Continuing from my last blog post about me and my family’s income levels, and the tax rate in Denmark, let’s use this update to dive into the current state of wealth for the little Minimal5 family.
We currently live in a flat in downtown Copenhagen. It is a cooperative housing flat, which basically just means you share some debt with the cooperative. The flat is worth approx: 3-3.5m DKK (500k USD). We are currently debt free in this particular asset.
This is the family’s prime asset. It has been important for both me and my wife to secure a debt free level of housing for our family. Running fixed cost for the apartment is roughly 6.500 DKK a month. (1k USD)
Roughly 10 years ago, we bought a beach house in northern Jutland. Our current equity capital in this asset is roughly 600k DKK, after accounting for 750k DKK of debt. (100k USD vs. 120k USD for you globalists out there). A lot of considerations went into the choice of buying a vacation home when we were only 30 year old. More on this in a later blog post.
Besides our real estate investments, the family’s portfolio consists of roughly 1.2m of investments in renewables energy. More on this in a later blog post as well.
Further, recently an investment of 750k DKK in a real estate equity fund was added.
Additionally we currently have roughly 500k DKK of investments in various stocks.
Retirement savings total roughly 2.6m DKK for both me and my wife’s employer retirement schemes. (equivalent to 401k’s)
Last “asset” is a Citroen grand C4 Picasso.
So in total, summing it all up with reasonable estimates for the real estate will equate somewhere between 9-10m DKK, or 1.5m USD.
All in all a good place to be, but on the other hand not enough in my opinion to retire right now. Not when 1/2 of it is tied to real estate, and 1/4 to retirement schemes.
If it had been just me in the Minimal1 family, then yes – just fine, but I am blessed with 3 young boys and a wife. It does require maintenance; the only question is how much, and how can I keep it down for my own sake and for the sake of the planet. And when can I exit the corporate treadmill?
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That would really be helpful, as I am trying to write this blog anonymously. Thank you 🙏.