ProjectionLab is a subscription-based financial planning software designed for individuals seeking financial independence and early retirement. Users manually enter details about their income, expenses, assets, and liabilities to create a current financial snapshot, and the software generates comprehensive visualizations of possible financial outcomes based on their goals, timelines, and assumptions. ProjectionLab also offers tax analysis and estimation for premium users. With its customizable features and ability to run simulations, ProjectionLab helps users take control of their finances and make informed decisions about their future.
What is ProjectionLab and how does it work?
ProjectionLab is a subscription-based financial planning software designed for individuals seeking financial independence and early retirement. It is a customizable calculator that allows users to plan one-time expenses, adjust income, plan taxes, and more. Users manually enter details about income, expenses, assets, and liabilities to create a current financial snapshot. The software generates comprehensive visualizations of possible financial outcomes based on users’ goals, timelines, and assumptions. ProjectionLab also offers tax analysis and estimation for premium users.
There’s a common saying, “If you fail to plan, you’re planning to fail.” This is especially true when it comes to financial goals, such as early retirement. It’s not enough to simply have a goal. You must have a plan and a way to measure your progress toward that plan. This is where ProjectionLab comes into play.
Unleashing the Power of ProjectionLab
ProjectionLab is a subscription-based financial planning software expressly designed for individuals seeking financial independence and early retirement. The software is highly customizable. It allows you to build in one-time expenses, adjust income, plan taxes, reduce or increase spending, and more.
What Exactly is ProjectionLab?
ProjectionLab is a financial planning calculator that puts you in control. You’re not confined to a pre-set path or forced into a one-size-fits-all strategy. Instead, you bring your goals, and ProjectionLab provides you with a clear, detailed forecast of how those goals will influence your finances over time.
Harnessing the Potential of ProjectionLab
But what exactly can you do with ProjectionLab? The answer is a lot! The financial planning calculator gives you complete control of the inputs. Based on your goals, timelines, and assumptions, ProjectionLab generates comprehensive visualizations depicting the likelihood of your plan succeeding over your lifetime, possible outcomes, and various ways to consider alternatives.
Taking Control of Your Finances
Unlike other financial planning tools, ProjectionLab doesn’t connect directly to your financial accounts. Instead, you manually enter details about your income, expenses, assets, and liabilities to create a current financial snapshot. You can choose to evaluate a joint financial picture for married couples or keep your finances separate.
Customizing Your Financial Plan
With ProjectionLab, you have full control over the plans you create. You can add one-time expenses, adjust expenses over your lifetime, modify income projections, and even plan taxes. If you aim to take a sabbatical at age 40 to visit all the National Parks, you can include that expense and the income gap in your plan.
Visualizing Your Cash Flow
One of the standout features of ProjectionLab is the forecasted cash flows. The tool utilizes a Sankey Chart to help you visualize money coming in and money going out. This is particularly beneficial if you have a big upcoming expense or if you’re going to pay for a recurring expense for several years.
Evaluating the Likelihood of Success
ProjectionLab doesn’t just let you dream up your ideal financial future. It also allows you to run simulations to see if that dream is realistic. The software enables you to conduct Monte Carlo simulations, a form of probability modeling, to determine whether you’re likely to run out of money in the short term, over decades, or over your entire lifetime.
Comprehensive Tax Analysis and Estimation
Taxes can be one of your most significant expenses, whether you’re in your high-earning years or your retirement spending years. ProjectionLab offers tax analysis and tax estimation for Premium users, assisting with nuanced planning.
Understanding the Cost Structure
ProjectionLab offers a Free version for ad-hoc planning. Those interested in the Premium and Pro versions can test them for 7-days before committing to the paid product. The Premium tool has annual, monthly, and lifetime subscriptions available.
How Does ProjectionLab Stack Up?
ProjectionLab stands out because it’s a financial planning tool for non-financial planners. It’s more robust than other retirement calculators, and it’s a superb tool for helping you gain confidence in the steps you’re taking to build financial freedom.
Opening a ProjectionLab Account
You can use the ProjectionLab “Sandbox” for free without creating an account. If you want to upgrade to a Premium or Pro account, you’ll need to provide your email address for a 7-day free trial.
Safety and Security with ProjectionLab
ProjectionLab doesn’t hold any of your personal information or connect to any of your bank accounts, making your risk of losing private information very low. Paying customers can choose to use secure cloud storage or self-host their information.
Getting in Touch with ProjectionLab
The most popular way to contact the ProjectionLab team is through Discord. There’s an engaged community following and a customer support email address for queries.
Is ProjectionLab Worth It?
If you’re committed to an early retirement or a life-altering event like extended world travel, paying for the Premium version of ProjectionLab could be worthwhile. It’s one of the few tools that allows you to think through what you really want and decide whether the tradeoffs between “current” you and “future” you are worthwhile.
- ProjectionLab is a subscription-based financial planning software for individuals seeking financial independence and early retirement
- Users manually enter details about their income, expenses, assets, and liabilities to create a current financial snapshot
- The software generates comprehensive visualizations of possible financial outcomes based on users’ goals, timelines, and assumptions
- ProjectionLab offers tax analysis and estimation for premium users
- The software is customizable and allows users to plan one-time expenses, adjust income, plan taxes, and more
- Users have full control over the plans they create and can add one-time expenses, adjust expenses over their lifetime, modify income projections, and plan taxes
- ProjectionLab uses a Sankey Chart to help users visualize cash flow
- The software allows users to run simulations, including Monte Carlo simulations, to evaluate the likelihood of success
- ProjectionLab offers a free version for ad-hoc planning and has premium and pro versions available with different subscription options
- The software is more robust than other retirement calculators and is designed for non-financial planners
- ProjectionLab does not hold personal information or connect to bank accounts, ensuring safety and security
- Users can contact the ProjectionLab team through Discord or via email for customer support
- Paying for the premium version of ProjectionLab could be worthwhile for those committed to early retirement or major life events like extended travel