## Financial Independence number

One of the areas it deals with, which I think is the most interesting, is the question…Do you know your Financial Independence Number? Do you know what a Financial Independence Number Is or have you ever heard of that concept? What do you think a Financial Independence Number Is? (WFA)

It’s the amount of money that we need to accumulate, so that someday we can live off that money for the rest of our lives and never have to go back to work, well that’s my definition. So let's take a look at this for example…so let's say right now you wanted to retire thirty years from now. How old are you? 33…Okay, so let's say you want to retire at 63…and you say, “okay, if we had 30 thousand dollars a year in today's dollars, and we had no debt for example, the house is paid off and all… if we had 30 thousand wed be okay.” So then we’d said okay 30 years from now… at three percent inflation…what would you need to buy what thirty thousand buys today? So what would you need 30 years from now, to buy what thirty thousand buys today? The answer is 73 thousand dollars. Now did you realize that inflation would cause you to need that much? Okay THEN the question is how much money do you need to accumulate… your Financial Independence Number right, to give to give you that income? The answer is 1 million 80 thousand, Now did you realize that you need that kind of money saved for retirement? Yeah that’s the number. Then there is the next question. How much would I need to save every month at a particular interest rate to reach that goal? So to get there you need to save 5 hundred and 85 dollars a month for 30 years… assuming a 9 percent interest rate to get there. Okay.

So how important is it to know your financial independence number? How many people do you think know there's? So this is one of the reasons that we ask for referrals. In other words, if you didn’t know it… like if (TRAINEE) hadn’t brought me here tonight… I'm just curious when would you of even known this concept exists?

Can you see why we would ask for referrals if you felt good about what were doing?

Okay, so that's the Financial Independence Number.

It’s the amount of money that we need to accumulate, so that someday we can live off that money for the rest of our lives and never have to go back to work, well that’s my definition. So let's take a look at this for example…so let's say right now you wanted to retire thirty years from now. How old are you? 33…Okay, so let's say you want to retire at 63…and you say, “okay, if we had 30 thousand dollars a year in today's dollars, and we had no debt for example, the house is paid off and all… if we had 30 thousand wed be okay.” So then we’d said okay 30 years from now… at three percent inflation…what would you need to buy what thirty thousand buys today? So what would you need 30 years from now, to buy what thirty thousand buys today? The answer is 73 thousand dollars. Now did you realize that inflation would cause you to need that much? Okay THEN the question is how much money do you need to accumulate… your Financial Independence Number right, to give to give you that income? The answer is 1 million 80 thousand, Now did you realize that you need that kind of money saved for retirement? Yeah that’s the number. Then there is the next question. How much would I need to save every month at a particular interest rate to reach that goal? So to get there you need to save 5 hundred and 85 dollars a month for 30 years… assuming a 9 percent interest rate to get there. Okay.

So how important is it to know your financial independence number? How many people do you think know there's? So this is one of the reasons that we ask for referrals. In other words, if you didn’t know it… like if (TRAINEE) hadn’t brought me here tonight… I'm just curious when would you of even known this concept exists?

Can you see why we would ask for referrals if you felt good about what were doing?

Okay, so that's the Financial Independence Number.