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Yes, the Financial Jeopardy calculator allows you to keep track of your scores as you answer questions. This helps you see how much you've learned and where you might need more practice.
Read moreInclude liquid assets like cash, savings, and taxable brokerage accounts in your runway calculations, along with any passive income. Avoid counting illiquid assets unless you plan to sell them, and...
Read moreCut top expenses (housing/transport/food), add partâtime income, pause big discretionary items, and keep 6â12 months cash to avoid selling investments in downturns.
Read moreOnly if youâre over 59½ or have a penaltyâfree plan (Roth ladder, 72(t)). Otherwise, treat them as backup for long horizons, not nearâterm runway.
Read moreRunway is temporary (months/years with no income). FIRE is permanent (portfolio ⼠25à annual expenses). Both matter but serve different goals.
Read moreFIRE (Financial Independence Retire Early) is a movement focused on extreme savings (typically 50-70% of income) and investing to retire decades earlier than traditional retirement age. It works by...
Read moreThe 25x rule states that you need 25 times your annual expenses saved to retire safely using the 4% withdrawal rate. For example, if you spend $40,000/year, you need $1 million ($40,000 Ă 25). This...
Read moreYes, the 4% rule has been validated through multiple market crashes including 1929, 1987, 2000, and 2008, with a 95% success rate over 30-year retirements. While some researchers suggest 3.5% for v...
Read moreCoast FIRE means you've saved enough early that investment growth alone will reach your FIRE number by age 65, allowing you to stop saving and work less stressfully. Lean FIRE means retiring with m...
Read moreThere are three main strategies: 1) Roth IRA contributions can always be withdrawn tax and penalty-free, 2) Roth conversion ladderâconvert traditional IRA to Roth, wait 5 years, then withdraw penal...
Read moreStart from your target annual income, add expenses (tools, insurance), add selfâemployment taxes (~15.3% on net), then divide by billable hours (often 1,000â1,400/yr). Many underestimate nonâbillab...
Read moreFreelancers pay both sides of payroll tax (SE tax) but can deduct business expenses and often a portion of health insurance and home office. Net results depend on deductions and effective tax rate.
Read moreContractor roles often offer higher gross pay but require covering benefits, taxes, and unpaid time. The calculator compares net takeâhome after expenses and taxes so you can evaluate offers apples...
Read moreTypical freelancers bill 50â70% of working hours after accounting for admin, marketing, downtime, and vacation. Lower utilization implies a higher hourly rate to hit income targets.
Read moreThe average employer match is 4.7% of salary, worth $3,525 annually on a $75K income. Over 20 years at 7% returns, that's $145,000+ in lost retirement savings. Freelancers must save this amount on ...
Read moreSEP IRA allows up to 25% of net earnings (max $69K) as employer contributions onlyâsimple setup but limits flexibility. Solo 401(k) allows employee contributions ($23,500) plus employer contributio...
Read moreYes. Freelancers pay both employer and employee portions of FICA: 15.3% (12.4% Social Security + 2.9% Medicare) vs 7.65% for W-2 employees. On $75K income, that's an extra $5,737 annually. However,...
Read moreYes, freelancers should make quarterly estimated tax payments if they expect to owe $1,000 or more in taxes. Contributing to a SEP IRA or Solo 401(k) can lower your taxable income, so consider maki...
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