Though “burn rate” is often used to discuss businesses and startups, individuals have a burn rate as well – put simply, your burn rate is the total amount of your monthly expenses. When considering your financial independence, especially for retirement, knowing your burn rate will help you determine the amount of savings you need to ensure your financial survival. Tracking and understanding your personal burn rate is a key facet of your financial wellbeing. Learn more about how to calculate and use your burn rate as a tool for financial growth.
Jeremy Zizmor is the founder of Assurance Family Partners, a company whose mission is to assist and empower individuals and families who need help managing their personal day-to-day finances. He is responsible for running all facets of the business.