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How compound interest is fueling the road to Financial independence

Compound interest explained

If I asked you for 10000 EUR and there was a 100% guarantee that I would give it back in one year, would you give it to me? Probably not. Even if you got it back what would be your benefit of giving me 10000 EUR?

What if I asked you for 10000 EUR. However, I would not give it back but instead I would keep it for you, for as long as you like and give you 7% in cash every year I have it for the rest of your life. Would you do it? Actually this time you might be persuaded to do it. You might think you would live another 30 years and so you would not only get your original 10000 EUR back, but also your additional investment.

And if I told you you could give me as much money if you liked? On whatever I give you I will give you back 7% every year. You are free to add money whenever you like.

It does get complex. It gets easier when we put it in visual. In this case you give me 10000 EUR and the 7% I give you every year you actually give back to me so I can give you more each year.

Source: https://moneysmart.gov.au/budgeting/compound-interest-calculator

What we see is that after 25 years with just one contribution the money would have grown to 57.000 EUR that you can take back at any time. You would also be getting 3390 EUR of interest each year, almost your initial investment. Even more if you would wait another 25 years you would end up with a grant total of 327.000 EUR and 22.890 EUR a year.

You can see near the end how fast it starts to grow every year. The key is the faster you start with it the more profit you will gain.

You can accelerate this even more. Apart from your initial 10000 EUR, what if you would add 1000 EUR every month.

What we see now is that with just adding 1000 EUR every month after 25 years I now have 867.000 EUR and would be getting 60.690 EUR yearly interest. For a lot of people this is more then enough to live off every year. If you can continue to save for another 10 years you will be a multimillionaire reaching 1.9M EUR! The key? Start early! Get a student job from the age you are able to and invest whatever you can.

Even if you just deposit just 200 EUR every month, you will have 1M EUR, starting at age 16 by the time you reach official European Retirement age. Keep in mind most of that 1M EUR is pure compound interest. You didn’t had to do anything for this apart from investing! Key is the earlier you start the easier it will be, but remember its never to late to start. The best time to start was yesterday, but the second best is today!

7% will probably seem high for people that are used to keeping their money in their bank account and get an interest of 1% per year on the really good ones, however it is not. There is lots of investment methods where you can get this income: real estate (rentals + value increase of the property), peer to peer and also the stock market (by average the stock market grew 6,73% in the last 30 years). The only thing you can be sure of, if you leave your money on your bank account it will lose value. Additionally with all the discoveries waiting just around the corner, AI, self driving cars, green energy, job automation, huge medical discoveries, … can you really afford not to be in the stock market?

I know I have said this before, but its just crucial to know and believe this information.

I wish I knew what I know now 5 years ago, I was a really good and conservative saver, but not a good investor. If I had invested monthly without emotion right now I would be earning a massive amount of passive income every month.

How I plan to leverage compound interest

Lets examine my current situation, and find out when I could retire. As you know I am aiming for a 15% peer to peer and 85% ETF portfolio. Peer to peer is just to new to figure out how much it will make me in the long run, so for now I will base the income on 100% ETF situation with a return of 6.4% yearly, a bit lower then the market return but keeping in mind some minimal costs.

Lowering my retirement age using compound interest!

The official retirement age in Belgium is 67 years. From then on you will get a government pension. But of course nothing stops you to stop working earlier. Let’s find out when I could quit!

My pension at 67 years would also be slightly higher because I am buying off the years I studied as years worked! Something I highly recommend to do if you live in Belgium and are aiming for FIRE!

To calculate what is realistic I decided to calculate it for 3 windows: 10, 15 and 20 years.

Whats my current situation?

I currently have about 54.000 EUR in liquid investings (peer to peer and ETFs). I invest 2500 EUR every month (I don’t know if I will be able to keep up this amount, as I am looking for a house, but for the sake of the exercise I will assume I will).

Lucky ETFs are almost tax free in Belgium so a 6.4% is really safe to assume!

I also have one real estate property that I will talk about a bit later but that I will not include in this calculation.

After 10 years of compound interest investing..

If I manage to keep this up to 10 years I would have 520.000 EUR. This might be enough for a “lean FIRE”. To be honest I MIGHT be able to retire on this, but it would be very risky, because if there is a stock market crash right after I might not even be able to last until the official Belgian retirement age.

After 15 years of compound investing

After 15 years of compound investing I will have reached 893.000 EUR. I will be 50 years old by then. This would be a more safer path to retire and I really consider this a possibility. It should be enough to not only keep my lifestyle but should even continue to grow my investments

After 20 years of compound investing

After 20 years I will be 55 years old. This would be the absolute last date that I would want to be financially free! I would have 1.4M invested by then which would give me a really comfortable FIRE in Belgium, perhaps even what they would call a FAT FIRE. Additionally I would expect to live in a house that’s paid off by then. Currently the loan I pay off is lowering my savings rate.

Real estate

I do own my own apartment. My plan is to buy a house and leverage the rent of my current apartment to contribute to my loan. This way I would be paying almost the same amount as I was before.

After 20 years I would actually have paid off the loan on the house, and all the rental income would go towards FI

If I would rent out my apartment today I would (after taxes and costs) earn about 470 EUR / month. With a 4% average rent increase yearly. Of course I would not actually have access to this rent until after 20 years.

10 years15 years20 years
Rent per year83401015212348
Rent per month6958461029

It’s hard to include that for the time being, since I have not actually yet bought my house, but it could add to my retirement age being set at 50.

What are the advantages of FIRE in Belgium?

At the age of 67 you will get a government pension. Assuming I retire at 50 and I keep my current job and income I would get 1470 EUR income per month. Additionally the pension I have been saving for personally and the pension of my work would come free that I could re-invest in the stock market giving me more extra income.

Lastly medical costs are largely covered by the government although I could get an additional insurance for a very low fee (probably under 50 EUR per month), so I’m covered everywhere in Europe and even have a somewhat decent coverage worldwide!

So what is my Financial Independence age?

Its just to early to say right now. I know I am working in the right direction, but I want to wait for a few more things before I can really say: I want to have at least one house where I could see myself grow old, and I want to have a better view on my savings rate. My data is just to limited and I feel there is still places I can budget more.

Nobody knows what the future holds

I can’t really predict what will happen. I will meet someone at some point and have children, this will no doubt have impact on my target age. At the same time I might have a wage increase, or who knows a decrease if I decide to work less or change to a less fast paced job at some point. At the same time I will probably have a partner with an income as well if there are children that would make it easier to have more rental properties.

Also moving to another country might influence the retirement age. Thirty percent taxes on interests in Belgium is quite a high number. In Portugal you actually pay 0% the first 10 years.

Lastly taxes tend to change with the wind and are very unpredictable in Belgium. The tax climate could change overnight make it most likely more difficult to reach FIRE.

In any case doing this calculation gives me the strength to hold the course and transfer 2500 EUR to investments every month.

Writing this down will help me to track my progress, to see if I am doing better or worse then I predicted. Just remember until the time is there is important that you keep enjoying life. Its fine to be frugal but don’t be stingy! Still show your friends you care, go out and do activities, care about family and donate to charities. Do not stay hidden inside to save every penny, as then you will just watch your life go by and have no stories to tell when you finally do retire. Invest what you can and go on your roadtrip to Fire but don’t forget to enjoy every minute of the trip.

Now start to plan YOUR path to financial freedom!

I hope my roadtrip is also offering some perspective for yours. Let me know what your plans are for FIRE and check out the compound interest calculator here to calculate your roadtrip to financial freedom!

If you are interested to know more about how I end up then follow me and learn from my successes and mistakes on my Roadtrip to Financial Freedom!

Uncategorized

Moving abroad | Why Portugal is the ultimate financial independence country

What if I told you there is a modern country out there, part of the EU, great healthy food, low cost of living with seas, a great climate and low cost of living?

As I am living in EU I do compare the member states outthere to see what member states would be good for settling after financial independence.

With about 27 EU member-states and people able to travel freely we have a lot of options to consider on where to go. We can move from one day to the next and we know our rights are protected in other EU countries.

Benefits of choosing Portugal

Low housing cost

The ability to buy a buy a property without spending all of your money. You don’t want the property to be in the middle of nowhere and at the same time you do not want to be forced to live in a small apartment in the city. So it needs to be reasonably priced without sacrificing to much on size or location.

Housing prices in Portugal right now are by average cheaper then Belgium. However prices are really surging, while the wages in Portugal are not that high. Maybe foreign investors have discovered the country?

Tax climate

Did you knew that when you move to Portugal you do not pay any taxes for 10 years? That’s very interesting if you are financially independent.

In Portugal this is also known as the Non-habitual Residence (NHR) option. Anyone who hasn’t lived in Portugal in the last 5 years can move there and will pay no taxes for 10 years! Can you imagine to live tax free for 10 years. This is valid for all passive income’s you get from abroad. It is not valid for work income, although you do get a flat tax of 20% instead of the usual 48%! So even if you are still working it is worthwhile to consider this!

Easy to move and easy to visit

For EU countries with low cost airlines flying often and cheap on Portugal travel costs are not really an issue when it comes to Portugal. At least not when you live in an EU memberstate.

Healthcare

Healthcare is free in Portugal for Portugese citizens. So you need to become a permanent resident before you will get access to this. If you have European citizenship you will have access to it also.

So make sure you have health insurance when you move. Its why its a good thing you already look now at a good health insurance that provides at least coverage in EU (if you are an EU citizen) or even better globally. Its better to get good insurance now and a low price when you are young, then end up paying 150 EUR / Month when you are 67. But if you do get one that provides good global coverage so you remain flexible

If you didn’t consider this you will need to get a local health insurance. Just make sure you are always covered. You do not want to risk to run into huge bills.

Children

Its possible when you retire you have children that you plan to take with you. Ideally they are still young so they can pick up Portuguese quite fast. Or they are old enough to already have a solid education in their home country. Before leaving make sure you and your family follow Portugese lessons. Portugese is a bit like Spanish / French / Italian so if you know any of these languages it could be easier to learn.

Education in Portugal is free and compulsory until the age of 18. It will be in Portugese. Young children pick up a language faster so that would be something you do not need to worry about.

As for place to live, a lot of children would probably enjoy the climate and sea based activities that Portugal has to offer!

Climate

While we are talking about climate, Portugal doesn’t really has a winter. Even in winter its usually temperatures above 10 degrees there. Then again in summer it can get really hot! Portugal is famous for Fires, and very rarely can even get hit by a Tsunami.

sunny image of Algarve coast with clear blue waters

This is however a very rare occasion. The last one was in 1755 and now we have good systems to detect tsunamis. But do get a good distaster / fire insurance…just in case!

Dream destination

Portugal is an amazing country to visit for holidays. It has beautiful nature, a nice sea, and great food and wines.

Image result for portugal travel

Image result for portugal wine tasting
Douro valley wine tasting

For food expect a lot of seafood and tapas. Dishes that I personally really like to eat!

Cost of living

When looking at statistics the cost of living in Portugal are considerably lower then typical Western Countries. Take my own country (Belgium) for example:

Source: https://www.numbeo.com/cost-of-living/

But Belgium is not the only one. Take the US for example:

Source: https://www.numbeo.com/cost-of-living/

Nothing says this will still be the case in 10 or 15 years. But right now its looking promising. Combine the lower cost of living together with the tax benefits you get and it makes it financially a very interesting country to live.

Would I be willing to move abroad?

Honestly I always believed I would retire in Belgium. Having lived in Brussels, Amsterdam, London and Stockholm, I always felt like I would return back home. I earned more because I spend time away from home, and it would be nice to be close to family and friends.

At the same time, I am used to living abroad, and connections Belgium – Portugal are quite good. For me personally I would probably not move there by myself, but if I would not be moving alone and I would take this step with someone special I might consider it.

Remember to officially move you need to live in Portugal for at least 184 days a year. You need to be able to prove you have a local life there. So what would stop you to spend 1-2 months also at home during the summer in your home country, so you can reconnect with friends and family.

One thing is for sure, and that is that Portugal would be high on my list to move to. However can you believe I have never traveled to Portugal? I actually will do this next year and I might put down my findings here. See if it will convince me more or make me change my mind instead!

In just terms of having visited nice places to live Portugal is not the only country that crosses my mind. I have been across the world and seen some really really nice countries. But looking at the full package, distance to home, taxes, climate, expenses,… Portugal is looking like the best place to live when you think about financial independence!

Uncategorized

How do you become rich? | The simple life

My first wage was 1270 EUR after taxes / Month

Additionally I got a “gasoline card”, basically free gasoline for my car

I was really proud. I thought I was making a ton of money.

Ok…1270 is not such a high wage by Western standards perhaps.

But include free transportation, and knowing healthcare is almost free in Belgium, what more do you need?

I was living in Gent (famous university city), and was still renting my Student studio.

I had inscribed me in just one course at University that allowed me to stay there.

And this at just 270 EUR / Month!

It is strange that after almost 9 years I still remember those numbers. They meant a great deal to me.

In a way even then I was right I would not need to worry about money.

Not as long as I am working anyway.

Because of that I never really paid much attention to what I bought.

Still I was able to save.

I was always a simple person. I didn’t need much to be happy.

I always carefully consider every purchase.

Its just part of me.

Is this part of you to?

Are we the kind of people who try to become Financial Independent?

Are we the people who are just happy with what they have? Do not need much.

My work shoes for example costed 300 EUR. They are now about 7 years old.

When they broke I had them fixed. As good as new for 25 EUR.

Not that I wanted to save so much money. I really just like the shoes. Why change if they fit and look good?

It just shows that Fire might be something you have all along. Even if you don’t know about it.

We are part of a community of people who have come to realize we are happy with what we have.

If you are not happy with what you have you might not ever be happy.

If you make 1270 EUR / month and you are unhappy, you might not be unhappy with 2000 / month. Maybe not with 10000 / month either.

You will always want more. Want to spend more.

These are not the people who become Financial Independent.

You need to stop buying that new car you do not need.

That bigger house.

So you have enough room for all your friends…

That new furniture you can show off.

The thing is your friends do not care.

They don’t mind to sit on an old couch.

They might even like your vintage table and chairs that you bought second hand.

Mostly they like your company.

Buy what you need, not what you want.

Buy what you need, not what you think others want.

Do not spend and buy whatever comes to mind.

Not if you want to become Fire.

The fact of the matter is you do not become rich.

You either feel rich, or you might not ever be.

You are not rich by acting rich.

You are rich by being happy with what you have. A simple life for some, but great wealth for those who have always been happy with just what they need.

Not what they want.

Yet there is plenty of people who consume this way. They are many.

They like the big house. The fancy car.

They act rich. They look rich. They are not.

And they probably never will be.

They will not be happy with what hey have. They will always want more. And with more comes more bills.

They might have a high wage. But a high wage is not wealth.

They are not bad people. I am not a preacher against this culture.

I am happy when I can keep my 7 years old shoes that fit well longer.

Some others are happy when they can get that 10.000 EUR watch. A 50.000 EUR car.

A 50.000 EUR new car… New? Only new the day you buy it.

In the end consuming is good for the economy. And a good economy is good for me.

But its not for me to act rich.

And you are reading this. So maybe we have something in common?

I can help you with that. Three words.

Stop acting rich.

Stop acting rich.

Stop acting rich.

Three words, three times. That should stick.

a quote from a book I read a few months ago: The millionaire next door by Thomas Stanley.

A must read really.

But we are wandering.

What you really need to do to become rich? Follow me!

So back to me

As a “rich” guy making 1270 a month, I had no clue about Fire.

I didn’t had a desire to be retired.

I wanted to work. I wanted to be useful

I know a lot of people are this way. Its in our nature to be challenged.

But as we know Fire is not about retirement.

Its about freedom of choice. To be able to do what you love.

To be able to do what makes you happy. Because who can say they have been happy every single day at work so far?

I read about Fire, now maybe for the first time one year ago.

I always assumed I was a good saver. In another blog I wrote that I estimate my savings rate is about 70%.

I never really wanted to take the effort to write down how much I saved.

One friend even asked me recently what my savings rate was and I confirmed again 70%.

70% is huge. I thought I was a star.

Until this weekend.

Prepare for a shock

This weekend I did decide to take the time and write it down. And do the calculation.

As it turns out I am a decent saver, but not the star I thought I was.

August seems pretty bad. My highest expenses in August are

  • My loan for my apartment (ok cant help this)
  • The building organisation for my apartment (we are putting up a new roof. It will be high for another while, but its a quarterly payment..)
  • Restaurants
  • Cheques for cleaning

Yes I have a cleaning lady.

I pay only about 40 EUR / month for this. As we are the Fire community we know how precious time is.

For me this is a cheap way to buy some free time. So I won’t cut back on this.

I payed 270 EUR this month. It seems high but that’s only because I paid for a few upcoming months.

That leaves my restaurant bill. This is actually a recurring issue.

Every month I have a huge restaurant bill.

I guess its not until I did the calculation of my savings rate that I found out.

You see I travel a lot for work. A lot.

And when you travel you don’t know many people. You don’t always want to sit at home and buy something in the supermarket.

There is also social pressure. You do not want to be the guy who says its to expensive.

And lastly I do enjoy to go to restaurants. I enjoy trying different food.

I am Belgian afterall. And we are famous to enjoy food and drinks.

Belgian beers anyone?

But I know that cutting on this would be the easiest way to increase my savings rate.

Why is savings rate important?

Ok lets move back a bit and figure this out first.

There is two components that will determine when you are Financially free:

  • How much return (such as interest) you make on investments
  • How much you spend

While a high wage will help to have a higher savings rate easier, in the end if you have a low savings rate then it will not matter how much you earn.

The Fire community usually assumes a 5% return on investments. But as a safety border all calculations happen with 4%.

So lets assume the following:

  • Saving rate of 62%
  • Investment return of 4% (that I take out every year)
  • I invest everything I save
  • I have no savings or investments right now (as we know this is false but lets just assume it for now)

Then I can retire in 11.7 years.

11. 7 years. It actually does not sound so long.

This could be you as well.

But wait…

..what if I take out something? Maybe those restaurants?

Well what we see is that even an increase in 2% savings rate could make me retire 1 year earlier.

This could be you as well. Would saving an extra 2% be worth it?

Worth it to be financially free 1 year earlier?

Have one year extra that you are totally free.

And can do whatever you want?

Whatever you want!

So are those restaurants really worth it?

I do enjoy them. Dropping them will be difficult. But maybe I can try to lower them?

Would 1 year extra be worth it for me? Would it be for you?

That’s what we are trying for right?

But wait…???

Didn’t we say being able to do whatever we want?

Isn’t Financial Freedom also about the choice to do that?

I had my shoes repaired for 25 EUR, not to save 300 EUR on new shoes, but because I liked them.

So wouldn’t whatever I want include those restaurants visits for me?

Or perhaps I am not that different afterall from the consumers society we live in then?

We all have some of that in us. And that’s okay. We are good for the economy this way afterall.

But you cannot have and the restaurants, and the trip around the world, and the big house. Not if you want to be free.

You must find what that freedom means to you.

How many years of freedom is it worth to you..

How much is it worth to have that new 50000 EUR car..?

..that car that is only new the day you buy it..

Early Retirement

Increase your pension and lower your retirement age

Legal versus actual retirement age in OESO countries

When we look at the actual retirement age versus the legal age, we can see that the real age is in most countries, especially Western countries, bellow the legal age. The government cannot force anyone to work, but at the same time they are not required to provide a pension (until the legal age) when you decide to stop earlier.

Green = legal retirement age, orange = actual retirement age

I live in Belgium, in Belgium the age to retire is 67, although the real retirement age is 59 (average) in Belgium. So you can decide to stop earlier, but then you face some consequences:

  • The pension you receive at 67 will be lower
  • You need to provide your own funds to bridge the gap between when you get a government pension and when you actually retire

The majority of the Fire blogs are aimed at getting enough funds so you are self-sufficient when you retire. Up to at least until you get a legal pension, and preferably even beyond (as there is no certainty the government will not be bankrupt when you reach 67).

It also pays to look at how you can increase your legal pension when you reach age 67.

First its good to know that a standard retirement exist out of what we call three pillars. The basis here (like in the picture) is very similar in most countries.

  • Official pension from the government – first pillar
  • Employer sponsored pension funds – second pillar
  • Personal pension funds – third pillar
  • There is also a fourth pillar, which is basically anything you have personally saved up or invested. The fourth pillar is actually what most Fire blogs are focused on but they forget about the first three!

The third pillar

I am going to start at the back. The third pillar you can increase only by adding funds to an official refinement funds. It is your personal funds, but you cannot access it until you reached the retirement age (unless you pay a fee).

In the case of Belgium, a total of 1270 Euro per year can be deposited here, and can be withdrawn from your taxes for 30%.

Basically you really should max this out every year. The 30% is just to high to ignore. Ideally you deposit it in January. This really is the best time. If you do not do it in January the second best is depositing it monthly. December is the worst timing to do it.

If you deposited in January, you have potentially 6,5% more profit at the end of the ride. Bellow you can see the difference for a period of 30 years, depending of when you deposit.

Second Pillar

The second pillar is harder to control. You usually need to be lucky with your job that your employer has what they call a group insurance. It has a fiscal advantage in Belgium (you keep about 75% after taxes, while with normal wage its about 30% – yes taxes are huge in Belgium), but still not all employers do this. If 3-4% of your wage goes to a group insurance its usually considered quite high.

First pillar

The first pillar is the legal pension. Most people think the only influence they have on this is the age they retire and the wage of the last years they worked. In Belgium you can actually increase it further, especially if you retire before the legal retirement age this is beneficial.

On my pension of the Belgium government, you can actually request (against a fee) to make 4 years that you studied part of your pension, so they count as if you were working this year. This costs about 1500 euro per year that you request this for, but you do get 50% back from taxes. So for 4 years it in total costs you about 3000 Euro.

If you decide to retire at the legal age of 67 and you have a high wage, this is most likely not beneficial for you. But if you decide to stop working before the legal age, this will actually have a huge effect on your pension.

On mypension of the government I did the calculation. If I retire at age 67 without buying the years I would earn only 13 euro/month more then when I decided not to buy the years. This would then take me 19 years to get the 3000 back. Obviously I can invest my money myself much better then this.

However if I retire at the age of 52, so 15 years earlier then the legal age, I would make about 50 EUR/month more. So it would take me 6 years to get my money back and anything after that is pure profit. You could argue that if I invested 3000 euro myself, at a compound interest of 5% this would be about 6800 euro at age 52. But nothing is certain in investing, and its good to spread your investments and diversify. The fact that I probably will retire before 67 and this made me decide to invest some money in this plan.

What do my pillars look like so far?

  • I invest the full 1270 EUR every year as early as possible (I recommend to start doing this as early as possible when you start working)
  • My first employer, a job that I did for about 4 years, invested about 1% in the first pillar
  • My current employer invests about 3% (I am doing this job for a little over 5 years)

In my case I have 65% in the second pillar (spread over 2 jobs) and 35% in the third pillar. The first pillar, is the legal pension as you know.

Now you can also see the difference between 1 and 3%. So it does matter a great deal of how much your employer is investing there. To be honest when I see this graph I am even amazed of how fast my second pillar at my current job is growing compared to the third pillar.

Unfortunately you can only access these funds at age of 67, however they are invested into funds, and will benefit from compound interest. Even after you withdraw them from your account it would be wise to invest them into Dividend EFTs/Stocks/Funds to make sure you get a regular income from them (and maybe they grow a bit more).

How do I plan to bridge the gap, if I were to retire, at say age 52? For that take a look at my goals page and check how I slowly plan / experiment to increase my passive income, at a reasonably young age (I am 34 at time of writing), to fully utilize compound interest.

Some things I have experimented with and still am:

What about you? Let me know if it works different in your country, or what your plan is to increase your pension at the legal retirement age. Also any other tips would be welcome!

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Goals Progress

Goals progress August 2019 – First update – FIRE

Since this is the very first update, it is not a quarterly update, but it is a first status of where I am currently. I set myself some goals for 2019 that I believe are not impossible to make

Main goals

  • Increase passive income
  • Increase Savings rate (slightly)
  • Get more structural passive income
  • Diversify

Passive income

What is included to make passive income?

  • Tax Returns on investments: I doubted to put this in or not, but it really should count as ROI, although its not pretty constant. Its a one time only payment
  • Returns on stocks (after taxes) – only actual realized return
  • Dividends on Stocks
  • Funds (unrealized return) – (YTD)

What is excluded?

  • Retirement funds (since they will be unrealized until 2049… )
  • Interests on savings accounts (so small that I don’t bother to check)

Savings rate

This is a really hard one to tackle since I have a lot of business expenses. This is making it hard to estimate my savings rate. But I did put an estimated guess here. I would say as long as it is above 70% I am happy.

Structural changes goals

  • Purchasing a house: this would allow me to rent out my current apartment and maybe earn a little bit extra on Airbnb rentals. It would also give me a more structural income
  • Increase investements on SP500 and Divident stocks

Goals by end 2020

Based on the above I set myself the following goals to reach by the end of 2020. If I reach all the goals I will reach my goal to have a passive income of 750 EUR/Month by the end of 2020

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