If I could, I'd probably just stop doing anything and see what I figure out. I know from recent experience that being unemployed is really annoying, but part of that is the fact that you constantly have to stress about finding a job. With that stress gone, I'm not sure what I'd feel.
Anyway, I'm not even near that yet being 9 years younger and just starting my career. And in Finland the pay is much lower even for well earning jobs. You mentioned $6000/month in your previous post. For the same living quality, I need to have as much in euros as you have in dollars and I can only hope getting 6000€/ month some day. That would place me in the top 15% earners in Finland, but due to my line of work that is very possible. Currently I'm able to save about 1000€/month.
He said he was making less than USD $65k annually. It higher than median salaries in Sweden or Finland, but definitely not out of reach. USD $45k annually in Sweden is quite realistic (about €3,000 or 30,000 SEK a month). But yes, many things are more costly in the Nordic countries than in the US, including food.
Man, if you’re managing to save €1,000 a month it is VERY good!! If you invest it smartly, you will definitely be able to retire in about ten years from now. Like I mentioned, I’ll be forty in a year from now, and I only started working in Sweden, when I was 30. My first jobs were not very well paid either. Still, I managed to save enough to consider stopping to chase full-time jobs for money and focus on having more quality time and working less.
Sorry my bad with the 65k anually.
Well yes don't get me wrong, 1000 euro is really good. Sorry if that came out sounding like I was complaining. I'm a person to whom saving comes naturally, I'm making under 30k€ anually, currently, but expect to start earning 3000€/month soon, because in my line of work that is still below average, but with that along comes more and more tax. So it won't make that big of a difference.
As for having enough to retire in 10 years, I doubt it. 12 000€ saved in a year will amount to about 170 000€ in 10 years with a realistic 8% interest rate. Anyway, there will be multiple things affecting both positively and negatively along the way. I'm well on my but it will probably take many more years unless some of my crypto investments hit huge. :)
And returning to the topic of the Nordics, the good thing is that we have a safety net here. That costs a lot to maintain and some people misuse it, but in the end I rather have it than be completely on my own in case something happens. :)
I’m sure that investment in crypto will give much better return than the annual 8%. That’s why I had half my savings invested in Bitcoin, when I first began to invest in crypto assets. And now 90% of my savings are in crypto.
Have you considered moving to a cheaper place to reduce your spending? For example, if you can work remotely, you could move to Portugal and be exempted from income tax for 10 years (here’s automatic 30% saving for you). Also, the cost of life is lower in Portugal (especially food and transportation). And you will still enjoy your European safety net and healthcare, which will be transferred from Finland to Portugal, once you get your residence card.
I invest in crypto but only a small amount. Not enough to change a life. And I'm not a day trader, I don't make predictions based on the movement of any currency. I invest in promise of the cryptocurrency and that is a slow way to profit but it has huge potential in the long term.
It is quite awesome that you trust cryptocurrencies so much that you put 90% of your savings in them. I can't get the image of risk out of my head despite knowing that the risk-reward-ratio is very high.
As for moving abroad, I might move abroad again for a while at some point. But Finland is my home and my family lives here. Family is important to me and living abroad makes visiting harder.
I think you’ve misunderstood what I wrote. Or, more likely, I wasn’t clear enough when I described it. I invested half my savings in crypto. Since then the value of my crypto assets investments have gone up so much, that their share in my savings portfolio amounts to 90% today.
Otherwise I have the same strategy as you: invest a little bit regularly (I buy every week), only in coins that you understand and believe in a long-term potential of, don’t try to day-trade, HODL long-term (3–5 years).
Ah, right! Mine have been up to 50% of my savings. But they went down quite much now
And now they are rising again! ;)
Hey, $1K per month in savings is very good - keep doing that amount of investing and you will become wealthy in time.
Every country is different and I enjoy hearing about it from everyone. Financial life seems very different there.