The Meaning of Burn Rate – and Why Its Important

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.

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