A bit of a background but the tldr is:
Why €1M? Because with the capital taxes, inflation that can go to 10% and the 4% rule I would like to have at least 3000 net a month.
I spent many years reading blogs, books, subreddits about investing and businesses. Tried a multitude of things and I came to the conclusion that you FIRE only in one of 4 ways:
Edit. You want an example out the left field? 1.2m at 33. Post from 18 hours ago on chubby fire. 2 kids, 1.2m, stay at home mom and 280k income for a tech employee. I'm so behind it's scary.
- Moved across the pond to the Bahamas to maximize my earning potential and take advantage of the zero income/capital tax.
- My exwife divorced me last year because I was not hustling enough and she wanted someone to be in a "powercouple" with. She was earning 2x my salary and constatly asked me to earn more. She is with a multimilionaire now.
- We divided our assets based on what we were earning. I got 1/3 she got 2/3.
- Working as a data manager / project manager at a law firm for $120k net (about $180k gross for you US folks). I'm going to convert from now on to euros. So my salary is about €111k net. Exponentially increased my salary over the last 5 years from €15k to now €111k.
- three master, four languages, about 10 PQE.
- Monthly I save about 50-60% of my salary
- I hate my current job and I truly mean it when I say hate. We can't work remote and the work is so boring that I fall asleep in front of my screen. My back is getting destroyed, my life is running away from me and I count the time left to leave the office. When I leave work I'm so mentally drained that I just go back home, workout a bit, read, drink and go to sleep. and the job is the definition of a bullshit job. Making stuff so multimillionaires can have more millions.
- I'm completely alone, tried to make friends but everyone has either a family, is busy or is only temporary on the island. I also gave up on dating as everyone that I meet is only focused on how much I earn. Anyway...
- My assets are:
- a 401k matched by my employer. I think it is $1k monthly in total being deducted. I also have some "retirement/pension funds" in Germany, France and in my home country but I will not qualify to get them as I didn't work enough in one country + I don't think that there's a retirement for us millenials in 30 years time.
- I don't have any liabilities but maybe over the next 5 years I will need to take care of my parents that are getting older.
- I've been job hunting for the last 7 months and didn't get one single call. Nothing. I've been sending about 40-50 reseumes a week.
Why €1M? Because with the capital taxes, inflation that can go to 10% and the 4% rule I would like to have at least 3000 net a month.
I spent many years reading blogs, books, subreddits about investing and businesses. Tried a multitude of things and I came to the conclusion that you FIRE only in one of 4 ways:
- a vast network of friends that can tip you off about good trades. Look at politicians, CEOs, friends of CEOs
- Inheritance and rich family.
- A very narrow and well paid job. Doctor, big law lawyer, protfolio manager, cybersecurity manager
- A business owner with a unique idea.
- Buy asap 2-3 rentals in Poland, renovate them and rent them out. The prices are skyrocketting so I need to buy them asap. Two years ago I would be able to buy 3 rentals and now only 2.
- Invest into single stocks and hope for a big lucky breakthrough
- Jump ship and do everything to get a better paid job.
- Open to any ideas.
Edit. You want an example out the left field? 1.2m at 33. Post from 18 hours ago on chubby fire. 2 kids, 1.2m, stay at home mom and 280k income for a tech employee. I'm so behind it's scary.