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.
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CW,
ReplyDeleteGood 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.
Set living actioning example for others to follow.
DeleteThought you like to watch what others do and not others say. No? Hee hee
Hmm..
DeleteHow 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?
We have many Local GURUs who sell their experiences with "TALK-SHOWS". Some people seems to really benefited from the "TALKS" ?
DeleteWatch out for Some GURUS only have TALKS to sell only.
CW,
DeleteOh! 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 :)
Watching K-drama ah?
DeleteSo emo?
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.
ReplyDeletei 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.
"you shall not run out of life before you run out of money."
ReplyDeleteSorry,
It should be "you shall run out of life before you run out of money."