Where you're at today

💡

Tip:

Have your bank account info, investment account info, and retirement account info handy! It’d also be helpful to know roughly what your income is today.

Fill out the rest of this document with your own information. For simplicity, we assume that you file taxes as a single individual.

Yes, that's right - you're young!

These should all be in $ USD. Don't worry, literally no one on this planet has access to the numbers you put in here, including me.

In your

bank

accounts

(savings, checking)

:

0000000

340000

In your

investment

accounts

(stocks, RSUs, etc)

:

0000000

330000

In your

retirement

accounts

(401k, IRAs, etc)

:

0000000

550000

This is also in $ USD, and represents your total pre-tax annual income that comes from salary, RSUs, side projects, real estate, etc.

Note 1:

This

does not

include long term or short term capital gains from investment accounts. Those will be calculated separately later based on your investment account value.

Note 2:

This is

pre-tax

, and

pre-contributions to 401K and/or ESPP/stock plans

. Tax is calculated later, as well as 401K contributions. For the sake of simplicity, we’ll treat contributions to ESPP as regular income.

ESPP side note

You should include the discount as regular income, so if your income is $1,000 and you take $100 to use for ESPP with a 15% discount, then actually your ESPP portion is worth $100 * (115%) = $115, and your total income is $1115).

This information is just for you to have as reference, it’s all included in the calculations later on!

Estimated federal tax:

$55,044.25

Your effective tax rate:

35%

Average tax rate:

23.93%

Reference tax table

Single Tax Schedule

Single Tax Schedule

0

Labels

If taxable income is over

but not over

Range

then the tax is:

Given

Pctg of amount over

Value of % of amount over

Total

1

A

$0.00

$9,950.00

10% of the amount over $0

$0.00

10%

$0.00

2

B

$9,950.00

$40,525.00

$30,575.00

$995 plus 12% of the amount over $9,950

$995.00

12%

$0.00

3

C

$40,525.00

$86,375.00

$45,850.00

$4,664 plus 22% of the amount over $40,525

$4,664.00

22%

$0.00

4

D

$86,375.00

$164,925.00

$78,550.00

$14,751 plus 24% of the amount over $86,375

$14,751.00

24%

$0.00

5

E

$164,925.00

$209,425.00

$44,500.00

$33,603 plus 32% of the amount over $164,925

$33,603.00

32%

$0.00

6

F

$209,425.00

$523,600.00

$314,175.00

$47,843 plus 35% of the amount over $209,425

$47,843.00

35%

$7,201.25

$55,044.25

7

G

$523,600.00

$50,000,000.00

$49,476,400.00

$157,804.25 plus 37% of the amount over $523,600

$157,804.25

37%

$0.00

There are no rows in this table

Married Tax Schedule

Married Tax Schedule

0

Labels

If taxable income is over

but not over

Range

then the tax is:

Given

Pctg of amount over

Value of % of amount over

Total

1

A

$0.00

$19,900.00

10% of the amount over $0

$0.00

10%

$0.00

2

B

$19,900.00

$81,050.00

$61,150.00

$1,990 plus 12% of the amount over $19,900

$1,990.00

12%

$0.00

3

C

$81,050.00

$172,750.00

$91,700.00

$9,328 plus 22% of the amount over $81,050

$9,328.00

22%

$0.00

4

D

$172,750.00

$329,850.00

$157,100.00

$29,502 plus 24% of the amount over $172,750

$29,502.00

24%

$13,740.00

$43,242.00

5

E

$329,850.00

$418,850.00

$89,000.00

$67,206 plus 32% of the amount over $329,850

$67,206.00

32%

$0.00

6

F

$418,850.00

$628,300.00

$209,450.00

$95,686 plus 35% of the amount over $418,850

$95,686.00

35%

$0.00

7

G

$628,300.00

$500,000,000.00

$499,371,700.00

$168,993.50 plus 37% of the amount over $628,300

$168,993.50

37%

$0.00

There are no rows in this table

What are your current expenses?

The best starting point is tabulating up what your expenses are

today*

using tools like

Mint

or

Personal Capital

that categorize automatically your expenditures after you connect your credit card and bank accounts. Input these expenses into the “Monthly Cost (today)” column below.

Important note

:

Do not include mortgage, rent, or kid related costs here. You’ll have the ability to apply these automatically later on.

Input your expenses now!

Reset all values

Column descriptions

Expense category:

you can choose how you want to categorize, just be consistent!

Monthly Cost (today):

how much you spend on that category each month, today

Months valid per yr (today):

in case there are categories that only apply for part of the year, this column allows you to put in the number of months applicable per year

Example 1

If we only have a pet for 3 months out of the year, for example, we would put the slider at 3 for “Pet Stuff”.

Average Monthly (today):

a formula to calculate your average monthly cost

Clarifying notes:

any notes that help remind you of assumptions you’ve made

Expense Category

Monthly Cost (today)

Months valid per yr (today)

Average Monthly (today)

Clarifying notes (today)

1

Pet Stuff

$45

00

12

$45

2

Utilities

$200

00

12

$200

3

Groceries

$212

00

12

$212

4

Shopping

$580

00

12

$580

5

Car Related

$655

00

12

$655

6

Entertainment

$509

00

12

$509

7

Food

$985

00

12

$985

8

Regular travel

$1,448

00

12

$1,448

9

3 months summer travel

$0

00

0

$0

10

Rent out home

$0

00

0

$0

11

Health Care

$0

00

0

$0

There are no rows in this table

$4,633

Sum

Did you like this post?

1. Who are you doing this doc for?
Yourself

2. How young are you?
00
38

3. How much 💵 do you roughly have?

4. How much 💵 do you earn per year today?
000000
230000

5. Calculate your expenses

👉 Cool. That was easy, right? Let’s move on to:
`Your dream life`

Buy me a coffee

My Blog

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Where you're at today

1. Who are you doing this doc for? Yourself

2. How young are you? 0038

3. How much 💵 do you roughly have?

4. How much 💵 do you earn per year today? 000000230000

5. Calculate your expenses

👉 Cool. That was easy, right? Let’s move on to: Your dream life

Buy me a coffee My Blog My Twitter

1. Who are you doing this doc for?
Yourself

2. How young are you?
00
38

4. How much 💵 do you earn per year today?
000000
230000

👉 Cool. That was easy, right? Let’s move on to:
`Your dream life`

Buy me a coffee

My Blog

My Twitter