How Much Money Do You Need To Be Free?

But with all the downsides to relying on savings for your retirement, you need to take the passive income approach as well.

Your first step is to figure out how much money you need to have in passive income—money you receive REGULARLY and AUTOMATICALLY whether you’re working or not.

We’ll walk you through each step of the process, and leave you with a space to add in your own personal costs. When you get to the bottom, the sheet will have calculated your unique financial freedom number.

You’ll need to know exactly how much is needed for you to keep a roof over your head. Wherever you live, you’ll need to afford all the expenses spending.

After making sure there’s a roof over your head, there are still lots of things you need.

If you have any loans or credit cards, those won’t go away when you’re retired. You’ll have to be sure your passive income covers those. While you can’t plan for any surprise medical expenses, you can plan around the ones you already have.

With all your expenses at home accounted for, you’ll need to figure out your transportation costs.

Of course, we’re talking about thriving, not just survival. So don’t forget to account for the fun things in life.

Anything I’ve forgotten? Add the cost of anything else you pay for monthly below...