Tesla has been building innovative and industry-leading battery-powered cars for about a decade, starting with the Roadster, and then the Model S and Model X. The company unveiled the Model 3 (their first mass-market electric car with 220 miles of range, priced at “$35,000”), in early 2017 and hundreds of thousands of people put down a $1000 deposit within a few days. Overall, the number of these pre-orders total about half a million! Impressive for a car most people have not driven or even seen.
The company also had optimistic timeframes for producing and shipping these vehicle: they had originally estimated production rates of 5000 cars/week by the end of 2017 and 10,000 cars/week(!) in 2018. That’s Civic or Camry levels. These have since been delayed due to reports of “production hell” in scaling up mass production for the vehicles. Given the unprecedented demand and production challenges as Tesla transitions from niche automaker to mass-market production, I thought it would be worthwhile to track the sales of Model 3s as they are built and shipped to customers with the Model 3 Sales Tracker.
Freedom days refers to the number of days that your retirement savings could sustain you (without working) each year (indefinitely) at your current spending level. Once you reach 365 freedom days per year, you’ve got enough money saved up to never have to work again. The freedom date then tells you the date through which your retirement savings would support you each year. For example, if you have 100 freedom days then your spending could be covered through April 10th, each year.
How close are you to 365 “freedom days”?The goal of the freedom calculator is to let you know how close to financial independence (i.e. freedom) you are, measuring your progress in terms of freedom days. The key determinants for retirement are total retirement savings and annual spending.