Firecalc Modeling Question

[ventoux]

Utilizing Firecalc, I’m trying to model an upcoming home purchase while at the same time earning $20K in part-time income annually for the next 10-15 years.

It seems best practice to not include the Principal & Interest payment for a home purchase in the “Start Here” expenses page. I’ll plan on accounting for the addition of and eventual subtraction of the P&I with the pension and off chart spending options on the “Other Income/Spending” page.

But my confusion is how do I also account for $20,000 in part time annual income that I’ll have for next 10-15 years? As a contributor to Firecalc (access to manual spending entries) is it correct to assume that I can account for the additional $20K in annual income for the next 10-15 years via the manual spending entries, while at the same time the pension and off chart spending page will account for the house purchase?

Any thoughts, questions appreciated. Thanks.

 

[Out-to-Lunch]

You could put in two entries on the pension/off-chart page. One with $20k income (forever), the other with $20k spending, starting in 10 years.

 

[pb4uski]

Utilizing Firecalc, I’m trying to model an upcoming home purchase while at the same time earning $20K in part-time income annually for the next 10-15 years.

It seems best practice to not include the Principal & Interest payment for a home purchase in the “Start Here” expenses page. I’ll plan on accounting for the addition of and eventual subtraction of the P&I with the pension and off chart spending options on the “Other Income/Spending” page.

But my confusion is how do I also account for $20,000 in part time annual income that I’ll have for next 10-15 years? As a contributor to Firecalc (access to manual spending entries) is it correct to assume that I can account for the additional $20K in annual income for the next 10-15 years via the manual spending entries, while at the same time the pension and off chart spending page will account for the house purchase?

Any thoughts, questions appreciated. Thanks.

Yes, I think what you outlined is the best approach.

Another approach which is cruder is to include the $15-20k of part time income as a pension starting in 2023 and off-chart spending starting when your part-time income will end and then reduce your portfolio by the amount of the mortgage.

 

[ventoux]

pb4uski & OTL - thanks for the input, I'll play a bit further with your suggestions and maybe look at ficalc.app as well to see if that might provide more options.