FI TERMS:
- Financial independence: Having enough money to pay your living expenses for life without working
- 4% rule: Withdrawing 4% of your portfolio each year when in retirement without risking running out of money
- Stocks: when you buy and own a piece of a company and own a little bit of money that it makes
- Bonds: when you loan money to the company
- Index fund: A basket of stocks
- Inflation: When prices in the economy increase and are worth more
- Interest: Amount of money paid for using someone else's money
- Credit: Borrowing money knowing that you will pay it later
- Debt: State of owing money
- Credit score: A number that shows how good the person is at repaying their loans.
- Federal Tax: Tax collected by the Federal Gov for Fed Gov bills
- State Tax: Tax collected by states to pay State bills
Sources:
Tax Calculator - smartasset.com
Average Salary - Salary.com
Cost of Living - www.numbeo.com
Average Rent - www.rentcafe.com
Financially Independent - playingwithfire.co/retirementcalculator/
Student Loans - www.bankrate.com/calculators/
Tax Calculator - smartasset.com
Average Salary - Salary.com
Cost of Living - www.numbeo.com
Average Rent - www.rentcafe.com
Financially Independent - playingwithfire.co/retirementcalculator/
Student Loans - www.bankrate.com/calculators/