I have created a retirement calculator that you can use to determine how much you need to retire right now, based on how you want to live your life.
You can try it out here.
Using this calculator, I found that if I managed to grow my money at a rate of 3.5% per year, I would need close to $5.3 million to retire, which I sadly don't have.
The good news is, I have consistently been able to grow my existing wealth by 15% a year. This brings the amount I need to retire down significantly to a little less than $1 million, which I do have! This is why I can claim to be financially free. I am not rich by many measures, but the passive income brought in by investing my money wisely has created a scenario where I can be financially free without having a huge amount of money.
Sure, $1 million is still a lot of money and it took me over a decade to collect this. For many, this sum seems unattainable. Going forward, I hope to share tips and tricks to help everyday people inch closer to this target and to their dream of financial freedom. Stay tuned!