‘Forget You’ Money — Here’s Exactly How Much Money You Need to Quit Your Job For Good

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Listen, not everyone has a job they love. And that’s totally OK — there’s more to life than your job, and not everyone has plans to ascend the corporate ladder until they’re 70.

Sometimes, you just want to make enough to retire early and never have to work again. That kind of money has a name. To put it politely: “Forget You!” Money.

It’s the amount of money you need in the bank to be able to say, “Forget you!” to your boss and retire comfortably — and it’s not nearly as far away as you think it is.

Here’s how to calculate your “Forget You!” Money number: Take your yearly expenses and multiply them by 25. That’s how much money you’ll need to have in your savings to be able to retire and withdraw 4% each year to live on.

For example, if $100,000 would cover all of your expenses for a year, you’ll need $2.5 million. Only need $50,000 to cover your bills and adventures each year? Plan on saving $1.25M.

If you don’t have seven figures in your accounts just yet, don’t panic. Everyone has to start somewhere! Here’s how to kickstart your “Forget You!” Money fund.

1. Fund Your Retirement with Amazon, Google and Netflix

Saving for retirement is smart. Having your company contribute to your 401(k) is helpful. But having an ownership interest in a Fortune 500 company that you don’t even work for help get you to your retirement goal? That’s awesome.

And it’s surprisingly easy to make happen, with an app called Stash.1 It lets you own pieces of well-known companies, like Amazon, Apple, Google and more for $5 or less.

Seriously — with only a few dollars, you can invest in thousands of stocks and ETFs, which can help you grow your investing portfolio and reach your retirement goals. The best part? Some companies may even send you a check every quarter for your share of profits, called dividends. If these companies profit, so can you.

It takes two minutes to sign up, and your investments are protected. With Stash, investments are held by their custodian, Apex Clearing Corporation, a member of the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money comes with protection.”2

Plus, when you use the link above, Stash will give you a $5 bonus once you deposit $5 into your account.3

2. Let This Finance App Surprise You with up to $1,250

If you’re like a lot of us, you just never get around to saving money. Hey, we know what that’s like. After all, roughly 45%1 of Americans haven’t really gotten around to saving any money. It’s just a fact of life.

So how can you save money, really?

The online finance app Chime offers automatic savings features that help you tuck away money without even thinking about it. We interviewed Samuel Demeny, who regularly uses his Chime Savings account. According to him, in just nine months, he saved up $1,250 — without even thinking about it.

Chime has two automated savings options: One feature rounds up your purchases and saves the change every time you spend, and the other lets you save a percentage of your check2 every time you get paid. (Both features require you to sign up for a Chime Spending Account first, but it’s quick and easy to do.*)

The money adds up quickly, and it’s completely automatic.

It takes just five minutes to open an account and see how much you could save.

3. Let This App Pay You up to $83 When You Win Solitaire Games

Lots of us already play Solitaire on our phones for fun or just to pass the time. Want to see if you can win money at it?

There’s a free iPhone app called Solitaire Cash that lets you play for real money. You could get paid up to $83 per win.

You might be thinking: There’s got to be a catch. This is definitely one of those spammy apps, right?

Wrong. There really isn’t a catch. Sure, you can pay to play in some higher-stakes tournaments, but there’s no pressure. And, in fact, there aren’t even any annoying ads.

With each game, you’ll battle it out against at least five other players. Everyone gets the same deck, so winning is totally a matter of skill. The top three players who solve the deck fastest can win real money — anywhere from $1 to $83.

Over on the App Store, it has over a million downloads and more than 15,000 ratings, averaging 4.7 stars (out of 5).

To get started, just download the free app and start playing your first game immediately.

4. Let This Company Cut Your Mortgage Payment

Things have changed since you bought your home. Maybe interest rates are lower right now, or maybe you want to cash out some of the equity you’ve built up since home prices have surged. Either way, you might’ve considered refinancing. But the whole thing can feel overwhelming.

Luckily, a company called loanDepot helps you refinance without all the unnecessary stress.

As one of the biggest non-bank lenders in the U.S., loanDepot combines a digital approach with a traditional in-person customer service — and it could save you big time.

It’s easy to upload all your necessary documents online — basically, they need to know who you are and other qualifying requirements.

Whether you want to refinance your mortgage to lower your monthly payment* or pull cash out of your home’s equity with cash-out refinance, loanDepot makes it easier to check your rate and get approved quickly.

Plus, they’re accredited by the Better Business Bureau with an A+ rating and are the fifth-largest mortgage lender in the country, working with 27,000 clients a month.

It takes just a few minutes to get started and see how much money you could save on your mortgage.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.

Use a website called EverQuote to see all your options at once.

EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.

Kari Faber is a staff writer at The Penny Hoarder.

1For retirement, Stash offers access to traditional or Roth IRAs.

2To note, SIPC coverage does not insure against the potential loss of market value. Apex Clearing Corporation is a third-party SEC-registered broker-dealer and member FINRA/SIPC

Remember, not all stocks pay out dividends. And there’s no guarantee any stock will pay dividends in a quarter or year. Dividends may be subject to additional taxes, and are considered taxable income. Please refer to the IRS for additional information.

Investing minimums for fractional shares start at $0.01 for a Personal Portfolio

3Offer is subject to Terms and Conditions. To be eligible to participate in this Promotion and receive the Bonus, you must complete the following steps: (i) successfully complete the designated registration process of opening an individual taxable brokerage account (“a Personal Portfolio”), (ii) link a funding account (e.g. an external bank account) to your Personal Portfolio, AND (iii) initiate and complete a minimum deposit of at least five dollars ($5.00) into your Personal Portfolio. In the event you only complete the designated registration process to receive the Financial Counseling Service (as defined in your Advisory Agreement) or do not otherwise complete the account opening process for an individual taxable brokerage account (“Personal Portfolio”), you will not be eligible to receive the Bonus.

The Penny Hoarder is a paid solicitor of Stash. 

This information is for educational purposes only. This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers. All investments are subject to risk and may lose value. All product and company names are trademarks ™ or registered ® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

1According to a GOBankingRates savings survey

2Round Ups automatically round up debit card purchases to the nearest dollar and transfers the round up from your Chime Spending Account to into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account.

*By refinancing the existing loan, the total finance charges may be higher over the life of the loan.