HOW MUCH MONEY DO YOU
NEED TO BE FREE?
Discover Your Financial Freedom Number Now
You should absolutely save up a nest egg for your retirement. 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.
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Financial Freedom Calculator
You’ll need to know exactly how much is needed for you
to keep a roof over your head. If you have a mortgage, put your monthly payment here __________ and your associated property taxes here __________. Homeowners also pay for their own repairs, so you’ll need to approximate that here __________.
If you currently rent or plan to downsize to an apartment in the future, put your monthly rent payment here __________. Wherever you live, you’ll need to afford either rental or homeowners insurance. Put that monthly payment here __________.
Find your average monthly utility payments (electricity, gas, sewer, water, and trash), and put that monthly total here __________.
© 2019 Harv Eker International All Rights Reserved
Financial Freedom Calculator
Then put the cost of any subscription services, such as cable television, phone services, or internet access here __________.
If there’s anything else you pay for that goes toward the upkeep of your home (HOA dues, gardening service, housekeeping, etc) put your monthly payment here __________.
After making sure there’s a roof over your head, there are still lots of things you need. Your usual monthly food budget goes here __________, along with any monthly purchases for clothing, personal care items, and toiletries here __________.
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, too. Put your monthly loan and credit payments here __________.
© 2019 Harv Eker International All Rights Reserved
Financial Freedom Calculator
If you have to pay for childcare or support, put the monthly cost here __________.
While you can’t plan for any surprise medical expenses, you can plan around the ones you already have. Put the monthly cost of your medications __________, health insurance payments __________, and any other health supplies or supplements
you take __________, along with your life insurance payments __________ and the cost of any regular medical appointments or copays, here __________.
With all your expenses at home accounted for, you’ll need to figure out your transportation costs. If you’re still paying for your vehicle’s purchase, put your monthly vehicle payment here __________. But there are more costs associated with that, so you’ll also need your monthly gasoline cost __________, your maintenance costs like oil changes and tuneups __________, and your vehicle insurance __________. Make sure to account for any public transportation costs you have as well __________.
© 2019 Harv Eker International All Rights Reserved
Financial Freedom Calculator
Of course, we’re talking about thriving, not just survival. So don’t forget to account for the fun things in life. Put your monthly entertainment budget here __________, as well as how much you spend monthly on dining out __________, hobbies __________, education __________, and charity __________. If you have any personal memberships, like a music or video streaming service, put that months payment here __________.
Anything I’ve forgotten? Add the cost of anything else you pay for monthly below…
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YOUR FINANCIAL FREEDOM NUMBER IS: __________ …now what?
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