![]() ![]() Start receiving paid survey opportunities in your area of expertise to your email inbox by joining the All Global Circle community of Physicians and Healthcare Professionals. And that’s OK, it just needs to be factored in. It seems that every year will have one big expense such as a home improvement project, vehicle purchase, or big vacation. With about 4 months of expenses tracked, I’m beginning to get a good idea of what a typical year’s worth of expenses might be for us. It is really quite powerful and can also be used to track your investments as well. ![]() I have been using to track and categorize expenses and have been quite happy with the app / website. I found it was difficult to know what a normal year’s expenses looked like for me, particularly when we had too many homes, some rental income, one-time expenditures related to moving, etc… I’m not sure I’ve had a “normal” year in the last ten, but our expenses seem to have stabilized over the last year or two. As for taxes, I would include property taxes of course, and some allotment for income tax, although you will be paying a small fraction of those taxes in retirement compared what you pay now. It should also include spending on insurances, (some) taxes, and perhaps fees paid directly or indirectly to a financial advisor. This includes obvious spending on needs such as food, clothing, and shelter. Know Your Spending Needsįirst, you need to have some idea of how much money you need each year to support yourself or your family. Join me as we set out on this journey to a place called financial independence. You also need to define what that destination is, exactly.įinally, what will you do once you arrive? Do you have specific plans or are you just going to wing it? And what’s so special about this place, anyway? It’s difficult to reach a destination if you don’t know how to get there. Before we get into those, it’s important to establish how one determines what it takes to be FI. Financial independence is a great life goal with many tangible and psychological benefits. ![]()
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