I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!

Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

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Sunday 22 June 2014

Track your living expenses??? (2)


Read? Track your living expenses???


 The key objective of this tracking exercise is NOT for the purpose of knowing where to reduce living expenses by cutting expenses e.g. no more StarBuck as it is deemed too expensive.

 Do we go to StarBuck to lim kopi and leave?

 To lim kopi and leave; we better do it at Kopithiam. Right?


The end goal of this tracking exercise to conservatively estimate one Magic Number to know how much is enough for us to reach financial independence stage and get out of rat race when staying employed is an option.


We also want to avoid the unsecured feeling of always NOT enough and for ever accumulating more wealth!


Some of us may have read it somewhere in the Web:

"When we are in heaven, our money will still be in the bank."

"We don't seem to have enough money to spend; but, when we are gone; there's still lots of money not spent.

 

Posted by Createwealth8888 at 07:38
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8 comments:

  1. Singapore Man of Leisure22 June 2014 at 09:20:00 GMT+8

    CW,

    Good morning!

    I am assuming you already know your "magic number" or what I call the "I have enough" moment.

    May I know why are you still tracking your living expenses - albeit it takes just a few minutes each month?

    Habits die hard? Sentimental reason? To double and triple confirm? Addiction to charts and graphs?

    Snigger, snigger.

    ReplyDelete
    Replies
    1. Createwealth888822 June 2014 at 10:40:00 GMT+8

      Set living actioning example for others to follow.

      Thought you like to watch what others do and not others say. No? Hee hee

      Delete
    2. Createwealth888822 June 2014 at 10:54:00 GMT+8

      Hmm..

      How about "Gurus".

      They too have arrived so now they only need to do "talking part" and no more on "doing part" to prove that they still can do it?

      Really ah?

      Delete
    3. Anonymous22 June 2014 at 11:06:00 GMT+8

      We have many Local GURUs who sell their experiences with "TALK-SHOWS". Some people seems to really benefited from the "TALKS" ?
      Watch out for Some GURUS only have TALKS to sell only.

      Delete
    4. Singapore Man of Leisure22 June 2014 at 13:59:00 GMT+8

      CW,

      Oh! Bless your soul! What a Bodhisattva heart you have ;)

      So you doing all these tracking is for the benefit of showing others what you DO!

      Teary eyed. So touching! (I put finger in my mouth)


      P.S. Very good use of re-direction technique! Thumbs up! Impressive :)




      Delete
    5. Createwealth888822 June 2014 at 15:48:00 GMT+8

      Watching K-drama ah?

      So emo?

      Delete
  2. Anonymous22 June 2014 at 10:22:00 GMT+8

    The ONE Magic Number should be a "flexible No". This No. is vastly different if you want to leave a legacy or you want to try to spend your money till the last penny if possible. For me, my ONE MAGIC NUMBER is to try to make sure i run out of life (my wife included too) before i run out of money.
    i have read one of the best way is to use your Assets (if large enough) to generate cash flow to cover or exceed (will be better because of inflation) your yearly expenses. If asset is not large enough, the ONE MAGIC NUMBER has to be adjusted downward to suit your financial circumstances(aka daily living expenses).
    In this way, you shall not run out of life before you run out of money. And the Bonus is you will have a legacy "automatically"; whether anyone of your kin needs it or not. How about some targeted to charity then?
    i am still looking for this ONE MAGIC NUMBER. Remember it is really a "FLEXIBLE NUMBER"
    Shalom.

    ReplyDelete
  3. Anonymous22 June 2014 at 10:30:00 GMT+8

    "you shall not run out of life before you run out of money."
    Sorry,
    It should be "you shall run out of life before you run out of money."

    ReplyDelete

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