Okay lets look at my Work Freedom Day for 2017
As a DGI I’m working towards financial freedom. For me this means doing things I like to do, and do not have to worry about money. On my blog (http://www.polliesdividend.com) and twitter account (@Polliesdividend) you can read my progress.
I have been a DGI since July 2014, so I just started and still have a long way to go. But I’m determining to work hard and constant to reach my goal.
Work freedom day
In 2015 I stumbled upon the idea of “ Work Freedom Day”. This is the day of the year where you’ve accumulated enough dividend income during the year to no longer need to work.
This Work Freedom Day is introduced by Dividend life. As he wrote, for early retires, that day would be January 1st but for many of us still on the FI Journey it’ll be somewhat later in the year.
In 2016 my Work Freedom Day was December 4. Now a year has passed and I’m curious what my progress is.
How to calculate your Work Freedom Day
For working out your work freedom day, Dividend Life came up with a simple formula:
Day of year = (1 – (Total Projected Income) / (Total Yearly Budget) ) * 365
This gives you a number, which corresponds to the day in the year you are “free”.
My Work Freedom Day
Based on my projected Dividend income for 2017 (€ 3,078) and my yearly expenses (€ 44,000), My Work Freedom Day will be Wednesday 4 December.
It looks like I didn’t make any progress this year because my WFD for 2017 is the same as my WFD 2016. However in 2016 I received a super dividend and it was a one time occasion. In 2017 I worked hard and let my passive income grew to the same amount as 2016, but without a super dividend. So I’m satisfied.
Okay I will not retire this year (you have to love an understatement), but it is, as Dividend Life wrote, a nice milestone to celebrate!
|Year||Work Freedom Day|
Tracking my progress
Just like Dividend Life, I’m going to be tracking this date going forward and hope to watch it move towards me due to higher than projected dividends!
What is your Work Freedom Day? And what do you think about this concept?
I like to hear from you.