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Last week we added a financial calculator to the Financial Woman website. I like to think of it as something like a crystal ball. There is nothing better than seeing the future value of your money to get you motivated to pay more attention to it, whether that means creating more positive cash flow through smart spending or increased earnings, or seeking better results from your investment accounts.
As you have probably read here before, every woman should know how much money she has. I recommend calculating your Own and Owe, as I like to call it, at least twice a year. This net worth statement will show you how much money you have to grow.
Now take that amount and put it into the Financial Woman calculator. Play with your own numbers and discover the magic of making your money work FOR you, instead of the other way around!
First, you’ll enter your current personal savings, or money you have put aside to grow.
Next, enter how much you will add every year to your savings. Play with a few different numbers here, and set some firm goals; remember, you are in charge of your money.
Then, enter how much your money will grow each year. This is a bit tricky…but are you just settling right now with your investment returns? This will be a call to action; set some clear goals with this!
Enter the number of years until you’ll dip into this money to live, or until you want to reach a certain goal from your money reasons.
Enter the % of the earnings FROM your money’s growth that you will leave in your investment account to compound.
This is a simple calculator. Not to get too nerdy, but taxes and inflation are additional factors to be considered when looking at how much your money will be worth in the future. This calculator will, however, give you basic and simple insights to help you improve your financial health. It will either get you motivated to earn and grow more money, OR help you relax about enjoying your money.