Now that I’ve got my expense tracking streamlined I’ve got to find some kind of countdown calendar to let me know how long it will take to reach financial independence. Personally I’d like to think I can be there in the next couple of years but that would just be wishful thinking. While browsing around looking for methods of calculating what it would take to get me retired I came across the Financial Independence Spreadsheet by Mad Fientist. The post that accompanies the sheet walks you thru setting up the sections. I ended up modifying my template in the following ways due to my personal situation.
Customizing the Spreadsheet
Balances tab: Breaking out all my assets into the relatable groups
Investments tab: Deleted out some of the pre-configured investments that did not match my allocation and made sure the appropriate links were being made.
Net Worth tab: Again made sure the links to the previous tabs were correctly calculating and updated the month and year.
Averages tab: This is the tab I spent the most time modifying. I not only added the budgeted items I’m currently tacking I tried to add all the additional expenses that I would pick up after retirement.
FI tab: All the setup work paid off and the FI tab is the cherry on top giving me the summary, breakdown, and number of years based of the 4% saving rule till I can seriously consider retiring.
Below are my final April numbers. As of the end of April 2017 if I change nothing else it will take me 10.45 or I’ll round up to 11 years till retirement. Not horrible but I’ll be looking into ways to drastically reduce this down.
I can see from this the cost of owning my home is that I’ll need to work an additional 4.5 years. Have you calculated out how many years you have till you can safely retire? Is it more or less time then you originally guessed?