Compression Digest
compression/_posts/invest/2021-03-13-record-my-cash-flow.md
Record my cash flow
Monthly living expenses are around $11K: $6K for basic living, $4K for food, and $1K for enjoyment. Emergency funds amount to $30K, with a target of $4K per month. Pension contributions are $3K per month, with a goal to deposit over $20K every six months into retirement accounts. Life insurance is $500 per month, with a note to review at age 50. A long-term goal is to save $10K monthly until age 65 to reach $8M, leveraging economic growth and diversification. Assets will be held in a family trust.
Key points
- Monthly consumption is approximately $11,000: $6,000 for basic living expenses, $4,000 for food, and $1,000 for discretionary enjoyment.
- Emergency fund target is $30,000, with a monthly contribution of $4,000 to avoid tapping into investment accounts during crises.
- Monthly pension contribution is $3,000, with a goal to contribute over $20,000 every six months into retirement accounts.
- Life insurance is $500 per month, with a future review planned at age 50.
- Long-term financial goal: save $10,000 per month until age 65 to accumulate $8 million, supported by economic growth and diversified investments.
- Assets will be managed through a family trust to ensure stability and legacy planning.