I looked at Kelly criterion, and what's interesting is that I was just thinking yesterday about whether I should optimize

E(log(wealth)) - c * std(log(wealth))

or

E(wealth) - c * std(wealth)

The first one is better for building up wealth over a long time, but when I looked at Modern Portfolio Theory, it is suggesting to use the second formula.

I'm also planning to spend about 5% of my wealth every year, and the second number gives me lower risk in the short time frame, so I think something in the middle would be a better criterion.