been looking at my 401k and I believe that (after penalties) we could live off of that money without changing lifestyle for about 2 years. If we start shedding unnecessary cost (no daycare, go down to 1 car, etc) I think it might be able to last a little longer but that will complete deplete our retirement savings. This is just a pipe dream because it would completely drain our retirement option and DH has life long medical concerns. If work gets that bad, my career field is always hiring (it just doesn't pay a ton) so I will find another job fairly quickly but it is nice to fantasize about not coming into work anymore.
One month later and I have added 0.5 days, we are setting at 22.05 days right now. I did scale back the 401k contribution rate to add more to liquid savings as I am the primary bread winner and plan to take as long of a maternity leave as possible but hopefully we maintain at least 0.5 days per month until I can increase the contribution rate again.
Still very frustrated with work, I called my old employer to inquire about openings that they might have. I did not leave on bad terms, just wanted something different. They will hopefully be getting back to me sometime this week. I am excited about this because they understand that I would be looking for either a promotion or a full-time work from home option AND less than 6 months ago I got an email from one of the managers that they still had a desk available for me if I was interested. We will see what happens, I will have less time to browse forums but staying busy has it perks.
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On track for a record 10 days this quarter!
This is still my favourite accounting method, thanks again OP!!
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I'm up to January 17th, I've bought 17 days of freedom. I used to buy 1.3 days per month. However recent luxury additions have brought this number down to 0.84 days. This way of accounting feels like a face punch.
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I'm up to January 17th, I've bought 17 days of freedom. I used to buy 1.3 days per month. However recent luxury additions have brought this number down to 0.84 days. This way of accounting feels like a face punch.
That's a good monthly reminder of priorities ...
I reached a small milestone today: 3 days! I thought I wasn't going to reach that one until next month, but a small jump in value has put me over the threshold! I hope to reach 4 days in spring.
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Some unexpected bonus shares gifted from my company (thanks, work!!) will see us $800 short of 11 days of free life this quarter. November is our bills month (2 x vehicle registration, home insurance & 3 x property rates: fellow Aussies will feel my pain!) but you bet I am dialling everything back to find that extra money to add to the savings pile. This method is so motivating!
(Totally failing at only looking at this once a month!)
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
I'm so close to April! I can't wait for spring to come this November!
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Just worked my way into fall (Northern Hemisphere). The seasons changing never felt so good.
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Interesting to put it into a date. I am at 182 days saved, or July 2nd. 2 days shy of that other independence day.
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This is some combination of a ton of fun and a little depressing. Based on current spend I've currently got 7 and a half days funded, at the cost of about $3200 per day.
Good things that come out of this:
1. I've bought myself 5 days of freedom this year. I feel good about that.
2. The sooner I get rid of my student loans, the sooner I'll be buying even more days of freedom!
3. If I reduce my spend per day by 9 bucks next year, then I'll buy an extra day of freedom next year, instead of more crap.
4. Now I want to trim the fat even more.
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
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Hi everyone,
I really liked this thread so I went ahead and made an interactive javascript calculator that makes the same calculations. How many "freedom days" have you saved up? I was trying to think of a cool visual for it and came up with sort of a speedometer thingy.
https://engaging-data.com/freedom-calculator/ (https://engaging-data.com/freedom-calculator/?utm_source=mmm)
I hope you can check it out as I'm learning web programming mostly as a hobby. If you have any thoughts, I'm happy to hear any criticisms, changes, or extensions you might suggest.
Thanks!
(https://www.engaging-data.com/pages/scripts/freedomcalc.png)
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Hi everyone,
I really liked this thread so I went ahead and made an interactive javascript calculator that makes the same calculations. How many "freedom days" have you saved up? I was trying to think of a cool visual for it and came up with sort of a speedometer thingy.
http://engaging-data.com/freedom-calculator/
I hope you can check it out as I'm learning web programming mostly as a hobby. If you have any thoughts, I'm happy to hear any criticisms, changes, or extensions you might suggest.
Thanks!
(http://www.engaging-data.com/pages/scripts/freedomcalc.png)
Great idea.
However I associate red with negative and hair on fire. Maybe inverse the color scale? Having 0 days of freedom is an emergency. Having 365 days of freedom is very much green!
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I like it too. I second the idea of reversing the colours...red makes me think of an empty petrol tank.
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Nice visualization!
Minor bug - if you have enough savings to put you in the red "free" section, the text below loops and says things like "This means that your savings could support you (without you having to work) through February 6 each and every year".
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Great idea.
However I associate red with negative and hair on fire. Maybe inverse the color scale? Having 0 days of freedom is an emergency. Having 365 days of freedom is very much green!
Nice visualization!
Minor bug - if you have enough savings to put you in the red "free" section, the text below loops and says things like "This means that your savings could support you (without you having to work) through February 6 each and every year".
Thanks everyone for the positive feedback. And for the suggestion to switch the color scale. I did that and I agree it looks better.
Answeris42, thanks for the bug report. I fixed that as well.
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Awesome tool!
It would also be cool to see a graphic of a calendar with days shaded (all white where not done, diagonal light green stripes though the completed days or something?).
Here's some potential ones to start with:
http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png (http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png)
https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png (https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png)
http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg (http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg)
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Awesome tool!
It would also be cool to see a graphic of a calendar with days shaded (all white where not done, diagonal light green stripes though the completed days or something?).
Here's some potential ones to start with:
http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png (http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png)
https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png (https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png)
http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg (http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg)
Hi arebelspy, that is a good idea. It occurred to me as I tried to think of a way to visualize it. I guess one issue that came up in my head is that I'd have to pick a specific years' calendar. But I will think about it some more to see if I can think of a way to put it together.
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Awesome tool!
It would also be cool to see a graphic of a calendar with days shaded (all white where not done, diagonal light green stripes though the completed days or something?).
Here's some potential ones to start with:
http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png (http://www.samplewords.com/wp-content/uploads/2015/12/2016-annual-calendar.png)
https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png (https://cdn.vertex42.com/calendars/images/yearly-calendar-template-chamfer.png)
http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg (http://printablecalendar4u.com/wp-content/uploads/2016/08/Annual-Calendar-2019-Portrait.jpg)
Hi arebelspy, that is a good idea. It occurred to me as I tried to think of a way to visualize it. I guess one issue that came up in my head is that I'd have to pick a specific years' calendar. But I will think about it some more to see if I can think of a way to put it together.
Yeah, pick 2018, and update once/yr?
Or just don't label the days of the week at the top. Sure, people could guess it from where the placement of the numbers are, but it's good enough.
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I think your SWR is backwards. I upped it to 10% and pegged the speedometer, when it should have gone the other way.
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I think your SWR is backwards. I upped it to 10% and pegged the speedometer, when it should have gone the other way.
That's how the calculation is supposed to work (at least in my head). If you are willing to spend 10% of your savings, then you don't need to save as much money. You would only need to save 10x your annual spending instead of 25x for a 4% WR.
This calculator doesn't say anything about whether 10% is a good idea (it's not) but it lets you put in whatever number you want. It's not really a safe withdrawal rate, I suppose, but more of a withdrawal rate. It doesn't determine "safety".
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Recently, my wife and I improved our communication when it comes to our finances and I've successfully convinced her to invest with Vanguard, so combined our resources bring us up to April 15th. Not including the equity from our house, which we plan to sell when we FIRE. That makes me feel pretty good about things. :-)
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Hi everyone,
I really liked this thread so I went ahead and made an interactive javascript calculator that makes the same calculations. How many "freedom days" have you saved up? I was trying to think of a cool visual for it and came up with sort of a speedometer thingy.
http://engaging-data.com/freedom-calculator/
I hope you can check it out as I'm learning web programming mostly as a hobby. If you have any thoughts, I'm happy to hear any criticisms, changes, or extensions you might suggest.
Thanks!
(http://www.engaging-data.com/pages/scripts/freedomcalc.png)
Very cool! Thanks for creating and sharing it.
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this is why I was confused.........
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Your $100,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $100,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $274.
Congratulations! You have earned an entire years worth of freedom each and every year (actually 1.0 years worth). You are at a point where you do not have to work to support your spending needs.
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This is fantastic. Everyone here is highly motivating us.
We saw the light a little late here. Things are happening now.
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this is why I was confused.........
====================================================================================
Your $100,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $100,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $274.
Congratulations! You have earned an entire years worth of freedom each and every year (actually 1.0 years worth). You are at a point where you do not have to work to support your spending needs.
So you put in 100% for your SWR.
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I guess my point was, there are not enough input variables. Maybe I’m not understanding the assumptions.
Another example with the same result.
Your $2,400,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $24,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $6575.
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this is why I was confused.........
====================================================================================
Your $100,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $100,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $274.
Congratulations! You have earned an entire years worth of freedom each and every year (actually 1.0 years worth). You are at a point where you do not have to work to support your spending needs.
So you put in 100% for your SWR.
That is my suspicion as well. Can you tell me what parameters you put into the three boxes to get the above result?
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I guess my point was, there are not enough input variables. Maybe I’m not understanding the assumptions.
Another example with the same result.
Your $2,400,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $24,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $6575.
You're not including ALL of the inputs in your bug reports. If you put in 1% as your SWR, this is the expected result. If anything, seems like there are too many inputs - if the 4% withdrawal rate was just hard-coded, there would be no confusion, but then, some of us are planning on 3% or 5% or 8%, so then we couldn't try out different withdrawal rates.
This "days per year bought / still needed" is very simple - it is the fraction of your "number" that you already have times 365 (number of days in a year). So if you're planning on a 4% withdrawal rate for a 40K / year spend in retirement, your number is $1,000,000 ($40,000 / .04). If you currently have $500,000, then you've got 50% of the $1,000,000 required number. So you've got 182.5 days per year covered forever.
This isn't C-Firesim - it is a simple calculator for the metric that this particular thread proposes.
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I guess my point was, there are not enough input variables. Maybe I’m not understanding the assumptions.
Another example with the same result.
Your $2,400,000 in savings gives you approximately 365 days of freedom per year (at your current spending level of $24,000 per year).
This means that your savings could support you (without you having to work) through December 31 each and every year.
An additional day of freedom requires you to increase your savings by $6575.
You're not including ALL of the inputs in your bug reports. If you put in 1% as your SWR, this is the expected result. If anything, seems like there are too many inputs - if the 4% withdrawal rate was just hard-coded, there would be no confusion, but then, some of us are planning on 3% or 5% or 8%, so then we couldn't try out different withdrawal rates.
This "days per year bought / still needed" is very simple - it is the fraction of your "number" that you already have times 365 (number of days in a year). So if you're planning on a 4% withdrawal rate for a 40K / year spend in retirement, your number is $1,000,000 ($40,000 / .04). If you currently have $500,000, then you've got 50% of the $1,000,000 required number. So you've got 182.5 days per year covered forever.
This isn't C-Firesim - it is a simple calculator for the metric that this particular thread proposes.
thanks for providing tech support!
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
A slow month in November, but I still made it to around April 2nd!
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
A slow month in November, but I still made it to around April 2nd!
nice progress! You are a quarter of the way there already (one whole season!). And you've almost achieved a whole month in just 7.5 months. At that rate, you'll be done in no time.
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
A slow month in November, but I still made it to around April 2nd!
nice progress! You are a quarter of the way there already (one whole season!). And you've almost achieved a whole month in just 7.5 months. At that rate, you'll be done in no time.
Thanks! I never really thought of it that way... I suppose extrapolating out that would put me at 5.6 years from FIRE! I did have some extra help with my numbers in this time period. Since I moved I got some extra money in dislocation allowance and move in housing allowance (MIHA) and I also got my tax return of almost 5k, but hopefully my money will earn me even more to help me keep it up!
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I'm in on this!!!! A genius way to track a difficult number/concept.
Also note, various 'waypoints' can be reached anlong the year... IE January 15th is probably base-level FU money, February 15th is I can always say no level FU money, "I can help a friend in a crisis" is probably around March or April, "My investments save more than I do" happens on June 1st and the recognition that the dates are exponentially quick (typically) as one proceeds through the year (due to passive income return...).
Also, many on this forum could note how many "Years" they have bought, because their savings have exceeded 4% or even 3% in some cases. As in, Example_Person has 2 years and 43 days and is trying to give as much away as reasonable to get back down to 1 year and 6 months.
Cool idea, I'm gonna share this within my FI circle.
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At $60k/year and only looking a 401k/IRA
Feb-17 = 17 days
Sept-17 = 21.7 days
Oct-17 = 22.05 days
Dec-17 = 23.03 days
There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
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I love this way of looking at it. My spreadsheet is getting really wide, but I added it. I'm pitifully low for my age, but I'm on the right track after spending ferociously in my 20s and first half of my 30s.
Just crossed 30 days of freedom paid for.
Sent from my SM-G892U using Tapatalk
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This is definitely a cool new way to look at it. I also liked the idea someone posted on compounding and how stealing from yourself now really robs your future self. While I've always known this seeing the numbers is very eye opening. This new calculation confirms what I already knew which is that I'm halfway there. I sometimes wish I lived in a LCOL area instead of where I live so I can be done now, but this is where my friends and family are and you can't beat the weather. I've still got at least 6 more years of work, but I plan to not work too hard and try to travel at least once a year to somewhere new.
Glad to report I'm not at 234 days and I think 3.5 years left. Really been hitting burn out lately and trying to wind down some.
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Not a bad year:
Year Days Purchased
2016 64.31
2017 91.28
An Increase of 27 days. 3 Months down, 9 more to go.
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As of the end of 2017, I am now up to May 7th. Hooray!
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
January 1 - 94.16
My stash can support me until April 4th! I now have a calendar that tracks my progress on my refrigerator. Hopefully it will keep me motivated!
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Up to 67!
New year update: 78 days!
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As on January 1st, 2018 I am at January 26th!
Hopefully by January 1st, 2019 I will be about Mid-February. Definitely excited to see things start going exponential as well...
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Earlier I said that I had made it to December, but I was using my home equity. I think it would be best to not use my home equity, as I will not be selling my house anytime soon.
My goal for my stash is $750K (cash and investments only) and I am currently at $656K, which puts me at November 15th. :)
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This is great!! I'm going to use this metric for my 2018 overarching challenge - how many days of freedom can I buy in 2018?
I'm a very new Mustachian so right now I have only about $15,000 saved, and I'm using a $35,000 FIRE estimate for annual spending... means I have bought myself 6 days of freedom: 35,000 x 25 = 875,000/365 = $2397 (round to $2400)
Right now I'm focused on selling unnecessary yet reasonably valuable crap from around my house. I've made close to $700 so far, if I can find $1700 more worth of crap then selling MY OWN GARBAGE STUFF THAT I DON'T NEED will buy me one day of freedom forever.
I LOVE IT!
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I love this metric
Later this year I'm finally going to be in a position, I think, to buy my first bunch of ETF (I have a mortgage and superannuation....). I'm thinking I'm going to make a card up with 365 days on it (doesn't have to be months, just 365 squares), and it can go on the back of my smartphone. Every time I buy, I get to cross out a square (or more). Simple, always with me in my pocket. This kind of visual is what I need.
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At $60k/year and only looking a 401k/IRA
Feb-17 = 17 days
Sept-17 = 21.7 days
Oct-17 = 22.05 days
Dec-17 = 23.03 days
There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA. Edited below to look at end of month instead of beginning of month.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
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Assuming 4% SWR, $75k annual spending, and 4% post-inflation returns going forward, then our investable assets cover...
234 days (through August 22nd each year) if we stop working today.
258 days (through Sep 15th each year) if we stop working today.
We gained 24 days of freedom per year over the last 3 months! Only ~1.5 days of that came from savings -- the rest was market returns. But there's some distortion here due to large end-of-year dividends in the Vanguard retirement accounts.
In 2017 we gained 43 days of freedom per year. I know that's unlikely to repeat in 2018, but it sure feels satisfying right now.
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Just wanted to chime in that this is an awesome idea, and I'm definitely going to add it to my tracking spreadsheet (my own heavily-modified version of "one sheet to rule them all"). It will be cool to track how many additional days of freedom I've gained each month.
So far, I'm looking at only 14 days of freedom at 4% withdrawal rate... but not bad for only really having started hard-core saving in August of last year.
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I've modified the calculator code so that you can sort of save and share specific instances of a calculation. Just modify the values at the end of the URL, like so:
http://engaging-data.com/freedom-calculator/?sav=500000&spend=40000&wr=3.3This is read into the calculator. However, one thing I haven't figured out how to do (yet) is make it so the values in the URL will automatically adjust to the latest ones entered into the calculator boxes.
Anyway, hope this is helpful. . .
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This is insane:
I just did my monthly update of my "days bought" measure and... I bought FOURTEEN DAYS in the last month. This market run-up has been *bonkers*. That blistering pace cannot last, of course, but man it's nice while it does.
I'm up to Nov. 4!
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This is insane:
I just did my monthly update of my "days bought" measure and... I bought FOURTEEN DAYS in the last month. This market run-up has been *bonkers*. That blistering pace cannot last, of course, but man it's nice while it does.
I'm up to Nov. 4!
Wow, that's great. At that pace, you'll be done within a few months!
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
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This is insane:
I just did my monthly update of my "days bought" measure and... I bought FOURTEEN DAYS in the last month. This market run-up has been *bonkers*. That blistering pace cannot last, of course, but man it's nice while it does.
I'm up to Nov. 4!
Wow, that's great. At that pace, you'll be done within a few months!
If the pace of my savings and market gains goes next year like it has for the last twelve months, then I hit my number in about 10 months. But it can't POSSIBLY continue like this. (Can it?) Wheeeeee!!!
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This is insane:
I just did my monthly update of my "days bought" measure and... I bought FOURTEEN DAYS in the last month. This market run-up has been *bonkers*. That blistering pace cannot last, of course, but man it's nice while it does.
I'm up to Nov. 4!
Wow, that's great. At that pace, you'll be done within a few months!
If the pace of my savings and market gains goes next year like it has for the last twelve months, then I hit my number in about 10 months. But it can't POSSIBLY continue like this. (Can it?) Wheeeeee!!!
It can go insanely fast. Once you are close to your FIRE number, small variations in returns have a huge impact on annual networth gains. for example if you are at 20x annual savings (and trying to get to 25x), a good year on the stock market (e.g. 20+%) will get you an additional 4x, taking you to 24x.
That's the reason we blew by our "number" in 2017.
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Yes, it's amazing how much faster it goes the closer you get. For those of you early in the process, keep this in mind! It accelerates!
Did you take risk off the table when you hit your number?
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
It must be scary to see your net worth dropping like a brick while still saving and trying to increase it. Because I've only been investing for the past 4 years there have only been a few minor dips in my portfolio but nothing major.
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
It must be scary to see your net worth dropping like a brick while still saving and trying to increase it. Because I've only been investing for the past 4 years there have only been a few minor dips in my portfolio but nothing major.
I'm old enough to have lived (and invested) through the dot-com crash in 2000 and the 2008 recession. Yes it is gut wrenching but in the past it has always bounced back. Hopefully, future crashes will also follow this pattern.
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
It must be scary to see your net worth dropping like a brick while still saving and trying to increase it. Because I've only been investing for the past 4 years there have only been a few minor dips in my portfolio but nothing major.
I'm old enough to have lived (and invested) through the dot-com crash in 2000 and the 2008 recession. Yes it is gut wrenching but in the past it has always bounced back. Hopefully, future crashes will also follow this pattern.
You are a small percentage of the forum I would guess.
I wonder how it would feel for someone who has only invested through a bull run to experience 2008 all over again, didn't stocks take ~4.5 years to return to pre crash valuations? That's a long time to wait for newer investors (mentally, in the long run if they keep investing their portfolio value should recover faster).
I'm in the later pool, my investing career only began in 2012, so I am curious to see how I react.
-
It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
Just keep telling yourself you are buying low, you are buying low, you are buying low...
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Yes, it feels bad when you put in monthly contributions only to have them "disappear" the next day.... month after month. That has happened to me a handful of times over my investing life, which started in 2005. On the other hand, tax loss harvesting REALLY, REALLY helps with the psychology of it. Or it did for me, anyway.
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Yes, it feels bad when you put in monthly contributions only to have them "disappear" the next day.... month after month. That has happened to me a handful of times over my investing life, which started in 2005. On the other hand, tax loss harvesting REALLY, REALLY helps with the psychology of it. Or it did for me, anyway.
I'm from the Netherlands and we don't have tax loss harvesting unfortunately. We do however have this rule where we pay 1% in taxes annually on any net worth above 25€k. So devaluation in stocks lead to a lower tax bill...
When the inevitable downturn comes we will get a support topic going to keep us on track!
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At $60k/year and only looking a 401k/IRA
Feb-17 = 17 days
Sept-17 = 21.7 days
Oct-17 = 22.05 days
Dec-17 = 23.03 days
There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA. Edited below to look at end of month instead of beginning of month.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
15-Jan-18 = 24.54 days
I got the job and it came with a 30+% raise! I won't be able to contribute to 401k for the 1st 30 days and will be on maternity leave shortly after that so this will probably not grow to much for the 1st half of 2018 but then I hope to see it pick up some pretty good steam!!
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I wanted to check in on people and see how y'all are adjusting your spending rates when you do these calculations? I'm thinking of going back and charting my freedom days since 2007, but my spending has grown since then. Mostly inflation, grrrrr. But still it means i need to code each month with spending rates. Do y'all use one value for the year? or just back project current spending rates?
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I wanted to check in on people and see how y'all are adjusting your spending rates when you do these calculations? I'm thinking of going back and charting my freedom days since 2007, but my spending has grown since then. Mostly inflation, grrrrr. But still it means i need to code each month with spending rates. Do y'all use one value for the year? or just back project current spending rates?
Inflation is built into the 4% rule... And lifestyle inflation is (used to be) facepunch worthy around here. As such, you % complete towards FIRE number is your days free.
I'm doing it as a straight % of net worth goal times 365.
FIRE number of 1,000,000. You have 250,000 = 25%
25% times 365 = 91 days
91 days = April 1st
Thats the easy math that nets the same result. (If you are using the 4% rule)
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To build off your example.
Someone spending 40,000
Stash 250,000
FIRE number 1,000,000
So today they are 25% funded. But they can't retire. Let's say they work 10 more years before pulling the trigger. Let's assume 2% inflation /year so 20% total for 10 years (simple math). That means, without any lifestyle creep, this person needs to replace 48,000 of spending, not 40,000. And thus their stash target has grown to 1,200,000 also. If they have hit their 1,000,000 target, they are not 100% funded, but only 83%.
Basically, however many "freedom days" you've bought now, they loose purchasing power with inflation just like anything else. You're investments, will out pass it, but you still need to take into account the time order difference.
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To build off your example.
Someone spending 40,000
Stash 250,000
FIRE number 1,000,000
So today they are 25% funded. But they can't retire. Let's say they work 10 more years before pulling the trigger. Let's assume 2% inflation /year so 20% total for 10 years (simple math). That means, without any lifestyle creep, this person needs to replace 48,000 of spending, not 40,000. And thus their stash target has grown to 1,200,000 also. If they have hit their 1,000,000 target, they are not 100% funded, but only 83%.
Basically, however many "freedom days" you've bought now, they loose purchasing power with inflation just like anything else. You're investments, will out pass it, but you still need to take into account the time order difference.
I'm pretty sure the consensus on here is that you re-evaluate your fire number at least annually, based on your spending. Also, most find that they spend less in retirement. Since its extremely rare for inflation to beat out investment returns, its generally safe to say your investments will grow more, naturally from returns, than they lose to inflation.
Beyond that, If someone determines a fire number today and blindly follows it ten years down the road without ever re-analyzing... I think they have bigger problems.
When you adjust your FIRE number, yes you might lose some days but those are days you gained 'for free' as your investments grew over the year, but I don't think crystal ball-ing inflation numbers is going to help. And when you adjust your fire number, if its as small as 2% then we are talking about 7.3 days. Once things start getting exponential, it'll make even less difference.
tl:dr - If you adjust your fire number (for example, due to inflation), you adjust your 'days purchased' and 'cost of days' numbers as well.
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531
(I can't figure out how to link the picture here as it's sitting on a different computer)
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531 (https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531)
(I can't figure out how to link the picture here as it's sitting on a different computer)
awesome! here's the link if you want to put it in your post:
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/?action=dlattach;attach=43208;image
by the way, I really like how you color coded when you achieved those dates. It's great to see.
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I like the color coding as well.
It's interesting to track the point where investment returns start being larger than what you are contributing to the stash.
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531 (https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531)
(I can't figure out how to link the picture here as it's sitting on a different computer)
Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
https://engaging-data.com/freedom-calculator/#calendarupdate
(https://engaging-data.com/pages/scripts/freedomcalendar.png)
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
It must be scary to see your net worth dropping like a brick while still saving and trying to increase it. Because I've only been investing for the past 4 years there have only been a few minor dips in my portfolio but nothing major.
I'm old enough to have lived (and invested) through the dot-com crash in 2000 and the 2008 recession. Yes it is gut wrenching but in the past it has always bounced back. Hopefully, future crashes will also follow this pattern.
You are a small percentage of the forum I would guess.
I wonder how it would feel for someone who has only invested through a bull run to experience 2008 all over again, didn't stocks take ~4.5 years to return to pre crash valuations? That's a long time to wait for newer investors (mentally, in the long run if they keep investing their portfolio value should recover faster).
I'm in the later pool, my investing career only began in 2012, so I am curious to see how I react.
I'm older, and I've seen a lot. It's all a mindset. Train yourself now that you're not going to panic and you'll appreciate the effort later. The crash of 2008 greatly accelerated my progress because i kept steadily adding $$$ to my investments all the way down. When the market recovered (and it always does), my NW zoomed. I view the next inevitable downturn as a buying opportunity.
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Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
http://engaging-data.com/freedom-calculator/#calendarupdate
(http://engaging-data.com/pages/scripts/freedomcalendar.png)
Very very cool! Thanks for doing this!
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It can also decelerate at a gut wrenching pace.
We all (mostly) suffer from recency bias during this last bull.
Being at 20X and having a bad market crash take you to 15X while you save 75% of your income will be an interesting feeling to say the least.
It must be scary to see your net worth dropping like a brick while still saving and trying to increase it. Because I've only been investing for the past 4 years there have only been a few minor dips in my portfolio but nothing major.
I'm old enough to have lived (and invested) through the dot-com crash in 2000 and the 2008 recession. Yes it is gut wrenching but in the past it has always bounced back. Hopefully, future crashes will also follow this pattern.
You are a small percentage of the forum I would guess.
I wonder how it would feel for someone who has only invested through a bull run to experience 2008 all over again, didn't stocks take ~4.5 years to return to pre crash valuations? That's a long time to wait for newer investors (mentally, in the long run if they keep investing their portfolio value should recover faster).
I'm in the later pool, my investing career only began in 2012, so I am curious to see how I react.
I'm older, and I've seen a lot. It's all a mindset. Train yourself now that you're not going to panic and you'll appreciate the effort later. The crash of 2008 greatly accelerated my progress because i kept steadily adding $$$ to my investments all the way down. When the market recovered (and it always does), my NW zoomed. I view the next inevitable downturn as a buying opportunity.
Not as old as Dicey, but I mostly didn't look at our investments in the crash. But we were still saving about $40k/yr in automatic workplace retirements. At one point in 2009, I think I finally took a look at the carnage and looked around. Lots of stocks were on sale, including AAPL, which has increased 15x in the past 9 years.
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Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
http://engaging-data.com/freedom-calculator/#calendarupdate
(http://engaging-data.com/pages/scripts/freedomcalendar.png)
Very cool! Did you get my PM about how to update the URL when changing the field values?
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Gained 2.5 days in less than a month. Thank you very much market gains. Less than 1 day was from savings, the rest market gains.
I've increased my estimated living expenses to 50k to give me more flexibility. Was 40k. So new # of days of freedom = 34.15
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I'm up to December 4th. Getting close!!!
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At $60k/year and only looking a 401k/IRA
Feb-17 = 17 days
Sept-17 = 21.7 days
Oct-17 = 22.05 days
Dec-17 = 23.03 days
There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA. Edited below to look at end of month instead of beginning of month.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
Jan-18 = 25 days
Started the job on Monday! I won't be able to contribute to 401k for the 1st 30 days and will be on maternity leave shortly after that so this will probably not grow to much for the 1st half of 2018 but then I hope to see it pick up some pretty good steam!
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
January 1 - 94.16
February 1 - 99.53
I'm at April 10th now! It feels really good to have more in investments than I owe on my condo (I don't include condo equity in this calculation).
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To build off your example.
Someone spending 40,000
Stash 250,000
FIRE number 1,000,000
So today they are 25% funded. But they can't retire. Let's say they work 10 more years before pulling the trigger. Let's assume 2% inflation /year so 20% total for 10 years (simple math). That means, without any lifestyle creep, this person needs to replace 48,000 of spending, not 40,000. And thus their stash target has grown to 1,200,000 also. If they have hit their 1,000,000 target, they are not 100% funded, but only 83%.
Basically, however many "freedom days" you've bought now, they loose purchasing power with inflation just like anything else. You're investments, will out pass it, but you still need to take into account the time order difference.
The (2 year old) OP also needs to account for the fact that each "freedom day" gets more expensive as time goes on and they get closer to FIRE, as there is less time for compounding. With zero years to compound, rather than 7, each freedom day would obviously cost 25x spending, so $1,700 rather than $1k.
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Hi everyone,
I really liked this thread so I went ahead and made an interactive javascript calculator that makes the same calculations. How many "freedom days" have you saved up? I was trying to think of a cool visual for it and came up with sort of a speedometer thingy.
http://engaging-data.com/freedom-calculator/ (http://engaging-data.com/freedom-calculator/?utm_source=mmm)
Haven't popped by this thread in a while so I just saw this, and I really like it! Thanks for making it and sharing with us. I really enjoy playing with simple straightforward no-fuss calculators like this. :)
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I'm up to December 4th. Getting close!!!
Now I'm at December 10th!
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This month, we made it all the way to May 10th. Almost five whole months so far. Feeling good.
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
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This is insane:
I just did my monthly update of my "days bought" measure and... I bought FOURTEEN DAYS in the last month. This market run-up has been *bonkers*. That blistering pace cannot last, of course, but man it's nice while it does.
I'm up to Nov. 4!
And on THIS monthly update, I'm down eleven days from last month. Easy come, easy go. Back down to October 25.
Oh well... I started measuring this exactly one year ago, and set what I thought was a pretty aggressive goal of increasing my savings (by contributions and compounding) by 4 days a month. Over the last 12 months, I have increased it 5 days a month on average instead. So no complaints here!
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This thread/idea is awesome.
We are only up to January 13 but exciting to keep tracking this!
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
A bit of a back track in March and now moving forward again.
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Just did my monthly update of this metric. I had planned, optimistically, to add 4 "endowed" days per month. Call double that planned number a "big" move, and I get the following:
updated days endowed days moved since prior month
4/10/18 306 days -8 down big
3/10/18 314 days 16 up big
2/10/18 298 days -11 down big
1/10/18 309 days 14 up big
12/10/17 295 days 8 up big
11/10/17 287 days 3 up
10/10/17 284 days 9 up big
9/10/17 275 days 6 up
8/10/17 269 days 7 up
7/10/17 262 days 3 up
6/10/17 259 days 5 up
5/10/17 254 days 7 up
4/10/17 247 days 3 up
3/10/17 244 days 6 up
2/10/17 238 days started keeping track
In short: volatility has really gone up, but I'm still steadily heading toward my goal. I've averaged +4.9 days per month since I started keeping track a little over a year ago. At this pace, I'll be done in a little over a year.
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Up 5 days so far this year. Not matching some of the big earners and advanced frugalists here, but it's progress and not shabby for a newb making five figures.
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I love this!
I just ran my numbers and, if I did it right, I have 15 days so far. That's a really lovely way of seeing it and I like the idea of a calendar at work! That'd really motivate me.
Just to be sure - how is everyone else calculating the return they're earning? I'd seen the 6.5% figure earlier in this thread and am going off that so far. Assuming I have a daily cost of $50/day and have $11,600 invested right now, does my math check out?
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I'm now into March!
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I love this!
I just ran my numbers and, if I did it right, I have 15 days so far. That's a really lovely way of seeing it and I like the idea of a calendar at work! That'd really motivate me.
Just to be sure - how is everyone else calculating the return they're earning? I'd seen the 6.5% figure earlier in this thread and am going off that so far. Assuming I have a daily cost of $50/day and have $11,600 invested right now, does my math check out?
I'm not calculating a return on my earnings. I'm just using it as motivation right now -- how many days could I fund, RIGHT NOW, if I quit my job forever, irregardless of what those assets will look like in the future? So, I'm going simple:
-Cost of a forever day (for me calculated using a 3% withdrawal because I'm more conservative than many people on this forum), which is daily cost * 33.
-Liquid assets/cost of a forever day.
Is there anyone who is figuring the return in? Based on your math, MoneyMouse, I assume you are.
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I'm not calculating a return on my earnings. I'm just using it as motivation right now -- how many days could I fund, RIGHT NOW, if I quit my job forever, irregardless of what those assets will look like in the future? So, I'm going simple:
-Cost of a forever day (for me calculated using a 3% withdrawal because I'm more conservative than many people on this forum), which is daily cost * 33.
-Liquid assets/cost of a forever day.
Is there anyone who is figuring the return in? Based on your math, MoneyMouse, I assume you are.
That makes sense as another way to calculate things.
I am, yes. There's the 7% figure from the OP, and the more conservative 6.5% from Jeremy E. (https://forum.mrmoneymustache.com/share-your-badassity/i-just-bought-2-days-per-year-of-free-life-indefinitely-363-to-go/msg960620/#msg960620) I'm using the 6.5%.
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I love this too.
My cost of living is set at £70k a year in today’s money. With a SWR of 3.25% ( I am risk adverse, stash has to survive 40+ years, and I have 2 toddlers).
Each day of freedom costs me about £6k... so far I am free until mid August- need another 140days worth of savings!
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I've updated the financial freedom calculator/calendar to allow you to toggle between the two views (calendar view and gauge view) and added a button which lets you generate the URL with your parameters so you can save your values and share with others. Thanks to @Bird In Hand for the code example that helped me with the URL part of the update.
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Bought another forever day. Now up to 23 days for freedom! I think to stay on track I need to buy 2+ days a month. That's not happening at the moment but I expect that as my savings/investments grow the growth rate will increase and I'll be able to make up for the slower start.
23/365 days - 342 days to go!
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We're at 18 days so just starting out, but loving this way of visualising progress. Cheated a bit in not counting childcare costs in annual spending but feels reasonable as we won't be paying that once we're free!
Joining the crew with a stealth FIRE tracker I can console myself with while at work, and none the wiser! (Going to print my calendar and stick in the front of the bullet journal I use for work as it goes everywhere with me).
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34.25 days, or Feb 3 as of today. This number will be fun to watch as it starts snowballing. Not a ton of change over the past month.
Sent from my SM-G892U using Tapatalk
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I just love this! Looks like we have 2 months out of the year cures, forever. This is so much more tangible to imagine! I think I will combine this idea with the art idea of shading in 365 leaves of a savings tree to represent our FIRE goal :)
I love the money tree idea! I think I will do this too!
Oh man, if it weren't my bedtime . . . We're still paying off our mortgage, but that could be the tree's ROOTS! And then the leaves are the savings :) I'm ridiculously excited about this and might have to stay up late to do math :P
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I just love this! Looks like we have 2 months out of the year cures, forever. This is so much more tangible to imagine! I think I will combine this idea with the art idea of shading in 365 leaves of a savings tree to represent our FIRE goal :)
I love the money tree idea! I think I will do this too!
Oh man, if it weren't my bedtime . . . We're still paying off our mortgage, but that could be the tree's ROOTS! And then the leaves are the savings :) I'm ridiculously excited about this and might have to stay up late to do math :P
I love this idea. Someone mentioned the bullet journal calendar; I like this as a tape-in option too. :D
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down
293 days to go.
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I just love this! Looks like we have 2 months out of the year cures, forever. This is so much more tangible to imagine! I think I will combine this idea with the art idea of shading in 365 leaves of a savings tree to represent our FIRE goal :)
I love the money tree idea! I think I will do this too!
Oh man, if it weren't my bedtime . . . We're still paying off our mortgage, but that could be the tree's ROOTS! And then the leaves are the savings :) I'm ridiculously excited about this and might have to stay up late to do math :P
I love this idea. Someone mentioned the bullet journal calendar; I like this as a tape-in option too. :D
That is exactly what I did. It's lovely, and we just paid off a huge lump sum, so I get to color in most of the roots right now! Immediate gratification for the win!!
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These last two months have been brutal (on the savings, the trip to Europe for my sister’s 40th was not!) combined with evicting a tenant & some subsequent repairs we’ll be lucky to gain 2 days this quarter. Will be cracking down hard on May spending to see if I can salvage something!
This is still the most motivating measure for me! Love it.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
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Hi all,
Another update to the calculator. This time I've added the ability to input multiple savings amounts that correspond to multiple periods.
https://engaging-data.com/freedom-calculator-periods/ (https://engaging-data.com/freedom-calculator-periods/)
You just need to enter different savings amounts (and names for the purposes of making a legend) for different periods, separated by a semi-colon(;).
It was inspired by a couple of posts of people who had color coded calendars with these different time periods and I wanted to replicate that.
By the way it would be quite interesting to see what other peoples' calendars (of their FI progression) look like. You can just screenshot the calendar part (so you can't see the saving or spending text boxes). I will also look into how to make a screenshot button on the calculator so it's easier to share.
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This calculator is absolutely badass. Thank you so much for the work that you’ve put into it.
I think that the most telling part for me is probably the value that I enter for annual spending. We feel good about our savings rate, but we need to tighten up our spending especially going forward. Thanks again. This rules.
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This calculator is absolutely badass. Thank you so much for the work that you’ve put into it.
I think that the most telling part for me is probably the value that I enter for annual spending. We feel good about our savings rate, but we need to tighten up our spending especially going forward. Thanks again. This rules.
@Norrie, you are welcome. It's been fun to learn all of the bits necessary to make a tool that people find useful. Yes, the annual spending seems to have a big effect on the outcome. Depending on how we feel, our expectations about future retirement spending could be as low as $60k and as high as $80k. But that $20K difference yields a difference of half a million dollars in required savings.
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Looks awesome! I'm at 25 days currently. I was just wondering if it would also be possible to have a similar feature on the cost side? Like a bare bones + a realistic spending level?
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531 (https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531)
(I can't figure out how to link the picture here as it's sitting on a different computer)
Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
http://engaging-data.com/freedom-calculator/#calendarupdate
(http://engaging-data.com/pages/scripts/freedomcalendar.png)
I love this calculator! I spent far too much time playing with different numbers to see how much money I need beyond my initial calculation.
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Looks awesome! I'm at 25 days currently. I was just wondering if it would also be possible to have a similar feature on the cost side? Like a bare bones + a realistic spending level?
Thanks!
Regarding your question about varying the spending side, I’ll have to think about that one and how to implement it. But maybe it can be done.
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531 (https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531)
(I can't figure out how to link the picture here as it's sitting on a different computer)
Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
http://engaging-data.com/freedom-calculator/#calendarupdate
(http://engaging-data.com/pages/scripts/freedomcalendar.png)
I love this calculator! I spent far too much time playing with different numbers to see how much money I need beyond my initial calculation.
Glad it’s fun and useful. I’m going to try to make other tools so let me know if you have any other ideas. Thanks.
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
With the sale of my condo I have jumped a bit, I'm more than a third of the way there!!! I can't believe I'm still ahead of the current date with my savings, I have until May 9th to enjoy knowing that so far this year my savings could have covered it all (theoretically).
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April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
Moving forward, I've made it to May 13th!
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Up 5 days so far this year. Not matching some of the big earners and advanced frugalists here, but it's progress and not shabby for a newb making five figures.
Now up to 7 days so far this year!
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My glorious cubicle calendar......in three years, only one person has asked me what it meant.
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531 (https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/msg1860531/#msg1860531)
(I can't figure out how to link the picture here as it's sitting on a different computer)
Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it.
Here's the updated version.
http://engaging-data.com/freedom-calculator/#calendarupdate
(http://engaging-data.com/pages/scripts/freedomcalendar.png)
I know I've said this before, but I love this thread. However, this upgrade is amazing. Almost makes me wish I wasn't FIRE. Snirt, NOT! But still, the journey would have been a lot more fun with tools like this.
CCCA, you are literally helping people gain years of their lives back. Fucking amazing! Or if you don't swear, in my best King Rat voice, "Not Bad. Not bad at all." Google it if you don't know the movie or the book. They're both old.
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What I love about this calculator is that it gives me one additional day of freedom!
I'm at 4.51 days currently, and the calculator makes that 5 :) At this point, that's still a big difference. I'm sure it doesn't feel that big once you're 308 days in. It's great to see a graph, even though I'm very far away from FIRE.
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There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
Jan-18 = 25 days
May-18 = 27 days
Baby is here and I am back at work, I can't wait to see this number grow again (hopefully much faster). We didn't add anything while I was on leave but the market gave me a couple extra days.
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I was just playing with the graph, it's very nice. Thank you for both creating and sharing!
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
Thanks to some lower spending and aggressive savings,
270 down, 95 to go!
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I know I've said this before, but I love this thread. However, this upgrade is amazing. Almost makes me wish I wasn't FIRE. Snirt, NOT! But still, the journey would have been a lot more fun with tools like this.
CCCA, you are literally helping people gain years of their lives back. Fucking amazing! Or if you don't swear, in my best King Rat voice, "Not Bad. Not bad at all." Google it if you don't know the movie or the book. They're both old.
Thanks, don't mind the swearing. Glad that you like it and I do hope that a little visual pop can help motivate people more than maybe a number would.
I was just playing with the graph, it's very nice. Thank you for both creating and sharing!
Glad to hear it! You are welcome.
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Love this method. Don’t love that we only bought 4 days this last quarter!
I’ve adjusted our total so that it’s our net worth less the outstanding mortgage balance on our home (I’m not retiring with a mortgage) which has pushed our total down *but* is a more accurate picture of what we still need to save. So we are at August 3.
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@CCCA thank you for creating the calendar calculator!
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We are at 325 days, in spite of a too high daily rate. Comforting.
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Year Days Purchased
2016 64.31
2017 91.28
2018 (As of June 10): 144 days or May 25
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
...just keep swimming, just keep swimming, just keep swimming, swimming, swimming...
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I've covered January now!
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Up 5 days so far this year. Not matching some of the big earners and advanced frugalists here, but it's progress and not shabby for a newb making five figures.
Now up to 7 days so far this year!
11 days bought. \o/
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Revised & Updated:
13.2 days
I have read (and currently feel) that the beginning is painfully slow....is there an average “forever day” where it starts really picking up?
Its a sine curve upward due to the exponential nature of investing.
Probably around 20% to 30% "there", though I am nowhere near that yet.
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I ran my numbers again!
I have 6 days, assuming I keep my standard of living the same.
What's also comforting is that I reconciled my investments since two days ago and they've made me a little over $38! I did nothing, and I got m'self $38. So amazing, that feeling. So amazing.
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4.5 months to go!
(https://i.imgur.com/St2ZxQam.png)
The pace so far in 2018 has been 1 week of indefinite freedom for every 2 months worked. Unless the market goes sideways that pace should increase based on the beauty of compounding. Assuming it stays the same, I have 19 weeks left to earn which should take 38 months or just over 3 years. Fingers crossed.
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4.5 months to go!
(https://i.imgur.com/St2ZxQam.png)
The pace so far in 2018 has been 1 week of indefinite freedom for every 2 months worked. Unless the market goes sideways that pace should increase based on the beauty of compounding. Assuming it stays the same, I have 19 weeks left to earn which should take 38 months or just over 3 years. Fingers crossed.
Nice! That's what I like to see. Happy that the green bit is growing steadily.
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There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
Jan-18 = 25 days
May-18 = 27 days
Jul-18 = 28 days
We have had a really rough few months, that we will be recovering from throughout the year. Goal is to be through Jan by the end of 2018. Hoping that 2019 will see an acceleration to this rate.
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Update - Increased by 2 days in about 3 1/2 months.
April 13th 2018 = 23 days
July 30th 2018 = 25 days (I hope to get to February by the end of the year)
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Update - Increased by 2 days in about 3 1/2 months.
April 13th 2018 = 23 days
July 30th 2018 = 25 days (I hope to get to February by the end of the year)
Well done haypug and Slow&Steady. Earning the first month of freedom is definitely the hardest. Keep at it.
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Depending upon assumptions, I'm at around August 6th. Man, that's still a lot of saving left (or feels that way in my current antsy-to-FIRE state).
Still, this does give me another perspective on some unexpected bonus money I just received ($5k, or about $3k after taxes).
What would most people do? Fancy night out on the town, put a down payment on a new car, take an expensive vacation, buy themselves a new toy...I think I'll just save and invest it.
Since we're saving at a rate of about $300/day, I figured that the bonus will allow us to retire 10 days sooner than we otherwise would be able to. Alternatively, it'll give me another day of freedom on this freedom calculator. August 7th!
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
I'm getting close to the end of May, May 24th to be exact!
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
270 down, 95 to go!
275 down, 90 to go!
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Up 5 days so far this year. Not matching some of the big earners and advanced frugalists here, but it's progress and not shabby for a newb making five figures.
Now up to 7 days so far this year!
11 days bought. \o/
Stuck at 11 due to paying off car loan in full and some large medical expenses for my cat. Phew, progress is slow when you're starting out. o__o
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275 down, 90 to go!
90 down, 275 to go here.
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
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Great idea. If I assume an 80K/year (which is what I'm spending now on a family of three, living in Manhattan, including ~28K on daycare) then I need about $5479/day. I have about $740K now, which is 135 days. If I don't change jobs, I plan on investing another 70K this year, which buys me.. another 12 days.
Obviously, to maintain this lifestyle anywhere other than Manhattan and without full-time daycare would automatically take my spending down to, say, 50K, but I think 80K/yearly is a good goalpost since I'd like to be covered for medical expenses and donate lots of money.
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This thread/idea is awesome.
We are only up to January 13 but exciting to keep tracking this!
Up to January 23
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Assuming 4% SWR, $75k annual spending, and 4% post-inflation returns going forward, then our investable assets cover...
234 days (through August 22nd each year) if we stop working today.
258 days (through Sep 15th each year) if we stop working today.
273 days (through Sep 30th each year) if we stop working today.
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First post on this thread to celebrate breaking into February! February 3rd to be exact. Last I checked I wasn't even halfway through January. Progress!
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I'm a bit confused how is rental income calculated into days of freedom. Do I subtract from my annual spending the net rental income? Or do I, instead, add rental income as savings, but then I'm not sure what number to add (market values of the properties)?
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
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I'm a bit confused how is rental income calculated into days of freedom. Do I subtract from my annual spending the net rental income? Or do I, instead, add rental income as savings, but then I'm not sure what number to add (market values of the properties)?
I would subtract rental income from annual spending to get the amount of spending that will need to be supported by non-rental income (i.e. returns/principal from your investments).
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
May 29th, averaging around 5 days a month, at this rate I could be FIREd in a little over 3 years (+60 days per year), which would be the end of my next tour!
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There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
Jan-18 = 25 days
May-18 = 27 days
Jul-18 = 28 days
Aug-18 = 29 days
We have had a really rough few months, that we will be recovering from throughout the year. Goal is to be through Jan by the end of 2018. Hoping that 2019 will see an acceleration to this rate.
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Made it to April fools!!
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My first post ever!!
September 26, 2018:
(1) At January 26
(2) 25.6 days
(3) 7.00% completed!
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
Hoping to get well into February by the end of the year!
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
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According to the calculator, I am up to March 2nd. That's not bad. Gotta keep working toward FIRE.
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
Hoping to get well into February by the end of the year!
Nice work. I hope you make it to February soon -- those monthly milestones are awesome!
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
September 30th 2018 = 26 days
1 more day in 2 months. Slow going but it's going. goal is 2 more days by the end of the year.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
Despite a slower month with a lot of extras, I made it to June 1st!
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@Dicey what an awesome tool! This is really an awesome way of thinking about things.
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@Dicey what an awesome tool! This is really an awesome way of thinking about things.
Yeah, sure, great, isn't it terrific? I love it too!
Which tool are you referring to?
Pretty sure all the really good ones are the work of others, not me.
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@Dicey this bad boy -- http://engaging-data.com/freedom-calculator/#calendarupdate
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@Dicey this bad boy -- http://engaging-data.com/freedom-calculator/#calendarupdate
I agree it's a thing of beauty, but it's not mine. I believe the credit belongs to @CCCA. Let's see if this ping solves the mystery.
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@Dicey this bad boy -- http://engaging-data.com/freedom-calculator/#calendarupdate (http://engaging-data.com/freedom-calculator/#calendarupdate)
I agree it's a thing of beauty, but it's not mine. I believe the credit belongs to @CCCA. Let's see if this ping solves the mystery.
Thanks Dicey and david, yes that is mine. It was inspired by the folks on this thread, as I just joined halfway through and thought, "that'd make a good interactive calculator". Subsequently, I've built a few others (as you can see in my sig).
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There should be a lot of changes in the next year; baby #2, SL paid off, new job (fingers crossed), DH company continue to grow, etc. Some of these might not be so great for this number in the short term (baby #2, SL pay off) but we will see. Hopefully, this number starts speeding up (increased contributions & compounding interest) because 0.5 days per month = an unacceptable amount of work left for me.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Aug-17 = 21.7 days
Sept-17 = 22.05 days
Nov-17 = 23.03 days
Dec-17 = 23.71 days
Jan-18 = 25 days
May-18 = 27 days
Jul-18 = 28 days
Aug-18 = 29 days
Sept-18 = 29 days
At the mercy of the market. Seems like it was flat in Sept, the only increase I can see is my contributions, and so far October is sending me backwards.
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
10/2018: January 29
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Based on $40,000 annual spending. So about $2700 per day.
31 forever days. 1 month down 11 to go.
34 days.
I do like this concept, but seems like it will take forever. However, a lot can and most certainly will change over the next few years.
Looks like it’s been about a year since I posted here. I’m now at 38 days, but I’m basing my number on $50k per year rather than $40k. Last month I was at 40 days, darn market correction.
6 day increase (sept 17 to sept 18) in a year isn’t good. Even worse 4 day increase from sept 17 to oct 18. Good thing I’m in it for the long haul.
Ive increased my saving rate this last couple months. So it will get better.
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...6 day increase (sept 17 to sept 18) in a year isn’t good. Even worse 4 day increase from sept 17 to oct 18. Good thing I’m in it for the long haul.
Ive increased my saving rate this last couple months. So it will get better.
6 days/year or 0.5 days/month is what I have been averaging (or was before the Oct). I also am not happy with this number, I am hoping to increase my savings rate considerably in 2019.
I just wanted to let you know that you are not alone, cheers.
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Looks like it’s been about a year since I posted here. I’m now at 38 days, but I’m basing my number on $50k per year rather than $40k. Last month I was at 40 days, darn market correction.
6 day increase (sept 17 to sept 18) in a year isn’t good. Even worse 4 day increase from sept 17 to oct 18. Good thing I’m in it for the long haul.
Ive increased my saving rate this last couple months. So it will get better.
Keep in mind the day 'gains' are exponential. I'm sure we could determine the formula for how hard the first day is compared to how easy the last day is, but they are not equal by any means.
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Looks like it’s been about a year since I posted here. I’m now at 38 days, but I’m basing my number on $50k per year rather than $40k. Last month I was at 40 days, darn market correction.
6 day increase (sept 17 to sept 18) in a year isn’t good. Even worse 4 day increase from sept 17 to oct 18. Good thing I’m in it for the long haul.
Ive increased my saving rate this last couple months. So it will get better.
Keep in mind the day 'gains' are exponential. I'm sure we could determine the formula for how hard the first day is compared to how easy the last day is, but they are not equal by any means.
The last day comes on top of a stash that can already sustain you 364 days. Basically, that last day is a rounding error or a move in the market of less than 0,3% ...
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Looks like it’s been about a year since I posted here. I’m now at 38 days, but I’m basing my number on $50k per year rather than $40k. Last month I was at 40 days, darn market correction.
6 day increase (sept 17 to sept 18) in a year isn’t good. Even worse 4 day increase from sept 17 to oct 18. Good thing I’m in it for the long haul.
Ive increased my saving rate this last couple months. So it will get better.
Keep in mind the day 'gains' are exponential. I'm sure we could determine the formula for how hard the first day is compared to how easy the last day is, but they are not equal by any means.
The last day comes on top of a stash that can already sustain you 364 days. Basically, that last day is a rounding error or a move in the market of less than 0,3% ...
Good perspective. We are in the hard uphill battle right now. Can’t wait to see more of the compounding action.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
A bit of a recovery, working hard to hold on.
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
January 31st 2019 = 28 days
Almost one month down.
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At end of January 2019 I've made it into a new month - May 1st! (121/365)
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
270 down, 95 to go!
275 down, 90 to go!
365 Days Down, 0 to go!
Anticlimactic!
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365 Days Down, 0 to go!
Anticlimactic!
Nice! Congrats!
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@haypug16, thanks.
It's amazing what lowering your spending 30%+ can do!
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365 Days Down, 0 to go!
Anticlimactic!
Nice! Congrats!
Wow, congratulations!! That's awesome to see someone reach the goal!
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
10/2018: January 29
1/2019: January 31
Finally, one month down!
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Seems like it was flat in Sept, the only increase I can see is my contributions, and so far October is sending me backwards.
I have avoided posting since the beginning of Oct because I did NOT want to see the days go backwards (Dec got pretty low). Looks like we are close to being back at Sept numbers (29 days), the end of 2018 was a bummer, I was really hoping to get into Feb before the end of the year but that did not happen. I have bumped up my 401k contributions but we won't start contributing to the IRA again until March.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Dec-17 = 23.71 days
Jan-18 = 25 days
Dec-18 = 26 days
Jan-19 = 28 days
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This is a way more fun way to calculate this than the "Race to ..." threads.
Aug 18: 6.06
Sep 18: 6.38
Oct 18: 6.04
Nov 18: 6.12
Dec 18: 5.62
Jan 19: 6.5
It's also a little more depressing when I look at the numbers that way.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
Moving in the right direction again, but I wouldn't mind a sale at this point. I'm in June (4th), and reaching for the halfway point!
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
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Thanks @zeli2033, it was a long time coming! Dropping expenses has the biggest impact once your net worth gets to a certain size.
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I am up to 181 days. This past month we jumped by 15 days. Very good month for investing after a couple of really terrible months.
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
My spreadsheet now quotes me to January 25. This will go down, as I calculate my "spending per day" on a yearly basis and so far 2019 has been very, verrrry cheap -- it will not stay this cheap, and so my calculations will move back. However, it's nice to see the leap, even if I know it's false. ;)
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This method makes my brain happy. At our current level of spending, we have ~15 days in my accounts alone. I really need to get my hands on husband’s paperwork. It’s a long way to go, but it’s so much easier for me to think of this in “daily” increments.
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I currently have about 7% of my target invested, and am able to contribute about 1% of target per year right now. So a long way to go if I stick with current pattern. BUT that 1% is THREE days which feels pretty good. This is the first time I've run FI numbers and actually felt like I'm accomplishing a tangible goal.
ETA: I forgot my employer match adds about 2 days per year for me :)
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6 days/year or 0.5 days/month is what I have been averaging (or was before the Oct). I also am not happy with this number, I am hoping to increase my savings rate considerably in 2019.
So I did a little calculating because 6 days/year means a long working career ahead. I assumed a 7% return for the previous year as a starting point to calculate days gained for each following year, below.
Year ----- 7% ----- 15% ----- 20%
2019 ----- 07d ----- 08d ----- 11d
2020 ----- 11d ----- 15d ----- 17d
2021 ----- 15d ----- 19d ----- 22d
2022 ----- 18d ----- 23d ----- 27d
2023 ----- 19d ----- 27d ----- 31d
2024 ----- 22d ----- 31d ----- 37d
2025 ----- 24d ----- 35d ----- 41d
On the 1 hand this makes me feel better, my plan doesn't mean that I will only gain 6 days per year every year (assuming my stash returns at least 7%). On the other hand this shows that by the end of 2025 (6 YEARS from now!!) I will still have more than half the year to go. :(
My current plan will take 11 more years to reach FI if my stash returns an average of 7% per year over that time frame. If we have a "glass half full" look, I will still in my 40's when we reach FI and that is several years before we plan to FIRE but I waffle between the "glass is half full" and the "glass is half empty" mentality so that is still 11 YEARS from now!!
PS- 10% average yearly returns only knocks off 1 year. A return of 7% is what MY stash has averaged over the last 3 years. I have end of year numbers for 6 years but contributions for only 3 of those, so I can't calculate what MY stash (not the market in general) yearly return was prior to 2016.
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Made it to April fools!!
April 4 now
Weird. When I recalculate this, I get March 30 from my original post. Not sure what I changed to cheat a couple extra days! I had to go back and figure out why 5 months later I'd only earned a couple days despite lots of deposits.
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Made it to April fools!!
April 4 now
Weird. When I recalculate this, I get March 30 from my original post. Not sure what I changed to cheat a couple extra days! I had to go back and figure out why 5 months later I'd only earned a couple days despite lots of deposits.
Perhaps your numbers were playing an April fools joke on you...
I'll see myself out.
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Made it to April fools!!
April 4 now
Weird. When I recalculate this, I get March 30 from my original post. Not sure what I changed to cheat a couple extra days! I had to go back and figure out why 5 months later I'd only earned a couple days despite lots of deposits.
Perhaps your numbers were playing an April fools joke on you...
I'll see myself out.
DadJokes living up to their name. ;)
fuzzy math, would you want to share the formula/numbers you're using? Sometimes it helps to have a few sets of eyes looking at things.
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Made it to April fools!!
April 4 now
Weird. When I recalculate this, I get March 30 from my original post. Not sure what I changed to cheat a couple extra days! I had to go back and figure out why 5 months later I'd only earned a couple days despite lots of deposits.
Perhaps your numbers were playing an April fools joke on you...
I'll see myself out.
DadJokes living up to their name. ;)
fuzzy math, would you want to share the formula/numbers you're using? Sometimes it helps to have a few sets of eyes looking at things.
I used CCCA's chart. I must have increased my withdrawal rate to make my date look better
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I strongly agree that this a great way to look at things.
Sure, many disagree with the original 7% figure being used, including me, but simply replace it with a figure you deem more appropriate / realistic and you've got quite a powerful psychological incentive to encourage you in your quest for financial independence.
Coupled with the power of compounding (the 8th wonder of the world) and dollar/pound cost averaging, these days per year figures are likely to go up exponentially are they not?
I've been playing around with a few figures myself. If I didn't still have a large-ish mortgage I would actually nearing FI given my current outgoings for non-mortgage things like food, utilities, car ownership etc.
This raises another question, for which I have seen discussed on a different thread. Am I better off not attempting to pay off my mortgage early, given that the interest on it is pretty derisory anyway (~ 2%) and let it continue to wither away and deflate of its own accord, and concentrate my surplus on buying index funds and keeping a well-maintained rainy-day fund. I'm pretty sure MMM is in the pay-it-off-now camp, but it has got me thinking.
Updated : meant to say around 2%, it may even be less, but definitely less than 3%. Still pretty low
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I strongly agree that this a great way to look at things.
Sure, many disagree with the original 7% figure being used, including me, but simply replace it with a figure you deem more appropriate / realistic and you've got quite a powerful psychological incentive to encourage you in your quest for financial independence.
Coupled with the power of compounding (the 8th wonder of the world) and dollar/pound cost averaging, these days per year figures are likely to go up exponentially are they not?
I've been playing around with a few figures myself. If I didn't still have a large-ish mortgage I would actually nearing FI given my current outgoings for non-mortgage things like food, utilities, car ownership etc.
This raises another question, for which I have seen discussed on a different thread. Am I better off not attempting to pay off my mortgage early, given that the interest on it is pretty derisory anyway (< 2%) and let it continue to wither away and deflate of its own accord, and concentrate my surplus on buying index funds and keeping a well-maintained rainy-day fund. I'm pretty sure MMM is not necessarily* in the pay-it-off-now camp, but it has got me thinking.
Start here: https://forum.mrmoneymustache.com/investor-alley/investment-order/
There's a lot of food for thought on the thread linked below, with the caveat that is is very US-centric. It's still useful to help you think through your decision.
https://forum.mrmoneymustache.com/throw-down-the-gauntlet/dont-payoff-your-mortgage-club/
*IIRC, Pete is pretty neutral on the subject. Don't forget that he was FIRE before he started this blog, so his decisions are based on different circumstances.
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Am I better off not attempting to pay off my mortgage early, given that the interest on it is pretty derisory anyway (< 2%) and let it continue to wither away and deflate of its own accord, and concentrate my surplus on buying index funds and keeping a well-maintained rainy-day fund. I'm pretty sure MMM is in the pay-it-off-now camp, but it has got me thinking.
I don't think I'd even pay off a car loan early at < 2% :o Heck, my regular online savings account earns > 2% interest.
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Jul 18 - 31 days
Sep 18 - 34 days
Nov 18 - 38 days
Feb 19 - 42 days
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We've bought about 1.5 days so far this year, but our portfolio has bought us an additional ~20 days. We're almost back to where we were last September. :D
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We've bought about 1.5 days so far this year, but our portfolio has bought us an additional ~20 days. We're almost back to where we were last September. :D
Nice. Just calculated that for myself, and we've contributed 4.2 days, with portfolio growth giving another 19.1 days. We're into late August!
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Aug '18: 6.06
Sep '18: 6.38
Oct '18: 6.04
Nov '18: 6.12
Dec '18: 5.62
Jan '19: 6.5
Feb '19: 8.25
It looks like a bigger jump than it actually is. I transferred some cash into my HSA to max it for 2018. I count my HSA investments towards the calculation, but not cash. Without that transfer, I only would have gone up half a day.
Nonetheless, one week down, 51 to go!
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Oct 2017: 234 days (through August 22nd each year)
Jan 2018: 258 days (through Sep 15th each year)
Aug 2018: 273 days (through Sep 30th each year)
Feb 2019: 273 days (through Sep 30th each year)
Well, we're back to where we were almost exactly 6 months ago. If we could drop our FIRE spending by 25%, we'd be done! Or work a few more years for something closer to a FAT-FIRE.
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
106 days down
259 days to go. Feeling like there still is a mountain to climb. Made some shitty progress.
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Just for my own record. Assuming no mortgage and 7% returns per annum (and these are pretty big assumptions for me).
Being pretty frugal already, my annual expenses are £20K maximum per annum. In all likelihood substantially less, but I will err on the side of conservatism.
This works out at £20K / 365 = 20000 / 365 = £54.79 per day.
So 7% of my own net worth (index funds, pensions etc) £125K = £8750 per annum average.
This equates to 8750 / 54.79 = 159 days of freedom, is that "correct"?
At 4% returns pa this works out at (4/100 * 125K) / 54.79 = 5000 / 54.79 = 91 days of freedom, the figure I prefer.
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
January 31st 2019 = 28 days
February 27th 2019 = 30 days (335 to go)
Got myself a couple days this month. In all of 2018 I increased by 4 days and in just the first two months of 2019 I've done the same. I hope this trend continues and I end the year near the end of February.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
I'm up to June 10th! 20 more days until halfway!
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2019
March 1 - 84 days = March 26th
I used this calculator for the day conversion.
https://www.convertunits.com/dates/daysfromdate/
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This month, we made it up to 191 days, so we are currently at July 10th. We had an excellent past two months where we leaped by 25 days.
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I used this calculator for the day conversion.
https://www.convertunits.com/dates/daysfromdate/
YMMV, but it's probably easier to do it all in one step here: https://engaging-data.com/freedom-calculator/ (https://engaging-data.com/freedom-calculator/)
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73 Days bought assuming 60k/year spending.
I'm FI through March 14
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As of the end of Feb, assuming a £70k spend a year, I am FI though August 3rd... that’s 245 days of FI! Success!
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Pleasantly surprised; at £40k pa target, I find I’m 238 days free (roughly two-thirds).
Hurrah!
Maybe a part time gig might work ... :-)
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Ooh, I used another method and it made me feel better. Rather than just focusing upon my liquid NW and assuming a paid off house, I added our house equity, but increased our expenses by an imputed rent of 4% * expected future house price (after selling the current house and moving).
Took me from mid-August to early October! Still ignoring college savings.
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Middle-ish of the month update since I didn't update at the end of Feb/beginning of March.
At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Dec-17 = 23.71 days
Jan-18 = 25 days
Dec-18 = 26 days
Jan-19 = 28 days
Mar-19 = 30 days
4 days in Q1 is great, compared to what I have been doing! I will be very happy with that progress if that continues. I did increase my 401k contributions in March and we should start funneling money into an IRA in April, I guess we will have to wait and see what the market does with those dollars.
6 days/year or 0.5 days/month is what I have been averaging (or was before the Oct). I also am not happy with this number, I am hoping to increase my savings rate considerably in 2019.
So I did a little calculating because 6 days/year means a long working career ahead. I assumed a 7% return for the previous year as a starting point to calculate days gained for each following year, below.
Year ----- 7% ----- 15% ----- 20%
2019 ----- 07d ----- 08d ----- 11d
2020 ----- 11d ----- 15d ----- 17d
2021 ----- 15d ----- 19d ----- 22d
2022 ----- 18d ----- 23d ----- 27d
2023 ----- 19d ----- 27d ----- 31d
2024 ----- 22d ----- 31d ----- 37d
2025 ----- 24d ----- 35d ----- 41d
On the 1 hand this makes me feel better, my plan doesn't mean that I will only gain 6 days per year every year (assuming my stash returns at least 7%). On the other hand this shows that by the end of 2025 (6 YEARS from now!!) I will still have more than half the year to go. :(
My current plan will take 11 more years to reach FI if my stash returns an average of 7% per year over that time frame. If we have a "glass half full" look, I will still in my 40's when we reach FI and that is several years before we plan to FIRE but I waffle between the "glass is half full" and the "glass is half empty" mentality so that is still 11 YEARS from now!!
PS- 10% average yearly returns only knocks off 1 year. A return of 7% is what MY stash has averaged over the last 3 years. I have end of year numbers for 6 years but contributions for only 3 of those, so I can't calculate what MY stash (not the market in general) yearly return was prior to 2016.
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Bases on invested assets only, we are 117 days /April 27th.
Doesn’t seem to bad, considering the plan is for me to work almost another decade.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
I'm up to June 13th! Only 17 more days until halfway!
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Arebelspy had suggested I add a calendar view to the freedomcalculator and your picture inspired me to do it
Nice! I love it, and the gauge view, too. :D
You can just screenshot the calendar part (so you can't see the saving or spending text boxes). I will also look into how to make a screenshot button on the calculator so it's easier to share.
Yeah, it'd be neat if you could hit "export calendar as image" and it popped up a download dialogue that was your current calendar (or gauge) in .png format.
I really like the tool, CCCA. You've added some great contributions to the forum/FIRE community, between this and Maizeman's death calculator that I saw you had featured on GCC. I enjoyed a few other things on your site (Rubik's Cube times), and will have to poke around there more to see everything! :)
I attached our own path to FIRE, using my historical net worth numbers, and arbitrarily picking our net worth at the time we FIRE'd as our final number (we weren't shooting for a particular number, due to rental property stuff, and actually FIREd earlier than planned, so it's hard to say what our number would have been in a traditional scenario; that seems close enough).
Of course, in the subsequent years while FIRE'd, we've funded through about June of the following year, so picking a number, or date, or whatever, was all an exercise in fun anyways. ;)
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This month was another good month for our investments and we are now up to July 20th. Feels pretty good.
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6/30/18: 5.57
8/31/18: 6.06
9/30/18: 6.38
10/31/18: 6.04
11/30/18: 6.12
12/31/18: 5.62
1/31/19: 6.5
2/28/19: 8.25
3/31/19: 10.52
We decided to shift some savings over and fund a Roth for the 2018 deadline. That was good for 1.6 days on its own.
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
January 31st 2019 = 28 days
February 27th 2019 = 30 days
March 31st 2019 = 31 days
Bought myself another day this month :) Hoping to end the year in Mid February
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At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Dec-17 = 23.71 days
Jan-18 = 25 days
Dec-18 = 26 days
Jan-19 = 28 days
Mar-19 = 30 days
Did not change from the mid-month update but I wanted to make sure I posted an end of the month number.
6 days/year or 0.5 days/month is what I have been averaging (or was before the Oct). I also am not happy with this number, I am hoping to increase my savings rate considerably in 2019.
So I did a little calculating because 6 days/year means a long working career ahead. I assumed a 7% return for the previous year as a starting point to calculate days gained for each following year, below.
Year ----- 7% ----- 15% ----- 20%
2019 ----- 07d ----- 08d ----- 11d
2020 ----- 11d ----- 15d ----- 17d
2021 ----- 15d ----- 19d ----- 22d
2022 ----- 18d ----- 23d ----- 27d
2023 ----- 19d ----- 27d ----- 31d
2024 ----- 22d ----- 31d ----- 37d
2025 ----- 24d ----- 35d ----- 41d
On the 1 hand this makes me feel better, my plan doesn't mean that I will only gain 6 days per year every year (assuming my stash returns at least 7%). On the other hand this shows that by the end of 2025 (6 YEARS from now!!) I will still have more than half the year to go. :(
My current plan will take 11 more years to reach FI if my stash returns an average of 7% per year over that time frame. If we have a "glass half full" look, I will still in my 40's when we reach FI and that is several years before we plan to FIRE but I waffle between the "glass is half full" and the "glass is half empty" mentality so that is still 11 YEARS from now!!
PS- 10% average yearly returns only knocks off 1 year. A return of 7% is what MY stash has averaged over the last 3 years. I have end of year numbers for 6 years but contributions for only 3 of those, so I can't calculate what MY stash (not the market in general) yearly return was prior to 2016.
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Love this method. Don’t love that we only bought 4 days this last quarter!
I’ve adjusted our total so that it’s our net worth less the outstanding mortgage balance on our home (I’m not retiring with a mortgage) which has pushed our total down *but* is a more accurate picture of what we still need to save. So we are at August 3.
Update - we were at August 18th at the end of Feb, but thanks to some dividend & diligance we’re at 22nd August today!
Currently about $15k behind where I’d like to be for my ‘stretch target’ (that sounds corporate, lol!)
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27 days of freedom, which is an increase of 15 days so far this year! It's hard to imagine that my spending will stay this low, but I'm mostly just happy. I'm close to a month down. That feels wonderful.
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i haven't read the whole thread, so maybe someone brought it up, but shouldn't the rate of return be 4% (i.e. 4% SWR)?
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This method makes my brain happy. At our current level of spending, we have ~15 days in my accounts alone. I really need to get my hands on husband’s paperwork. It’s a long way to go, but it’s so much easier for me to think of this in “daily” increments.
I’ve continued to pay into my IRA and the HSA, and husband finally tracked down and updated his investment accounts. We’re now at 43 days.
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I love this way of thinking. I was feeling exceptionally daunted by the whole concept, but in fact I only need to save £1722 to buy one day of freedom. That's a totally doable number!
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i haven't read the whole thread, so maybe someone brought it up, but shouldn't the rate of return be 4% (i.e. 4% SWR)?
I think that most people (other than the OP) are using 4% or their chosen SWR. Perhaps some others who are early in their journey are using more optimistic numbers; whatever keeps them motivated is fine as long as they don't retire on 7% and expect success! Sure, SWRs of 7+ have happened, but most of the time it'll fail.
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This is a great idea! I added this to my tracking spreadsheet. Since I started recording my monthly FI progress in December 2017, I have added 15 days of freedom.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
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YMMV, but it's probably easier to do it all in one step here: https://engaging-data.com/freedom-calculator/ (https://engaging-data.com/freedom-calculator/)
Just quoting because I feel like the link should be on every page of this thread at least once!
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
106 days down
259 days to go. Feeling like there still is a mountain to climb. Made some shitty progress.
118 days down
247 days to go. Reaching my tolerance point with I.T job and only making slow progress here.
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Just hit day 273... That’s Jan1st to Sep30th. Mind blown! Only 3 more months before FI
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195 days down, 170 days to go.
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
270 down, 95 to go!
275 down, 90 to go!
365 Days Down, 0 to go!
Anticlimactic!
410 Days! Rolling 12 month spending dropped, portfolio went up.
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A 45 day jump in 3 months is amazing! I get excited to jump a week in that time frame.
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At $60k/year and only looking a 401k/IRA.
Jan-17 = 17 days
Dec-17 = 23 days
Jan-18 = 25 days
Dec-18 = 26 days
Jan-19 = 28 days
Mar-19 = 30 days
Apr-19 = 32 days
A couple days early but who really cares. It shows 6 days from the end of 2018 to the end of April 2019, that is more than what I gained all of 2018 and equal to the entire year of 2017. I would love to see 6 days every 4 months, that would put me at the middle of Feb by the end of the year!
6 days/year or 0.5 days/month is what I have been averaging (or was before the Oct). I also am not happy with this number, I am hoping to increase my savings rate considerably in 2019.
So I did a little calculating because 6 days/year means a long working career ahead. I assumed a 7% return for the previous year as a starting point to calculate days gained for each following year, below.
Year ----- 7% ----- 15% ----- 20%
2019 ----- 07d ----- 08d ----- 11d
2020 ----- 11d ----- 15d ----- 17d
2021 ----- 15d ----- 19d ----- 22d
2022 ----- 18d ----- 23d ----- 27d
2023 ----- 19d ----- 27d ----- 31d
2024 ----- 22d ----- 31d ----- 37d
2025 ----- 24d ----- 35d ----- 41d
On the 1 hand this makes me feel better, my plan doesn't mean that I will only gain 6 days per year every year (assuming my stash returns at least 7%). On the other hand this shows that by the end of 2025 (6 YEARS from now!!) I will still have more than half the year to go. :(
My current plan will take 11 more years to reach FI if my stash returns an average of 7% per year over that time frame. If we have a "glass half full" look, I will still in my 40's when we reach FI and that is several years before we plan to FIRE but I waffle between the "glass is half full" and the "glass is half empty" mentality so that is still 11 YEARS from now!!
PS- 10% average yearly returns only knocks off 1 year. A return of 7% is what MY stash has averaged over the last 3 years. I have end of year numbers for 6 years but contributions for only 3 of those, so I can't calculate what MY stash (not the market in general) yearly return was prior to 2016.
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I've covered January now!
And less than a year later, I'm close to covering February. 55 days of freedom in total now, only 4 days (or €3.3k) left to be covered in February which I expect to reach in 1-2 months :).
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I've covered January now!
And less than a year later, I'm close to covering February. 55 days of freedom in total now, only 4 days (or €3.3k) left to be covered in February which I expect to reach in 1-2 months :).
Wow, you're really making progress! And it's especially a big achievement considering your age and the type of job you have. Also, we seem to have the same FIRE number :)
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7/1/18: 5.53
8/1/18: 5.74
9/1/18: 6.27
10/1/18: 6.43
11/1/18: 6.00
12/1/18: 6.09
1/1/19: 5.78
2/1/19: 6.60
3/1/19: 8.26
4/1/19: 10.52
5/1/19: 11.66
Just keep on swimming...
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A 45 day jump in 3 months is amazing! I get excited to jump a week in that time frame.
Aye, at my expense levels (<$18k/yr), reducing spending further while stocks appreciate makes a huge dent. Specifically when you get to the one year mark. But the markets can crash and wipe 100+ days just as easily.
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I'm jealous of that expense level. My leanfire expenses are nearly double that at $30,000.
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I'm at 37 days :D
Crazy how fast this all adds up. Been at it for 1.5 years
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I've covered January now!
And less than a year later, I'm close to covering February. 55 days of freedom in total now, only 4 days (or €3.3k) left to be covered in February which I expect to reach in 1-2 months :).
Wow, you're really making progress! And it's especially a big achievement considering your age and the type of job you have. Also, we seem to have the same FIRE number :)
Thanks! I guess I'm lucky that I started my working life with close to $20k but keeping my student budget while starting working life has been the biggest secret to success so far :).
I have to admit that this FIRE number is based on current expenses (rounded up) so I doubt whether that's feasible long term considering my $300 rent and single/no kids life, but it's the best estimate I currently have.
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I've covered January now!
And less than a year later, I'm close to covering February. 55 days of freedom in total now, only 4 days (or €3.3k) left to be covered in February which I expect to reach in 1-2 months :).
Wow, you're really making progress! And it's especially a big achievement considering your age and the type of job you have. Also, we seem to have the same FIRE number :)
Thanks! I guess I'm lucky that I started my working life with close to $20k but keeping my student budget while starting working life has been the biggest secret to success so far :).
I have to admit that this FIRE number is based on current expenses (rounded up) so I doubt whether that's feasible long term considering my $300 rent and single/no kids life, but it's the best estimate I currently have.
It might not be realistic to never work again in our life, but if I'm barebones FI at the age of 40 I don't plan to never earn money again. I'm pretty confident we'll manage.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
I'm up to June 19th! Only 11 days until halfway!
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
January 31st 2019 = 28 days
February 27th 2019 = 30 days
March 31st 2019 = 31 days
April 30th 2019 = 32 days (I made it into February!)
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Looks like this thread fell off the first page and was forgotten
7/1/18: 5.53
8/1/18: 5.74
9/1/18: 6.27
10/1/18: 6.43
11/1/18: 6.00
12/1/18: 6.09
1/1/19: 5.78
2/1/19: 6.60
3/1/19: 8.26
4/1/19: 10.52
5/1/19: 11.66
6/1/19: 13.45
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117 days according to the calculator.
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8
Excluding compounding I should be adding a day a month
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Done!
Started tracking this way 28 months ago, with what I thought of as an aggressive goal of endowing 4 days per month. I actually did slightly better than that--4.45 days/month:
6/20/19--366 days 11
6/10/19--355 days 3
5/10/19--352 days -2
4/10/19--354 days 16
3/10/19--338 days 6
2/10/19--332 days 11
1/10/19--321 days 5
12/10/18--316 days -9
11/10/18--325 days 0
10/10/18--325 days -6
9/10/18--331 days 1
8/10/18--330 days 7
7/10/18--323 days 3
6/10/18--320 days 5
5/10/18--315 days 9
4/10/18--306 days -8
3/10/18--314 days 16
2/10/18--298 days -11
1/10/18--309 days 14
12/10/17--295 days 8
11/10/17--287 days 3
10/10/17--284 days 9
9/10/17--275 days 6
8/10/17--269 days 7
7/10/17--262 days 3
6/10/17--259 days 5
5/10/17--254 days 7
4/10/17--247 days 3
3/10/17--244 days 6
2/10/17--238 days start
Some thoughts: 1) I'm really glad I didn't start this until I was less than three years from being done, and I kind of wish I had waited still another year. It was kind of painful, even though I was making great progress. I can't imagine doing this for like a decade. I guess that's the nature of all countdown clocks, though. 2) It helped to force myself to only formally update it once a month--though I have no self control and looked literally every day the market was open. 3) Progress gets faster the closer you are to goal--so keep your spirits up, early savers. It gets better.
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It’s been awhile since I updated. Decided to increase the amount I want to be able to spend in retirement by $10K per year. So, now I’m at May 2nd (122 days of freedom).
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
I'm up to June 26th! Only 4 days until halfway!
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7/1/18: 5.53
8/1/18: 5.74
9/1/18: 6.28
10/1/18: 6.43
11/1/18: 6.00
12/1/18: 6.09
1/1/19: 5.79
2/1/19: 6.60
3/1/19: 8.26
4/1/19: 10.59
5/1/19: 11.61
6/1/19: 13.45
7/1/19: 15.29
Two weeks down - fifty to go.
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
10/2018: January 29
1/2019: January 31
6/2019: February 8
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June 2016: Jan 29th
June 2017: Feb 2nd (+9 days)
June 2018: Feb 26th (+19 days)
June 2019: Mar 6th (+8 days)
Goal:
Dec 2019: Mar 11th
June 2020: Mar 23rd
Dec 2020: Mar 27th
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
January 25. This will go down, as I calculate my "spending per day" on a yearly basis and so far 2019 has been very, verrrry cheap -- it will not stay this cheap, and so my calculations will move back. However, it's nice to see the leap, even if I know it's false. ;)
Still at January 26!
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Based on $40,000 annual spending. So about $2700 per day.
31 forever days. 1 month down 11 to go.
34 days.
Looks like it’s been about a year since I posted here. I’m now at 38 days, but I’m basing my number on $50k per year rather than $40k. Last month I was at 40 days, darn market correction.
50 days at 50k per year
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Reached my birthday today- September 3!
Two thirds down, 1 to go!!
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@intotherealworld
This is a very good perspective - for the human brain to wrap itself around the FIRE concept without a spreadsheet.
Of course the per day savings would be less if you invested now while still working. But a rough amount is good enough.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
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At $60k/year and only looking a 401k/IRA.
| Month End | # of Days |
| Jan-17 | 17 |
| Dec-17 | 23 |
| Jan-18 | 25 |
| Dec-18 | 26 |
| Jan-19 | 28 |
| Mar-19 | 30 |
| Jul-19 | 32 |
I was at 32 days the end of April then had a really rough May and June but July picked back up. I know I am going to take another hit in Aug so I am not sure what Q3 will end up looking like.
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April 13th 2018 = 23 days
July 30th 2018 = 25 days
January 31st 2019 = 28 days
February 27th 2019 = 30 days
March 31st 2019 = 31 days
April 30th 2019 = 32 days
July 31st 2019 = 33 days
1 more day of freedom in the bucket.
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7/1/18: 5.53
8/1/18: 5.74
9/1/18: 6.28
10/1/18: 6.43
11/1/18: 6.00
12/1/18: 6.09
1/1/19: 5.79
2/1/19: 6.60
3/1/19: 8.26
4/1/19: 10.59
5/1/19: 11.61
6/1/19: 13.45
7/1/19: 15.29
8/1/19: 16.64
I actually hit the milestone last month, but I don't think I noted it: our investments have surpassed 1x annual expenses. Only 24x to go...
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
So close to halfway, hopefully I get there next month!
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I really like the calendar visual with the green days of freedom. Nice, simple perspective!
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Up to 69 days assuming 42k/yr spend
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i haven't read the whole thread, so maybe someone brought it up, but shouldn't the rate of return be 4% (i.e. 4% SWR)?
I use an optimistic 7% to project the growth of untouched investments. 4% is more appropriate when projecting regular withdrawals.
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I'm sure we've discussed it earlier in the thread, but reading these posts reminds me of how gratifying it used to be watching our investments grow every couple weeks as a result of saving. Once the balances are of a certain size though, the contributions become an ever-diminishing factor compared to market gains/losses. For our nest egg, a typical 0.5% daily swing in the S&P500 is about 4x bigger than our every-2-weeks retirement contributions. A -3% day like yesterday wipes out closed to a year's worth of contributions (on paper). That can be a little demotivating when it comes to saving, though on the flip side a 3% gain is quite exhilarating.
I still feel good about socking away days per year of free life with our retirement contributions. But over time I've had to think about it more as increasing my share of ownership in hundreds of companies, and less about the current dollar value of those shares.
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Been a rough week financially. Lost about 3 days in the market turn. But that doesn’t bother me. It’ll come back.
The dog swallowed a fish hook requiring surgery to remove from her stomach. Emergency surgery =about 1 day. Ugh.
Love my dog so it is worth it. But savings in the bank meant it was no big deal. Role with it and move on.
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4.5 months to go!
(https://i.imgur.com/St2ZxQam.png)
The pace so far in 2018 has been 1 week of indefinite freedom for every 2 months worked. Unless the market goes sideways that pace should increase based on the beauty of compounding. Assuming it stays the same, I have 19 weeks left to earn which should take 38 months or just over 3 years. Fingers crossed.
An update a year later:
(https://i.imgur.com/YpX35cM.jpg)
Each year I inflate our planned spend in retirement by 3% so that I am always working with current (now 2Q2019) dollars. My historical data on investments are in historical dollars (4Q2015 as an example) so you can see that past years contribute less to the 365 day goal than they used to. Feels like I am swimming upstream.
2018 progress looks minuscule only because of the market drop at the end of the year. Our savings rate was still on track.
Progress is progress and we are now at Aug 25th based on the current (inflated) goal. Onward we go.
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June 2016: Jan 29th
June 2017: Feb 2nd (+9 days)
June 2018: Feb 26th (+19 days)
June 2019: Mar 6th (+8 days)
Goal:
Dec 2019: Mar 11th
June 2020: Mar 23rd
Dec 2020: Mar 27th
Not a lot of progress this month, so will add the time of the day
Jul 2019: Mar 7th and it's 8pm
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Simply love this idea! Thank you!
And Ptf
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I’m at 129 days now, which is May 9th. Looks like I’m gaining about 1 week of freedom per 3 months of work. Is this considered a good pace?
It seems to align well with my my overall goal date for retirement though.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
I think I just barely hit the halfway point, but that is huge!
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1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
10/2018: January 29
1/2019: January 31
6/2019: February 8
10/2019: February 19
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
Up to July 8th!
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Oct 2017: 234 days (through August 22nd each year)
Jan 2018: 258 days (through Sep 15th each year)
Aug 2018: 273 days (through Sep 30th each year)
Feb 2019: 273 days (through Sep 30th each year)
Nov 2019: 300 days (through Oct 27th each year)
I think we bought about 7 days since February (not including ~2 days toward mortgage principal), and the market gave us another 20.
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
July 31st 2019 = 33 days
October 31st 2019 = 37 days
4 more days in the past 3 months. Hoping I can get up to 40 by year end.
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
106 days down
259 days to go. Feeling like there still is a mountain to climb. Made some shitty progress.
118 days down
247 days to go. Reaching my tolerance point with I.T job and only making slow progress here.
146 days down. 219 to go.
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June 2016: Jan 29th
June 2017: Feb 2nd (+9 days)
June 2018: Feb 26th (+19 days)
June 2019: Mar 6th (+8 days)
Goal:
Dec 2019: Mar 11th
June 2020: Mar 23rd
Dec 2020: Mar 27th
Not a lot of progress this month, so will add the time of the day
Jul 2019: Mar 7th and it's 8pm
Nov 2019: Mar 17th
Yeahhhh. Almost a week ahead of my projection from early July (thanks to the market plus lower spending)
Unfortunately from there I’m going to go backward as I quit my job this month. Will be interesting to see how much it’s going to delay my plan.
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
January 25. This will go down, as I calculate my "spending per day" on a yearly basis and so far 2019 has been very, verrrry cheap -- it will not stay this cheap, and so my calculations will move back. However, it's nice to see the leap, even if I know it's false. ;)
Still at January 26!
January 27! Yessss! So close to an entire month funded.
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28 April, based on £35k expenses, 3% SWR, and current NW of £377k.
Ofc, the very lean £18k expenses and more optimistic 4% SWR gets me to 2 November, so now I have a colour-coded calendar at work with four different scenarios to stay motivated.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
December 1 - 195.86
Up to July 14th!
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
November 30th 2019 = 38 days
Goal is to end the year at 40. It's still a possibility since my contributaitons in my 401k equal 1.5 days so I just need the market to make up the difference. Easy right. ;P
Goal for 2020 will be to end with 60 days.
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I attached our own path to FIRE
...
Of course, in the subsequent years while FIRE'd, we've funded through about June of the following year
Update to this post. The final sentence refers to total NW.
Instead, calculating second FI based on paper portfolio, we are currently at 70 days of freedom, March 11.
19% of the way to FIRE!
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I've been tracking stuff like this for a while but don't post a ton on this forum. We managed to gain 5.3 days in one month and get to 28.67. Hoping to get to get out of January by the end of the month but it'll be tight.
Sent from my moto g(6) plus using Tapatalk
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Just thought I'd check this ... 18 days to go (and 19 days left in the actual year)
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I attached our own path to FIRE
...
Of course, in the subsequent years while FIRE'd, we've funded through about June of the following year
Update to this post. The final sentence refers to total NW.
Instead, calculating second FI based on paper portfolio, we are currently at 70 days of freedom, March 11.
19% of the way to FIRE!
Wait! You RE'd before you hit FI? I'm so confused! What does the 19% represent?
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I attached our own path to FIRE
...
Of course, in the subsequent years while FIRE'd, we've funded through about June of the following year
Update to this post. The final sentence refers to total NW.
Instead, calculating second FI based on paper portfolio, we are currently at 70 days of freedom, March 11.
19% of the way to FIRE!
Wait! You RE'd before you hit FI? I'm so confused! What does the 19% represent?
Second FI. I believe ARS has re-calibrated first FI to be "we have the gigantic real estate portfolio". Is now working on FI a 2nd and only counting stocks / bonds.
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
January 25. This will go down, as I calculate my "spending per day" on a yearly basis and so far 2019 has been very, verrrry cheap -- it will not stay this cheap, and so my calculations will move back. However, it's nice to see the leap, even if I know it's false. ;)
Still at January 26!
January 27! Yessss! So close to an entire month funded.
Ahhh as of today I have bought 31 days of FI. JANUARY IS MINE.
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Fantastic way of measuring it. With 4% as SWR, i am now at January 13th, assuming current expenses.
Aim for Dec 2020: Reach February 2021.
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This is a great calculator and big time motivation!
1. The barebones(Covering minimum expenses) of 4% SWR has us through May 12th. $18,000 is our lowest yearly expenses if we live really frugal and don`t have some sudden emergency expense. We would also have to throw out birthdays, vacations, and Christmas if I don`t at least pick up a basic job I may not want to devote myself to. Not ideal at all. It is still cool to be at the 1/3 mark on the basic expenses.
2. For $25,000 yearly budget we are through April 5th. Hey, 1/4 there. Still wouldn`t breathe that easy at this point, but I could supplement our income with part-time work and have plenty.
3. Our goal is $35,000 yearly to really provide that buffer room we would be comfortable with. We`re through March 9th at this point. I`d work for fun to just have the extras at this point!
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I'm now up to day 141 or May 21st.
Slowly but surely...
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
I'm still at 38 days because I had the wrong amount in my spreadsheet for my yearly expenses. It was short by a few thousand, not really sure where that number even came from??? Anyway, spreadsheet is fixed.
Here are my goals for the next 10 years
2020 - 60 days
2021 - 90
2022 - 120
2023 - 150
2024 - 180
2025 - 210
2026 - 240
2027 - 270
2028 - 300
2029 - 330
2030 - 365
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
December 1 - 195.86
2020
January 1 - 202.81
Strong finish, broke the 200 day mark!
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I've been wondering how best to calculate this, with pensions and disability payments, and uncertainties about expenses. But I've landed on using the state calculations for what we need to live a modest life, and only count the money in the group of mutual funds that are mentally targeted for FI savings. That gives us a target of $2500/day. We are focusing on the mortgage this year, so don't expect to gain more than 5-6 days in 2020.
January 2020: January 5th
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I've been tracking stuff like this for a while but don't post a ton on this forum. We managed to gain 5.3 days in one month and get to 28.67. Hoping to get to get out of January by the end of the month but it'll be tight.
Sent from my moto g(6) plus using Tapatalk
Made it to 32.4 days! Hopefully we can keep this momentum up
Sent from my moto g(6) plus using Tapatalk
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
106 days down
259 days to go. Feeling like there still is a mountain to climb. Made some shitty progress.
118 days down
247 days to go. Reaching my tolerance point with I.T job and only making slow progress here.
146 days down. 219 to go.
152 days down. 213 days to go.
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As of 12/31/2019
34 days aka February 3
At current expense level each day costs $4692
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November 6th. Getting close...but will Mideast tensions spoil things?
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209 days down, 156 days to go
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Oct 2017: 234 days (through August 22nd each year)
Jan 2018: 258 days (through Sep 15th each year)
Aug 2018: 273 days (through Sep 30th each year)
Feb 2019: 273 days (through Sep 30th each year)
Nov 2019: 300 days (through Oct 27th each year)
Jan 2020: 313 days (through Nov 9th each year)
Wow, 40 days closer to freedom over the last ~11 months. I guess that's what a 28% (S&P500) year does to a portfolio that was already 75% of the way to FI.
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This method makes my brain happy. At our current level of spending, we have ~15 days in my accounts alone. I really need to get my hands on husband’s paperwork. It’s a long way to go, but it’s so much easier for me to think of this in “daily” increments.
I’ve continued to pay into my IRA and the HSA, and husband finally tracked down and updated his investment accounts. We’re now at 43 days.
We're now up to 51 days, or ~14% of the way there. Onward and upward!
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351 down, 14 to go!
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I need to calculate this properly, but I am most likely heading towards a divorce in 2020. Money wise it will be tough but certainly not a catastrophy. I am somewhere in spring according to this really nice way of calculating, but will come back here after the dust settles.
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351 down, 14 to go!
Nice! Market has been stealing my days of freedom lately. Alas.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
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We can get to February 24th assuming $50K in annual expenses, March 10th assuming $40K.
I love this idea of tracking progress. DH thinks it's silly. He just asks me to convert it back into a percentage :P
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
December 1 - 195.86
2020
January 1 - 202.81
February 1 - 203.69
I'm just happy I'm still moving forward. One more day down!
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I love this idea of tracking progress. DH thinks it's silly. He just asks me to convert it back into a percentage :P
I think it's fun to see on the calendar. But like your H, I find that a percentage is a more straightforward way to measure FIRE progress.
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Since I'm around 7+ years away from my ideal FIRE I've realised it can be more motivating to look at what your day to day actions are worth.
My current cost of living is 25000 per year.
That means my cost per day is $68
I just invested $2000.
Assuming 7% returns over the long term (10+ years), without even taking into account compounding, the return on $2000 will be around $140 per year.
That's two days of financial independence, every year, for the rest of my life.
For every $1000 I save I have instantly bought 1 day of financial independence, every year, forever
EDIT: Check out the awesome calculator the user CCCA has made to calculate this!
https://engaging-data.com/freedom-calculator/
Hey @intotherealworld, you haven't posted an update since 2017! Thanks for starting such an inspirational thread.
Perhaps you could give us an update and change the number in the title. I think it's a really cool tool that deserves to stay at the top of the list, so it can keep inspiring people.
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I love this idea of tracking progress. DH thinks it's silly. He just asks me to convert it back into a percentage :P
I think it's fun to see on the calendar. But like your H, I find that a percentage is a more straightforward way to measure FIRE progress.
I love the visual aspect of ticking off days on a yearly calendar. However, both that and the percentage rate make my husband panicky. The total dollar amount in the accounts is less daunting for him.
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Up to 35. Hoping to gain 4+ days over the next month
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This is a really cool way to track FIRE progress, skipping over all the fancy calculations and just use something fun and easily relatable.
I'm 117 days in. Yay!
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This thread is literally the reason I finally felt able to leave my job. I show people the formula all the time. I only made it to 340 days when I decided to quit, I figured, eh, close enough, and if I have to work a little bit more later to finish building the stash, I’m totally ok with that. Thanks to the OP for coming up with this!
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This thread is literally the reason I finally felt able to leave my job. I show people the formula all the time. I only made it to 340 days when I decided to quit, I figured, eh, close enough, and if I have to work a little bit more later to finish building the stash, I’m totally ok with that. Thanks to the OP for coming up with this!
If only @intotherealworld would come back and give us an update!
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January 2020: January 5th
February 2020: January 6th
-
1/2018: January 13
4/2018: January 18
7/2018: January 22
9/2018: January 27
10/2018: January 29
1/2019: January 31
6/2019: February 8
10/2019: February 19
1/2020: February 28
Barring future leap years, that's 2 months down! 10 to go.
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
To January 15.
January 25. This will go down, as I calculate my "spending per day" on a yearly basis and so far 2019 has been very, verrrry cheap -- it will not stay this cheap, and so my calculations will move back. However, it's nice to see the leap, even if I know it's false. ;)
Still at January 26!
January 27! Yessss! So close to an entire month funded.
Ahhh as of today I have bought 31 days of FI. JANUARY IS MINE.
Current calculations give me through February 7. Current per-diem spending is lower than usual, though (no big expenses yet this year, like car insurance or travel), so if I use last year's per diem I'm pretty much just holding steady right now.
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As of 12/31/2019 / 34 days aka February 3 /
At current expense level each day costs $4692
As of 1/30/2020 / 51 days aka February 20 /
At current expense level each day costs $4692
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As of 12/31/2019 / 34 days aka February 3 /
At current expense level each day costs $4692
As of 1/30/2020 / 51 days aka February 20 /
At current expense level each day costs $4692
You went up by 17 days in a month? That looks like an $80k increase.
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Correct. Annual bonus plus two pay periods reflect a raise paired with almost no spending in January.
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
February 11th 2020 = 42 days - 18 more days to hit my year end goal.
Goal for next 10 years
2020 - 60 days
2021 - 90
2022 - 120
2023 - 150
2024 - 180
2025 - 210
2026 - 240
2027 - 270
2028 - 300
2029 - 330
2030 - 365
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
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January 2020: January 5th
February 2020: January 6th
March: January 6th
April: January 7th
May: January 8th
Started on second week!
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
December 1 - 195.86
2020
January 1 - 202.81
February 1 - 203.69
March 1 - 192.91
April 1 - 174.02
May 1 - 192.3
June 1 - 202.88
July 1 - 209.41
Moving forward again!
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https://engaging-data.com/freedom-calculator/
As of 1/30/2020 / 51 days aka February 20 /
At current expense level each day costs $4692
As of 6/30/2020 / 57 days aka February 26
At current expenses level each day costs $4692
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
Less than 2 months later I'm at 11,20! Don't want to make any predictions but 14 days by EOY doesn't seem out of reach right now.
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35 days in February up to 51 days now. I think I can get to 75 days by eoy but I guess time will tell. It's weird having enough money to really feel the market swings now but I love buying shares when there is a sale!
Sent from my moto g(6) plus using Tapatalk
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January 2020: January 5th
February 2020: January 6th
March: January 6th
April: January 7th
May: January 8th
June: January 8th
Almost at 9, but not quite.
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
February 11th 2020 = 42 days
August 4th 2020 = 42 days - went up and down over the past few months. 18 more days to reach my goal for the year. That's about $30k, not too likely I would need major help from the market on that. I can see getting to about 50 days.
Goal for next 10 years
2020 - 60 days
2021 - 90
2022 - 120
2023 - 150
2024 - 180
2025 - 210
2026 - 240
2027 - 270
2028 - 300
2029 - 330
2030 - 365
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1/2018: January 13
4/2018: January 18
7/2018: January 22
10/2018: January 29
1/2019: January 31
6/2019: February 8
10/2019: February 19
1/2020: February 28
7/2020: March 14
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170 down, 195 to go!
How the tides have turned!
195 down, 170 to go!
210 down, 155 to go!
223 down, 142 to go :)
228 Down, 137 to go!
270 down, 95 to go!
275 down, 90 to go!
365 Days Down, 0 to go!
Anticlimactic!
410 Days! Rolling 12 month spending dropped, portfolio went up.
715 Days! Truly amazing what lowered expenses does to these calculations ;)
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https://engaging-data.com/freedom-calculator/
As of 1/30/2020 / 51 days aka February 20
At current expense level each day costs $4692
As of 6/30/2020 / 57 days aka February 26
At current expenses level each day costs $4692
As of 7/31/2020 / 61 days aka March 2
At current expenses level each day costs $4692
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https://engaging-data.com/freedom-calculator/
As of 1/30/2020 / 51 days aka February 20
At current expense level each day costs $4692
As of 6/30/2020 / 57 days aka February 26
At current expenses level each day costs $4692
As of 7/31/2020 / 61 days aka March 2
At current expenses level each day costs $4692
Your expenses have stayed the same all year? Not being critical, just curious.
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Hi Dicey. I'm using a projected number for what I think my expenses will be when I retire.
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Up to 56.89 days and gaining about ~6 days per month. I hope we can keep that rate up!
Sent from my moto g(6) plus using Tapatalk
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Finally posting in this thread. It's been slow going, but I just realized I've finally crossed into February! I officially own all of my own time every January!
I've now added dates to my net worth projection spreadsheet. Hoping to earn one more week before the end of the year, but we'll see what happens.
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I’m now on day 145 / May 25th.
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
February 11th 2020 = 42 days
August 4th 2020 = 42 days
August 17th 2020 = 44 days
Had a good couple weeks :)
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(https://i.imgur.com/rqdNb4dm.jpg)
Progress feels slow some days, but we're getting there.
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292 days.....
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Oct 2017: 234 days (through August 22nd each year)
Jan 2018: 258 days (through Sep 15th each year)
Aug 2018: 273 days (through Sep 30th each year)
Feb 2019: 273 days (through Sep 30th each year)
Nov 2019: 300 days (through Oct 27th each year)
Jan 2020: 313 days (through Nov 9th each year)
Aug 2020: 341 days (through Dec 7th each year)
We gained 28 days since Jan, despite the zig-zagging market these past 6 months or so. Shoot, if this keeps up without a correction, we're going to be entering the OMY phase sooner than I expected.
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Does anyone else factor in rental income? I currently have just over $400k in various retirement accounts, but we also own two rental properties that generate $12,000 annually after expenses now, will be $15,000 after the second one is paid off. I consider this as similar to an annuity of $300,000 ($375,000 once both are paid) at 4%, which would bring my total to around $700k. I have also thought about it as reducing my set expenses by $1,000/mo. Anyone have a preferred method? I don't know that one is more accurate than the other... Thoughts?
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2017
April 14 - 66.9
July 24 - 72.32
October 1 - 85.18
November 1 - 89.49
December 1 - 91.60
2018
January 1 - 94.16
February 1 - 99.53
March 1 - 98.25
April 1 - 99.81
May 1 - 129.12
June 1 - 133.36
July 1 - 138.76
August 1 - 143.95
September 1 - 148.73
October 1 - 151.87
November 1 - 146.53
December 1 - 150.11
2019
January 1 - 144.60
February 1 - 155.47
March 1 - 160.02
April 1 - 163.63
May 1 - 170.82
June 1 - 166.11
July 1 - 176.81
August 1 - 179.72
September 1 - 178.89
October 1 - 183.41
November 1 - 189.27
December 1 - 195.86
2020
January 1 - 202.81
February 1 - 203.69
March 1 - 192.91
April 1 - 174.02
May 1 - 192.3
June 1 - 202.88
July 1 - 209.41
August 1 - 220.82
September 1 - 235.14
Big gains these past few months almost puts me back on track. I'm at August 23, so I'm nearing 2/3 of a year!
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Just reached October 27th. Wow, this has taken much less time than I thought it would.
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I'm 117 days in.
Now at 127 days. Making progress.
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Up to 56.89 days and gaining about ~6 days per month. I hope we can keep that rate up!
Sent from my moto g(6) plus using Tapatalk
Wow what a good month (looking at snapshot from September 1). We gained 7.35 days and are now sitting at 64.25 days.
It was a pretty average month for savings but the market decided to do a lot more lifting for us.
Sent from my moto g(6) plus using Tapatalk
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January 2020: January 5th
February 2020: January 6th
March: January 6th
April: January 7th
May: January 8th
June: January 8th
July: January 9th
August: January 10th
September: January 11th
Slow and steady growth the last few months.
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
Less than 2 months later I'm at 11,20! Don't want to make any predictions but 14 days by EOY doesn't seem out of reach right now.
I am totally on track for 14 days by EOY! I'm at 13,8 now.
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Congratulations Imma!
We are also slowly inching forward.
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My current expenses are 36000/year (high because of city living). But, assuming same expenses post-FIRE and 7% ROI, I need 1650$ per freedom-day. So far:
59 days down.
306 days to go.
68 days down.
297 days to go.
70 days down.
295 days to go.
72 days down.
293 days to go.
91 days down.
274 days to go.
106 days down
259 days to go. Feeling like there still is a mountain to climb. Made some shitty progress.
118 days down
247 days to go. Reaching my tolerance point with I.T job and only making slow progress here.
146 days down. 219 to go.
152 days down. 213 days to go.
172 days down. 193 to go.
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
January 1 - 202.81
February 1 - 203.69
March 1 - 192.91
April 1 - 174.02
May 1 - 192.3
June 1 - 202.88
July 1 - 209.41
August 1 - 220.82
September 1 - 235.14
October 1 - 230.71
November 1 - 228.28
December 1 - 256.54
I'm paring down the numbers showing so my posts are not too long. I'm surprisingly way ahead of where I thought I would be. I figured I would be at this point around a year from now when I last predicted things back in December 2018. I'm excited to see if I can get to minimum FI sometime in the next two years. I'm using 36k at 4% as my minimum FI for tracking (900k), and aiming for around a 3.5% withdrawal of 40k for my final FI numbers (so 50k at 4% or 1.25M).
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
Less than 2 months later I'm at 11,20! Don't want to make any predictions but 14 days by EOY doesn't seem out of reach right now.
I am totally on track for 14 days by EOY! I'm at 13,8 now.
Aaaand I'm at 14,25 with one month left to go. It's going so fast now.
My goal for EOY 2021 was 21 days, but I'm going to make that 23 and see what happens.
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292 days.....
320 days.. thats 10 1/2 months...
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April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
February 11th 2020 = 42 days
August 4th 2020 = 42 days
August 17th 2020 = 44 days
December 8th 2020 = 51 days!
That's a big jump. I am tempted to recheck my calculations but for the time being I will just enjoy the fact that I have nearly 2 months bought.
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This is one of my favorite threads to read. Good job on all the progress everyone!
We had our best month and managed to add over 10 days. We are now at 78 days! If only we could continually gain 10 days a month.
Sent from my moto g(6) plus using Tapatalk
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Just made it up to my birthday (April 19)!
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Haven't updated this in a while, but...
December 15, 2020 - 365 days
December 17, 2020 - 369 days
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Woo FI @Arbitrage!
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Woo FI @Arbitrage!
Thanks! My numbers are contingent upon moving to an area that's a bit cheaper (though it's still not cheap) - @v8rx7guy's town, in fact. Got a bunch of work to do to make that move happen, but I'm still excited to cross the threshold - for the first time, anyhow.
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Woo FI @Arbitrage!
Thanks! My numbers are contingent upon moving to an area that's a bit cheaper (though it's still not cheap) - @v8rx7guy's town, in fact. Got a bunch of work to do to make that move happen, but I'm still excited to cross the threshold - for the first time, anyhow.
It's a great place to live!
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Woo FI @Arbitrage!
Thanks! My numbers are contingent upon moving to an area that's a bit cheaper (though it's still not cheap) - @v8rx7guy's town, in fact. Got a bunch of work to do to make that move happen, but I'm still excited to cross the threshold - for the first time, anyhow.
Why Bellingham?
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How are ya'll coming up with a figure for your annual expenses in retirement?
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Took a stab at the calculator that was linked earlier in this thread and was pleasantly surprised-- we have made it to May 11, 131 days, and that with spending that I would describe as less than ideal. It can only get better, then!
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I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
Less than 2 months later I'm at 11,20! Don't want to make any predictions but 14 days by EOY doesn't seem out of reach right now.
I am totally on track for 14 days by EOY! I'm at 13,8 now.
Aaaand I'm at 14,25 with one month left to go. It's going so fast now.
My goal for EOY 2021 was 21 days, but I'm going to make that 23 and see what happens.
Ended the year at 14,79 days!
How are ya'll coming up with a figure for your annual expenses in retirement?
A rough guess based on current expenses. I'm so far away from retirement it's hard to be precise. When I reach barebones FI (which is €300k in investments + by then a mostly paid off home) I'll figure out the details of RE.
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Woo FI @Arbitrage!
Thanks! My numbers are contingent upon moving to an area that's a bit cheaper (though it's still not cheap) - @v8rx7guy's town, in fact. Got a bunch of work to do to make that move happen, but I'm still excited to cross the threshold - for the first time, anyhow.
Why Bellingham?
Many reasons, but we settled on that location after considering basically anywhere in the country. Most of the country is a no-go due to specific health-based climate requirements (can't be hot). Beyond that, it came down to - access to outdoor activity, not overpopulated, minimal snow, decent schools, proximity to family, lower cost, bike culture, and a few other things. Ticked off all of our needs, and most of our wants.
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Oct 2017: 234 days (through August 22nd each year)
Jan 2018: 258 days (through Sep 15th each year)
Aug 2018: 273 days (through Sep 30th each year)
Feb 2019: 273 days (through Sep 30th each year)
Nov 2019: 300 days (through Oct 27th each year)
Jan 2020: 313 days (through Nov 9th each year)
Aug 2020: 341 days (through Dec 7th each year)
Dec 2020: 379 days (through Dec 31st + 2 weeks to spare)
Another 38 days since August, for a total of 66 days since January? I'm not ready to start OMY yet, so I'm going to use 3.5% SWR instead of 4%. Therefore, by the new reckoning:
Dec 2020: 332 days (through Nov 28th each year)
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January 2020: January 5th
February 2020: January 6th
March: January 6th
April: January 7th
May: January 8th
June: January 8th
July: January 9th
August: January 10th
September: January 11th
October: January 11th
November: January 12th
December: January 13th
Closing in on two weeks, but I might need to recalculate how much we need. Looks like I've set the safety margin a bit high.
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2020 was the first full year taking the philosophy seriously and having sufficient records. I reduced my spend by 11.2% over 2019 spend and most of that was not COVID related so simply maintaining habits should give me another 6% cut in the year ahead so I am setting a stretch goal of a 9% reduction of 2020 spend. For now I am using TTM spend, can get that refined once closed to the goal.
1/1/21 29 days initial count.
2/1/21 31 days About 1/3 reducing my spend and 2/3 contributions and growth.
3/1/21 36 days Big reduction in TTM spend and also funded about half of my IRA.
4/1/21 32 days Auto spending. Sold my car for a lot more than I thought it was worth and did a one pay lease on a Costco Chevy. Realized equity from a depreciating asset and eliminated a car payment from my cash flow for next three years. Plus some questionable green cred.
5/1/21 33 days Spend was up a bit as I and my pod were vaxxed and entertainment/dining spend spiked. Slow forward progress though.
9/1/21 39 days Summer of meh progress but August was strong due to reduced spend and a raise.
10/1 40 days.
11/1 42 days. Slower progress than I was hoping to get but still forward progress.
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| Date | Days | Through |
| Dec 2016 | 64 | Mar 4th |
| Dec 2017 | 94 | Apr 3rd |
| Dec 2018 | 119 | Apr 28th |
| Dec 2019 | 151 | May 30th |
| Dec 2020 | 208 | Jul 27th |
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
I got my $600 stimulus deposit this morning. As of today, I have through September 24th for my minimum FI. Technically, based off of last year's spending (around 25k) I am FI, however, since I am in the military and receive free healthcare, there are quite a few unknowns in expenses and I have no idea where I will end up retiring to, so I have built quite a bit of extra into my FI numbers.
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Just starting and up to January 15 to start off 2021.
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We did very well this year and now we're up to December 22nd. Very soon we'll complete the calendar. This makes me feel pretty good! :-)
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Gained 8 days last month and got to 84 days. I really doubt those big gains will keep up but we'll enjoy it while we can
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292 days.....
320 days.. thats 10 1/2 months...
336 days..... I'm into December....
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292 days.....
320 days.. thats 10 1/2 months...
336 days..... I'm into December....
Niiiiiice
Just a little more
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2020 Update
April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
December 31st 2020 = 52 days
Not bad, Goal for this year is to get to late March
Goal for 2021 - 2030
2021 - 85
2022 - 120
2023 - 150
2024 - 180
2025 - 210
2026 - 240
2027 - 270
2028 - 300
2029 - 330
2030 - 365
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Closing in on the halfway mark...173 days / June 22.
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2020: 9 days total
January 5th to 13th
2021:
January: January 14th
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
Not too much progress over the last month, but almost another day added.
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Just made it up to December 29th. So close!
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~3 days up and now at 87.78. Hoping to hit April 1 buy the beginning of March. If I do I think I'll go out and play some dumb pranks. We'll see if the market can stay steady or gain a bit.
Sent from my moto g(6) plus using Tapatalk
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1/2 way through December now...
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I'm at March 21st - almost 1/4th of the way there.
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I'll be around 259 days (September 16)at the end of Feb if the markets stay stable. Was at 191 days (July 10) last February. Targeting 286 (October 13) by year end, and I should hit my Dec 31st goal in 2024.
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Somehow, I've never seen this thread before. I'm at December 16 (woah!).
We moved recently from the US to Canada, so I want to see exactly how our budget shakes out. I knew we were close, but seeing it in calendar terms is really cool.
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Christmas Day!!
-
I jumped to 4.17 days this month! From 3.83 last month. Should hit 5 in by the end of summer!
Reached 5 today! Will hopefully reach 6 before the end of the year.
Am at 6.1 right now. Should hit 7 by summer. Progress is slow but steady.
7.05!!!!!
Reaching a full week feels really big. I get paid weekly so from now on there's one extra payday per year and it goes straight to the stash. Should reach 8 by the end of summer, but it might be earlier. I'm really starting to feel the compounding effect, I've been seriously investing for 4 years now.
8! Should be at 9 by the end of the year. Next year, one line in my budget will disappear and the money gained from this will go directly to the stash. My goal is to be at 9 days by the end of 2019 and at 14 by the end of 2020.
9,1! Should hit 10 by March and 14 by the end of 2020.
Already at 10.16, the stock market is really helping me along. Should be at 11 in late March. End of year goal is still 14 days.
At 10,01 now! Not too bad actually, considering the circumstances.
Less than 2 months later I'm at 11,20! Don't want to make any predictions but 14 days by EOY doesn't seem out of reach right now.
I am totally on track for 14 days by EOY! I'm at 13,8 now.
Aaaand I'm at 14,25 with one month left to go. It's going so fast now.
My goal for EOY 2021 was 21 days, but I'm going to make that 23 and see what happens.
Ended the year at 14,79 days!
How are ya'll coming up with a figure for your annual expenses in retirement?
A rough guess based on current expenses. I'm so far away from retirement it's hard to be precise. When I reach barebones FI (which is €300k in investments + by then a mostly paid off home) I'll figure out the details of RE.
So, in November 2020 I moved my EOY 2021 goal from 21 to 23.
It's end of Feb 2021 now. I'm at 17.3 already. I don't believe the market is going to keep up this pace, but if it did I'd be at 25 by EOY 2021. Seems like just a couple of days extra but that's 20% more days than planned.
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This is a fun concept! Apparently I've 415 days of freedom for every year with my $1.7M stash and if I currently spend of $60K annually (for a family of 4). We actually only spent $49K last year, but most years, with travel, it is closer to $55K. I am not sure what health insurance costs will be after FIRE, so if I really need to throw of $70K a year, I'm only at 356 days of freedom for each year. So, 9 days short. Health care is such a wild card; I think I need to wait until we are at a nice round $2M. Hopefully we hit that in the next year or so!
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This is a fun concept! Apparently I've 415 days of freedom for every year with my $1.7M stash and if I currently spend of $60K annually (for a family of 4). We actually only spent $49K last year, but most years, with travel, it is closer to $55K. I am not sure what health insurance costs will be after FIRE, so if I really need to throw of $70K a year, I'm only at 356 days of freedom for each year. So, 9 days short. Health care is such a wild card; I think I need to wait until we are at a nice round $2M. Hopefully we hit that in the next year or so!
Congrats! for health insurance, you might check to see if your state has an easy to use ACA website where you can browse health plans. If you enter the ages of your family members, you should be able to see how the plans stack up in terms of cost. You can get significant premium subsidies if your income is below 4x the federal poverty level which $60-70k in annual income would be.
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Congrats! for health insurance, you might check to see if your state has an easy to use ACA website where you can browse health plans. If you enter the ages of your family members, you should be able to see how the plans stack up in terms of cost. You can get significant premium subsidies if your income is below 4x the federal poverty level which $60-70k in annual income would be.
Thanks! I have looked at my state's site, and I think under ACA we would be able to find something very affordable given our income level. My concern is if legislation changes things and affects our ability to obtain adequate insurance at that price point. So I would like to budget for around $20K for healthcare for my family of 4 just in case. Hopefully we only need to use a small fraction of it! I also wonder if this approach is just too conservative... but my partner doesn't want to leave too much to chance, so perhaps this is the best approach for us?
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
Continuing progress, we'll see how things go this next month.
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~3 days up and now at 87.78. Hoping to hit April 1 buy the beginning of March. If I do I think I'll go out and play some dumb pranks. We'll see if the market can stay steady or gain a bit.
Sent from my moto g(6) plus using Tapatalk
Shot up to 94 days. Didn't even get to play any pranks. Guess I have to wait until April 1
Sent from my moto g(6) plus using Tapatalk
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Wow I haven't checked on this in awhile.
1/2018: January 13
4/2018: January 18
7/2018: January 22
10/2018: January 29
1/2019: January 31
6/2019: February 8
10/2019: February 19
1/2020: February 28
7/2020: March 14
3/2021: March 15
Almost no change BUT that's because I stopped counting cash previously marked for investments that we'll likely be deploying soon for a house downpayment. So in the grand scheme of things, we'll take it :)
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December 31st!!!!!
done.
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December 31st!!!!!
done.
I think I'm past my 31 December too now. Net investments $809,000 = $32,000 4% expected passive income.
Problem I have is that I've come to really really enjoy my job (whoops!). Sure it'd be nice to do a little less hours, but COVID has given me the flexibility to work from home whenever I need to, which has bought me back a couple of hours of commute (and train fare costs!).
That $32,000 could easily triple or more over the next few years. The compounding train has a momentum of its own now.
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December 31st!!!!!
done.
Hurrah!
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Wow I haven't checked on this in awhile.
1/2018: January 13
4/2018: January 18
7/2018: January 22
10/2018: January 29
1/2019: January 31
6/2019: February 8
10/2019: February 19
1/2020: February 28
7/2020: March 14
3/2021: March 15
Almost no change BUT that's because I stopped counting cash previously marked for investments that we'll likely be deploying soon for a house downpayment. So in the grand scheme of things, we'll take it :)
I would totally count it until it's actually deployed. In fact, if you use it to buy a house, it will still be an asset. I understand that a mortgage will add to your debt load and possibly push back your timeline, but honey, don't count that chicken before it's hatched.
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April 2021 Update
April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
December 31st 2020 = 52 days
April 29th 2020 = 59 days = February 28th :)
Now on to tackle March and see how far to the end of the month I can get. I have moved up my FIRE goal to Dec 2028 so my yearly goals have moved up too
Goal for 2021 - 2030
2021 - 80
2022 - 120
2023 - 160
2024 - 200
2025 - 240
2026 - 280
2027 - 320
2028 - 365
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Closing in on the halfway mark...173 days / June 22.
Past the halfway mark now at 202 days / July 21st.
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I love this concept. I'm at 51 days as of May 1, 2021. Counting just my invested stash.
Editing to go back and see where I was at the beginning of each year I've been tracking my numbers:
1/1/2018: 9 days
1/1/2019: 15 days
1/1/2020: 22 days
1/1/2021: 43 days
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
April 1 - 288.42
May 1 - 301.86
Broke the 300 mark this last month, less than 2 months of days to go for minimum FI.
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1/1/2018: 9 days
1/1/2019: 15 days
1/1/2020: 22 days
1/1/2021: 43 days
2/1/2021: 45 days
3/1/2021: 47 days
4/1/2021: 48 days
5/1/2021: 51 days
6/1/2021: 52 days
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
April 1 - 288.42
May 1 - 301.86
June 1 - 307.54
Still moving forward, 58 days to go to minimum FI!
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Just looked at my calculator and realized that I had 385 days funded on my barebones, leanest of FIREs ($50k/year)! Went ahead and updated it for $55k/year, and I'm at 350 days. Will continue to update it once I hit each milestone, would like to get to $100k/year to be uber safe. I do earn about $10k/year from tradelines, another $3600 net from a rental, and some sporadic income from a race timing / management (running) company I own with another guy that brings in another couple grand each year. Kind of exciting to know that I could pull the plug now and survive, though!
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1/1/2018: 9 days
1/1/2019: 15 days
1/1/2020: 22 days
1/1/2021: 43 days
2/1/2021: 45 days
3/1/2021: 47 days
4/1/2021: 48 days
5/1/2021: 51 days
6/1/2021: 52 days
7/1/2021: 54 days
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
April 1 - 288.42
May 1 - 301.86
June 1 - 307.54
July 1 - 314.74
Steady progress, gained almost a week this month, which is awesome!
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| Date | Days | Through |
| Dec 2016 | 64 | Mar 4th |
| Dec 2017 | 94 | Apr 3rd |
| Dec 2018 | 119 | Apr 28th |
| Dec 2019 | 151 | May 30th |
| Dec 2020 | 208 | Jul 27th |
Update half-way 2021
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As of today, I'm at Nov 4th, which just shocks me.
Do you guys include equity in your house and/or a pension in your "current savings" for the purpose of the calculator? The pension wouldn't kick in til much later.
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As of today, I'm at Nov 4th, which just shocks me.
Do you guys include equity in your house and/or a pension in your "current savings" for the purpose of the calculator? The pension wouldn't kick in til much later.
I don't use home equity because I have no plans to sell my home after RE. If part of my FIRE plan was selling my home and living off the proceeds, then I'd use it.
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This method makes my brain happy. At our current level of spending, we have ~15 days in my accounts alone. I really need to get my hands on husband’s paperwork. It’s a long way to go, but it’s so much easier for me to think of this in “daily” increments.
I’ve continued to pay into my IRA and the HSA, and husband finally tracked down and updated his investment accounts. We’re now at 43 days.
We're now up to 51 days, or ~14% of the way there. Onward and upward!
Wow, I'd forgotten about this. I still really like it.
According to the original leanFIRE budget (probably coastFIRE) used to calculate the above days, we're now at 80 days, or March 21 (21.9% of goal).
On a more generous budget, we're at 60 days, or March 1 (16.4% of goal).
This is mind-blowing. I'm still working through the lifelong messaging that my generation (GenX) would never be able to afford retirement.
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I hit 100 days with my latest monthly update.
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This is mind-blowing. I'm still working through the lifelong messaging that my generation (GenX) would never be able to afford retirement.
I remember my first career job in 2002, retirement discussion came up and I said I wanted to retire at 47 and the room fell apart. “You better make a lot of money”…almost 20 years later I’m tracking to be 2 years ahead of schedule.
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Took a stab at the calculator that was linked earlier in this thread and was pleasantly surprised-- we have made it to May 11, 131 days, and that with spending that I would describe as less than ideal. It can only get better, then!
7 months later, we have made it to the end of May, 149 freedom days.
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7/1/18: 5.53
8/1/18: 5.74
9/1/18: 6.28
10/1/18: 6.43
11/1/18: 6.00
12/1/18: 6.09
1/1/19: 5.79
2/1/19: 6.60
3/1/19: 8.26
4/1/19: 10.59
5/1/19: 11.61
6/1/19: 13.45
7/1/19: 15.29
8/1/19: 16.64
7/15/21: 37.54
I haven't updated in here for nearly two years. It's interesting to see the jump.
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At January 14, which is a 7-day improvement so far this year from last year. Slow and steady, slow and steady. I've at least guaranteed myself two weeks of vacation for life. ;)
Current calculations give me through February 7. Current per-diem spending is lower than usual, though (no big expenses yet this year, like car insurance or travel), so if I use last year's per diem I'm pretty much just holding steady right now.
57 days bought, i.e. up through February 26. Per-diem spending is still a little lower than previous years, due to pandemic affects, but still. Very exciting! Almost two months off forever!
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(https://i.imgur.com/SHJzkGem.png)
Progress is picking up speed based on kind markets and the beauty of compounding. We're now in early November and on the home stretch.
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I love these calendars so much! What stories they tell.
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
April 1 - 288.42
May 1 - 301.86
June 1 - 307.54
July 1 - 314.74
August 1 - 320.66
At almost a week a month, this progress is insane.
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Made it to April fools!!
April 4 now
Can't believe its been so long since I've checked this. My lowly 3 day progress in the past must have scared me off lol.
Up to Oct 21 now using the data sets I used a couple years back. Not sure if they're still accurate at this point especially with inflation looming ahead!
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October 2021 update
April 2021 Update
April 13th 2018 = 23 days
April 30th 2019 = 32 days
December 31st 2019 = 38 days
December 31st 2020 = 52 days
April 29th 2021 = 59 days
October 31st 2021 = 74 days
Big jump for a variety of reasons market doing well, me redoing my FIRE , etc.
Year end goal is 85 days. We’ll see
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
January 1 - 267.64
February 1 - 268.58
March 1 - 277.78
April 1 - 288.42
May 1 - 301.86
June 1 - 307.54
July 1 - 314.74
August 1 - 320.66
September 1 - 330.22
October 1 - 322.28
November 1 - 338.30
So far 81.76 days up on the year, we'll see where things end up by the end of the month.
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296 days bought. 69 days to go.
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You can geek it out a bit by getting rid of A2 so you don't have to keep updating it:
=DATE(Year(Today()),1,1)+(D2/25)/(B2/365)
Also, for those of us counting days, we could split out--
# of days paid for:
= (D2/25)/(B2/365)
Thanks for the calculation, I added this to my "date" section of my spreadsheet -- Currently March 15. For my calculation though, I'm using my projected expenses in FIRE based upon my family's current budget, excluding any debt, but including a Mortgage. If I exclude my mortgage expenses, I'd be up to May 27th.
Up to 235 days (August 23rd). 130 days to go.
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Only going into my second year of this but the accountability is great and I am seeing the effect of discipline. My stretch goal for end of 2022 is 60 days.
Jan 2021: 29 days
Jan 2022: 41 days
Feb 2022: 44 days
Mar 2022: 46 days
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According to the calculator:
3/2022: 23 days of freedom
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After 2 1/2 years of tracking monthly expenses, moving twice during that time, changing jobs and all kinds of other changes, I finally feel there've been enough monkey wrenches thrown into the works to be confident in my annual expenses on a macro level. So I can finally participate, woo!
Per the engagingdata.com calculator:
Your savings gives you approximately 178 days of freedom per year (at your current spending level).
This means that your savings could support you (without you having to work) through June 27 each and every year.
This was as of 4/30/22.
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After 2 1/2 years of tracking monthly expenses, moving twice during that time, changing jobs and all kinds of other changes, I finally feel there've been enough monkey wrenches thrown into the works to be confident in my annual expenses on a macro level. So I can finally participate, woo!
Per the engagingdata.com calculator:
Your savings gives you approximately 178 days of freedom per year (at your current spending level).
This means that your savings could support you (without you having to work) through June 27 each and every year.
This was as of 4/30/22.
The first half of the year is the hardest!
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After 2 1/2 years of tracking monthly expenses, moving twice during that time, changing jobs and all kinds of other changes, I finally feel there've been enough monkey wrenches thrown into the works to be confident in my annual expenses on a macro level. So I can finally participate, woo!
Per the engagingdata.com calculator:
Your savings gives you approximately 178 days of freedom per year (at your current spending level).
This means that your savings could support you (without you having to work) through June 27 each and every year.
This was as of 4/30/22.
The first half of the year is the hardest!
I sure hope so.
I am thisclose to 50%. And the market is not helping right now...
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Do you all use your expected retirement spending rate or your current expenses?
When I retire, my expenses should be lower (no more kids music lessons or karate classes, mortgage payment reduced or gone, student loans paid off, etc.)
If I use current expenses I'm in April... if I use expected expenses, I'm in May, which is nicer :)
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Do you all use your expected retirement spending rate or your current expenses?
When I retire, my expenses should be lower (no more kids music lessons or karate classes, mortgage payment reduced or gone, student loans paid off, etc.)
If I use current expenses I'm in April... if I use expected expenses, I'm in May, which is nicer :)
I'm using current expenses. I expect spending to stay the same (renter, so no mortgage to pay off).
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Do you all use your expected retirement spending rate or your current expenses?
When I retire, my expenses should be lower (no more kids music lessons or karate classes, mortgage payment reduced or gone, student loans paid off, etc.)
If I use current expenses I'm in April... if I use expected expenses, I'm in May, which is nicer :)
I use my planned retirement expenses, which I adjust yearly based on my current real expenses minus expenses I plan to go away in retirement (i.e., investing excess, mortgage payments, etc.)
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
December 1 - 334.49
2022
January 1 - 349.34
February 1- 333.46
March 1 - 328.02
April 1 - 338.16
May 1 - 314.26
June 1 - 316.91
Been a while since I updated here, at least so far I've managed to stay above 300 days.
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2017
December 1 - 91.60
2018
December 1 - 150.11
2019
December 1 - 195.86
2020
December 1 - 256.54
2021
December 1 - 334.49
2022
January 1 - 349.34
February 1- 333.46
March 1 - 328.02
April 1 - 338.16
May 1 - 314.26
June 1 - 316.91
Been a while since I updated here, at least so far I've managed to stay above 300 days.
Wow!!! That's amazing!!!
I gotta imagine that, at this point, you're FI, if not able to FIRE!
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367 days at a 3.35 wr.
I want it at 3% or less.
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367 days at a 3.35 wr.
I want it at 3% or less.
Nice! You can handle even the double leap years!
I hate fractions in my head, what does the 367 turn into at 3%?
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367 days at a 3.35 wr.
I want it at 3% or less.
Nice! You can handle even the double leap years!
I hate fractions in my head, what does the 367 turn into at 3%?
328 days, takes me to Nov 24th.
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Conservatively I am sitting around 10 days. Probably a few more, but let's go with that for now.
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Conservatively I am sitting around 10 days. Probably a few more, but let's go with that for now.
A full week of freedom is a glorious thing!
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It truly is.... We shall see where the rest of the year goes... if the market somehow rebounds I'm sure I could be closer to 15 days by the end of the year... I'm also using very conservative estimates (no SS, no pension, etc.)
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Made it to April fools!!
April 4 now
Can't believe its been so long since I've checked this. My lowly 3 day progress in the past must have scared me off lol.
Up to Oct 21 now using the data sets I used a couple years back. Not sure if they're still accurate at this point especially with inflation looming ahead!
Redid the numbers due to higher spend and including the lower stock market. Back at July 22. Proof its not "free life indefinitely". Backwards progress sucks!
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Do you all use your expected retirement spending rate or your current expenses?
When I retire, my expenses should be lower (no more kids music lessons or karate classes, mortgage payment reduced or gone, student loans paid off, etc.)
If I use current expenses I'm in April... if I use expected expenses, I'm in May, which is nicer :)
I'm using current expenses. I expect spending to stay the same (renter, so no mortgage to pay off).
Do you not forecast any increases in rent?
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Do you all use your expected retirement spending rate or your current expenses?
When I retire, my expenses should be lower (no more kids music lessons or karate classes, mortgage payment reduced or gone, student loans paid off, etc.)
If I use current expenses I'm in April... if I use expected expenses, I'm in May, which is nicer :)
I'm using current expenses. I expect spending to stay the same (renter, so no mortgage to pay off).
Do you not forecast any increases in rent?
For purposes of this exercise, no.
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I do this every New Year based on my current net worth and my spending from the previous year. Here is the formula from my spreadsheet
=DATE(A2+1,1,1)+(D2/25)/(B2/365)
A2 = last year (eg 2015)
B2 = Spending from last year
D2 = Current Investments
My current day is January 25.
I can't figure out how to make this formula work. What exactly are you putting in for A2?
I just ended up making a formula to calculate how many days a 4% withdrawal rate buys me. Right now I am at 42 days.
I use a visual living graph, month over month; income, expenses, 3% and 4% withdraw "series 4" is the 3%... when the 3&4% lines cross the income and expense lines; I'm free. btw, I don't budget... my budget is savings first $x,xxx.xx dollars - live on the rest... run out of money, stop spending. super simple for me... but savings has equal priority as my mortgage, never late, never missed.
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18 days saved up after a bunch of internships, some scholarship money, and nine months of my first full-time job. Looking forward to the next 347!
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18 days saved up after a bunch of internships, some scholarship money, and nine months of my first full-time job. Looking forward to the next 347!
Welcome and congrats on a strong start!
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At 49 days now, hopefully a few more days before the end of the year
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18 days saved up after a bunch of internships, some scholarship money, and nine months of my first full-time job. Looking forward to the next 347!
Welcome and congrats on a strong start!
Go you!