In the episode Ms. Black discusses why is it essential to know your financial numbers. She discuss how four of her clients have been inspired meet their financial goal when learning their actual numbers. Use these numbers to meet whatever goals you set for yourself. You can earn more, spend less, or a combination of both to meet your goals faster. The choice is up to you.
Learn your numbers
Step 1: Track your spending for a month
Step 2: Multiply your monthly spending by 12 to learn your yearly spending
Step 3: Multiply your yearly spending by 25 to learn your financial independence/ retirement savings number
Example: Monthly spending $7000
$7,000 x 12= $84,000 yearly spending
$84,000 x 25= 2,100,000 financial independence/retirement saving number
Ms. Black, the host of Staying in the Black, is a single mom, homeowner, and public-school educator in NYC. She owns two properties and is one mortgage away from being totally debt-free. She loves traveling the world with her family and has over $500,000 in her retirement accounts beyond her pension.
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