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RE: Total Net Wealth Update End May 2019
This is quite interesting. I also keep track on a monthly basis. I have a basic budget to follow as well. It's not as detailed, but if I don't meet my target 2 months in a row I punish myself by forcing details. It hasn't happened in years. Technically, I must share my wealth in two. Also I factor in age. For example 10,000 in savings is worth a lot more in your early 20s than it is in your late 50s.
In my case, I want 2 million between the two of us, not including state pensions. It may be difficult to get to, but a couple can easily live of 25000 USD a year here in Korea unless they have huge debts or wish to live in a fancy area or give tons of money to other family members.
That's an interesting strategy - punishing yourself.... i might have to try that.
I was completely obsessed with saving up enough to fully retire a few years back, however now I'm not working full time anymore I've relaxed a bit as working part-time in different jobs is now O.K!
I'm aiming for about $10K a year to live off, with my house fully paid off - that'll buy my basics - someone described it to me as bread and milk rather than wine and caviar... If I want the later I'll just have to go earn some more!
I hear what you're saying about basically factoring in compounding interest. I don't do that myself. Then again I'm 46 in July, my TPS kicks in when I'm 60, it's not really something I need to worry about, any compounding is a nice bonus.
I do love wealth tracking, at least when things are going well!
10k makes a lot of sense and sounds about right. If you own a little property and can grow a summer garden and nice views, it will be fine. If you live in the city it will be miserable I imagine.