(This article was originally published in NextIdea, our weekly newsletter on side hustles and pursuing financial independence. Sign up for it using the box below.)
A little “back of the napkin” math might be all it takes to invigorate your money goals for 2023.
That’s the spirit of our shiny new FIRE calculator, which dropped on Friday. It’s for readers who are curious about their FIRE number — the cornerstone calculation of the financial independence movement — but don’t want to go digging through past pay stubs or 401(k) balances right this second. This number isn’t your final FIRE number, but it gives you a running start.
Calculate yours here.
Most People Calculate Their FIRE Number Inaccurately — Even the Influencers
Factors like inflation, homeownership, Social Security, and lifestyle all influence wealth planning, and too many people skip over these details. (We’ve made something for you to help with this. Keep your eyes on NextIdea in the coming weeks!)
For now, an estimate is still helpful. And don’t calculate your FIRE number just to scare yourself with how much money you should have by the year 2050. Do it to see which tweaks you can make in the coming months to increase income, reduce expenses, and move in the direction of your dream life.
Our FIRE calculator will give you a ballpark FIRE number target in about five seconds. Check it out here:
Not Sure What to Do with Your Money?
The She Wolfe of Wall Street can help.
Amanda Wolfe is one of the fastest-growing personal finance influencers in America, thanks to her “What should I do with my salary?” series on Instagram. The self-taught expert accepts salary and budget submissions from followers, then anonymizes the data and presents the numbers to her audience to encourage discussions about budget transparency.
Here’s the scoop:
I hope the end of your year is restful and rejuvenating.
We’re out of office all next week here at NextAdvisor, but you’ll get one more issue of NextIdea next week recapping our biggest — and wildest — stories of 2022.