Homework for the day for those of you who haven't done it yet. Let's learn what are "Financially Free" Number is!
Financial Freedom is having both the luxury of TIME and MONEY. - Calculate your annual expenses. (rent,utilities,gas,food,fun,etc) - Multiply the total by 25
Annual Expenses: $55,000
$55,000 × 25 = $1,375,000
The result is the amount you need on hand to become financially free for the next 25 years of your life. Meaning you can withdraw 4% of your account yearly, pay up all your major expenses and then chill for the next 52 weeks!