This tool helps you plan and track your journey towards financial independence by projecting how your savings will grow over time, factoring in monthly contributions, interest rate, and your financial goal.
You start by entering your initial savings, how much you plan to add each month, and the interest rate you expect to earn on your savings.
The calculator then uses compound interest to calculate how your savings will grow not just from the money you add, but also from the interest earned on the interest itself. The graph generated shows different scenarios based on the interest rate you enter, including possible higher or lower rates, so you can see how your savings could change over the years.
It also tells you when your savings could reach a target amount and how much you can safely withdraw each month based on the FIRE 4% rule.
Buffett’s Bet with the Hedge Funds In short: You’re probably not smarter than hedge funds. Hedge funds rarely beat the market. So just use ETFs/Indexes that track the market.
Your first $100,000 Is The Hardest – But The Most Important If You Want To Be Rich In short: Compound interest really starts to kick in at around 100k. Get to 100k ASAP.
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! (Affiliate link) Good foundational audiobook. Explains many concepts in simple terms.
Disclaimer: None of this is financial advice. Do your own research. Design is my passion.