The freefincal financial freedom app is now available for free download at the Google play store. The app helps answer three questions about financial freedom: (1) What is the corpus required to be financially independent?; (2) How long will a corpus last?; (3) What is the rate of return required to generate income that keeps pace with inflation.
Financial independence refers to the number of years a corpus can provide income that grows each year at some assumed rate (inflation), while the corpus itself is expected to grow at some rate of return (post-tax).
If the corpus is good enough to provide such an indexed income for say 5-10 years, then the individual can consider quitting their job and pursue their dream enterprise in peace. They have 5-10 years to generate an income from that enterprise and then plan for retirement.
If the corpus can provide indexed income for 15+ years then depending on the current age, the individual can stop working. For example, if my corpus is good enough for next 25 years, then I a 40-year old (I am a bit older) can consider retirement. This is a comfortable position, but I can chance it.
The app lets you answer such questions in a few minutes. Do give it a try and review it. This is the second freefincal app. The first is the freefincal retirement planner app Do give that a try too.
Online version of the freefincal financial freedom app (this is will work in desktop and mobile).
Excel version: Four Simple Retirement Planning Tools
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