I got inspiration from this compound interest calculator, and before using wealthfolio, I had been using Numbers to calculate investments and do retirement simulations.
I set a monthly target after I have no salary, and used compound interest to calculate how long it would take me to reach this goal.
Current income = Beginning balance ×(1+ Monthly Interest Rate ÷12)^12−Beginning balance
Whenever I want to make an impulse purchase, and I see the countdown, I will resist the urge to spend and save the money for investment. It is very useful...
Therefore, I hope to add a retirement option to the goals, so that I can set a monthly income amount. Then, It can simulate how long it will take me to reach this goal based on the compound interest calculation formula. The interest rate can be simulated using the current monthly interest or annual interest.
I got inspiration from this compound interest calculator, and before using wealthfolio, I had been using Numbers to calculate investments and do retirement simulations.
I set a monthly target after I have no salary, and used compound interest to calculate how long it would take me to reach this goal.
Current income = Beginning balance ×(1+ Monthly Interest Rate ÷12)^12−Beginning balance
Difference Months = LOG((ABS(Monthly Target)÷(Monthly Interest Rate))÷Ending balance ,Base)÷LOG(1+Monthly Interest Rate, Base)
Whenever I want to make an impulse purchase, and I see the countdown, I will resist the urge to spend and save the money for investment. It is very useful...
Therefore, I hope to add a retirement option to the goals, so that I can set a monthly income amount. Then, It can simulate how long it will take me to reach this goal based on the compound interest calculation formula. The interest rate can be simulated using the current monthly interest or annual interest.