[‎Jessica]

At what point would you consider using a tool like Projection Lab or Boldin? We’re probably 8-10 years away from FI.

I like the concept of them and would love to play around with them, likely gaining some benefit from them, but I’m not sure if they’re more of a “shiny object” than necessary.

[Ernest]

Fidelity has free tools. I’m guessing most of the big dogs, as well (Schwab, Vanguard, etc.).

I’d probably start there – since they already have figures from your accounts (HSA, IRA, taxable account, etc.).

[Nick]

Side note – does anyone know what The Money Guys have been using in their videos where they interview clients?

[Matt]

Personally, I wouldn’t go that path, unless you knew you were exceptionally knowledgeable on everything.

In your current phase, just follow the basic math/ process, equity index fund investing. Efficiently invest as much as possible for compounding to have more to work with.

At about 7-6 years prior to FI, hire an advice-only CFP to run your numbers and plan via RightCapital, and give you some homework… some things should happen 5 years prior to FI.

Have them refresh the plan about 2 years prior to FI, then help you transition.

I have a Boldin subscription, now post-FIRE, thinking I’d take over for the CFP and RightCapital, but they’ve been well worth the continued expense.

I really only use Boldin, now, to illustrate things for teen students in a high school Personal Finance Club I run.

[Rick]

Definitely use them hard during the free trial period.
I found them solid tools, they do what they claim to do, etc.

But they are still a little black box for me with how they make their projections.

And I nerdy at the level that I want to know exactly how they do their projections and calcs.

Also, while I expect these apps do a great job for traditional retirees (non fire folks) and they can do a good job for super general plan fire folks, I find they are, maybe not yet, not geared towards the lesser used use cases for fire (of which I am one).

So yes, they do what they claim, are fairly intuitive tools, are pretty with their charts, but…can they fit your specific fire plan?

Maybe but maybe not.

So, test drive them hard before you must pay.

[Frank]

I would use Portfolio Visualizer first and foremost.
I think there is a tendency to misuse and be over reliant on these calculators and treat them like crystal balls.

Many financial advisors have turned into glorified calculator jockeys who don’t seem to understand how they really work.

If you don’t understand good forecasting techniques to begin with, which requires relying on base rates, your efforts with these will be worse than useless.

Very precise and precisely wrong.

And if your plan is just to underspend you probably don’t need them anyway.

[Ernest]

I’ve been using Boldin and really like it. It allows you to detail future expenses at whatever level of granularity you prefer and adjusts for inflation using any inflation factor you choose.

You can add in lumpy events like buying a new car, doing home renovations, or other major one-time costs.

Healthcare and housing/real estate expenses are modeled separately, and it calculates taxes annually based on your projected spending.

It also accounts for Social Security, pensions, and any other income streams.

You can save and compare multiple scenarios, and it includes functionality for modeling Roth conversions.

It’s not a perfect tool, but it offers much more detailed planning capabilities than free tools like Fidelity’s.

It has given me much more confidence in my plan.

[Author]

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