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This calculator is for you if any of the following thoughts have crossed your mind recently:
I want to have a Rs. 100 cr corpus in my life (Or if you've tweaked the time to 200 years and CAGR to 30% per annum in an SIP calculator and rejoiced at the 1000000 crore rupees you would've enjoyed if you were immortal)
I want to be financially independent by 30/35/40/45 years of age and have enough passive income from my investments. And once I have that, I'll do whatever I want to do.
Till when will I have to tolerate the job/business/manager that I hate!?
What's the end goal with my salary? Till when should I keep earning...
Hey, If you're paying an EMI on every 1st, you can ignore this post, as we all know that you don't have time for all these bu**s**t thoughts! You actually have real responsibilities in life.
We put a veil in front of our eyes with a goal of accumulating Rs 50 cr/100cr/1000 cr. A target, which feels amazing for 2 hours once you've watched a Gary vee/Akshat Shrivastava/Ankur warikoo video at 1 am but in its true sense is an excuse for us to hide behind. I know it, you know it, we all know it, it is just a far off mirage which isn't achievable in the next 2/3/5/10 years hence we don't feel motivated enough to actually make any effort for it.
It's similar to having a target of running faster than Usain Bolt but when It's time for training, we feel, it's ok to skip a day as it won't make much of a difference (thinking - it's not like I'm going to actually run as fast as Bolt today) and that becomes every day! Running faster than Usain Bolt is a much fancier target, but a target of running at a 5% higher speed by the end of the month is a more Specific, Measurable, Achievable, Relevant and Time based (SMART) target which instills and enables real action. A goal of accumulating 100 cr in the next 10 years doesn't bring as much urgency as a goal of accumulating 1cr in the next 1 year!
Here is where this calculator can help us. It helps us quantify the "enough passive income from investments". It gives us a SMART goal and hence enables real action towards our FINANCIAL INDEPENDENCE. The definition of "Financial Independence" is different for every individual. For one person it might be earning Rs. 50,000 per month from passive income and for another, it might be Rs. 10,00,000 per month.
Go ahead, click on the link below to find the actual corpus you need for your freedom. Accumulate it via generating more revenue streams or doing consistent SIPs or begging your parents to sell ancestral land so that you can actually do what you've always wanted to do!
Click on the button below for the google sheet where we can calculate and define our own financial independence:
If you can't see the button, Here's the link: https://docs.google.com/spreadsheets/d/1Zek2L8Ihe6LdLaE0NEtHvpTndTm271ETt-rRMYlP3wY/edit?usp=sharing
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