this post was submitted on 20 May 2024
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FIRE (Financial Independence Retire Early)

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Welcome!

FIRE is a lifestyle movement with the goal of gaining financial independence and retiring early.


Flow Charts:

Personal Income Spending Flow Chart (US)

Personal Income Spending Flow Chart (Canada)

Finance Flow Chart (UK)

Personal Income Spending Flow Chart (Australia)

Personal Finance Flow Chart (Ireland)


Useful Links:

Bogleheads Wiki

Mr. Money Moustache - a frugal lifestyle blog

The Earth Awaits


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[โ€“] [email protected] 6 points 8 months ago* (last edited 8 months ago) (1 children)

Most of my simulations occur in my head. As in simulating what it will be like to be job-free someday, haha.

When I bought my house, though, I did figure out how to do all the amortization tables myself so that I could compare all the different rates and points and stuff, along with figuring out early payment payoff periods. l felt way more in control having the same level of information available to me that the mortgage broker did.

[โ€“] [email protected] 5 points 8 months ago

It's really nice when comparing quotes for buying down a rate, or looking at the impact of additional payments. It's also incredibly easy to throw together. For anyone interested:

  • payment = PMT(mortage rate/12, mortgage term * 12, -initial principle)
  • interest = (mortgage rate/12) * remaining principle
  • principle payment = payment - interest
  • new principle = prev principle - principle payment

Throw that into a spreadsheet and drag down. Add a SUM() to figure out total interest paid or whatever. I have a VLOOKUP() to calculate interest for the current year for tax planning purposes, for example.

Maybe I'll start an unofficial weekly post about various calculations I have in my spreadsheet. I have something like 30 tabs, so surely something there is interesting to others.