What helps me with that is a simple Spent/Income/Saved overview, and at the end of every year I have a target for Saved for next year. I even include the amount of tax I will be spending, which I then update in March once I have filled out tax for last year, I estimate the amount for current year, and it’s always been very accurate so far.
As the year progresses I keep checking if I am on Plan and I will adjust my behaviour to make sure I reach Plan. This year the target is 5k higher than last year and so far I am doing well against Plan.
Of course I could be happy with saving the same as last year and enjoying spending 5k more, but I take a perverse pleasure is saving and reaching my target. And there will always be years where I will want to spend, a new bike comes to mind, but more importantly, at some point the compounding really takes over and you want to get there faster. Keeping this in mind helps to keep spending low.
I’m very happy with the progress. That may not sound like much to some of you, but at 19 years old, it already represents almost 75% of the total salary I’ve received since the start of my apprenticeship in 2020 (CHF 41’200.00).
Thanks to the market → 90% of my total net worth is invested in stock market and I got a return of ~20% since inception.
Congratulations, that’s quite an achievement qt this young age! Great that you started so early to save and invest money. May you have a long, prosperous journey ahead and the next 10k will follow soon
Congrats, that said also make sure to invest in yourself (experience, social connections, etc.), your early years are precious and you won’t be able to buy them back, while what you’re saving now is likely much less than what you’ll earn once you land a permanent job.
He runs his validator node to verify crypto transactions on the blockchain (ETH for instance) and receives staking rewards for it—similar to mining BTC, if you like.
so, @MrCheese, you get 10x income of what you invest per month doing this? At least it looks like based on your Cash Flow Chart from June (3511 validator income, 332 validator spending).
I just took a mid-year snapshot. 4 years since moving to CH with a NW of ~80k. Not a lot of different assets and a boring ETF strategy (all-in VT), so I usually only note down an overview per year-end.
I tried it now. It gave me a significantly higher number than what I consider realistic in case I wanted to sell, even at the low end of the range. It tells me it is 60% accurate, whatever that mean. What accuracy do you get?
And if I read correctly your real estate investment has gone from ~200k in 2020 to almost 800k today? Meaning something like chf1m property → chf1.6m? That’s an incredible return.
I’ve been thinking about how to value my own property.
One way to do it is to use the price I’ve bought it for, factor in the works realized on it, deduct depreciation as calculated as the price of the part of the building/it’s shelf life, multiply by the apparent appreciation of similar items in the neighborhood.
This “what the bank is willing to validate as a price for it” intrigues me, because it is simple and easy to implement. My guess is that what the bank really cares for is to get its money back no matter what so if the second mortgage is totally amortized, that the value of the house during a crisis meet the value of the actual mortgage on the house. Is it possible that they don’t value the item at 100% of it’s value but, instead, consider that it may be worth less but that the 65% mortgage must match its 100% value minus plus a safety coefficient?
@Cortana : any insight as to how real estate is valued by banks?
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