Frihet / Freedom - Journal

Where are you and where are you going?
frihet
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Frihet / Freedom - Journal

Post by frihet »

So this is my road to frihet/freedom journal. Been thinking of starting it for half a year. Not a quick guy.

But now finally there is one very positive thing to report that will really make me partly retired in 6 months already. I’ve got a job as field engineer, fancy mechanic ☺ on the North Sea. Just started my trainee period. This will also make the bank statements more fun to look at. Feels wrong to report nothing but draw-downs on this forum.

I have been a student now for 1,5 year and before that I spent 1,5 year travelling. Been working a bit for the past two years but not nearly enough to cover my expenses.

So who am I? An early 30s swede living in Norway for the past 2 years. I have a deep interest in freedom, personal/economical/spiritual and am a very independent person. Somewhat of a loner or at least when my socializing energy get spent at work. Another reason I know the way you work in the oil fields is better for me. Defined lines between work time and free time. I will be on call every other month and free the next. On call means that I will be waiting at home for them to call me, which means free time in my working months as well. Supposedly it’s about 100-130 workdays a year.

Here is a review of my starting salary, savings, debt, and some expenses. A bit shamed to admit that I don’t have 100% control. Still have a beautiful excel chart I got from Rube on this forum, thank you. Can’t gather the energy right now to learn excel however. This has actually held me back from starting the journal. Thought I might as well start it anyway even if it won’t be as detailed. When every other month is free after new years I’m sure the energy will come.

Basic salary: 395000nok/$64000 yearly

This will about double when I start offshore next year because of the extras you get for being on the rigs. There will also be a new negotiation of this number when my trainee period is over and I start offshore rotation.

Savings: about 700000sek/$102000

In some kind of PP mostly. It’s not perfectly balanced however. Have too much gold. But don’t want to pay the taxes for selling and will put my new savings in to the other parts instead.

Debt, study loan, about 52000Sek/$7600

Plan to pay this off quickly because it annoys me a little. Didn’t really need the money. But it was almost free ☺

Expenses monthly

Rent: 6000nok

Transportation: 800nok

Gym membership: 469nok

Phone: 350nok

Food: maybe around 3000nok

Entertainment, not much but no idea

Clothes, not much, but no idea here either

I also have a last payment for school coming up of 29000nok at the end of this month.

The expenses annoy me. But it’s hard to get them down much without giving up on freedom. I could get the rent down by living with roommates but that scares me and hasn’t found anything below 4500nok anyway.

The gym membership could be cut in half by going to a less fancy gym. I feel that this is one of my few entertainments however and a great way to get out of the house.

I make a promise to keep better track next month. I’m curious to see what I actually spend.

Does anyone have a simple android app to recommend? Where you can type your purchases and put them in different categories.

Travelling to Holland for work on Monday, I will be there 6 weeks in total with some time home in between. Looking very much forward to learning about the equipment I will be installing on the rigs. I will also get 640nok per day in diet money. Should last a long way especially as I will be living in a house with cooking facilities.

Love eating and living for free ☺

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Happy times got my first salary today. Looking forward to have it regularly again after 3,5 half years without steady income.

17423nok = $2820 after tax

Not a lot but didn't work the whole month and haven't started offshore so I'm happy.

Otherwise I'm really enjoying myself here in Holland. Staying at a vacation resort in a little house with beautiful green surroundings. Soon I'm going to take a swim in their pool.

The course is interesting, but introductory and I recognize a lot from school so it's easy. Next week more hands on training and deeper knowledge about valves, looking forward to that. Gotta love to have "vacation" , learn and have everything paid for.

Going home tomorrow and flying back on Sunday for a two week stay

A bit surreal when we went to an oil field today right on the beautiful green fields filled with crops. It has been producing since the seventies and the oil is heavy so they need to use steam injection and pumps, painted green of course ;), to bring the oil out of the ground.

In a way it's very fitting as our civilization is eating oil ha ha.

http://blogs.scientificamerican.com/plu ... d-on-food/

rube
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Re: Frihet / Freedom - Journal

Post by rube »

Hi Frihet, nice to see your journal here! And welcome in Holland :-)

Btw, you can just make the financial details as easy or difficult as you want. In the end Excel or any other program are just tools. Choose whatever fits you.

fips
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Re: Frihet / Freedom - Journal

Post by fips »

Hej Frihet - nice to see another journal :)

Regarding your question of app recommendations to track spendings:
I like to use Google Sheets on my phone and on the computer and created my own overview of how much I spend, categorizing expenses and tracking net worth (or any other common feature you like). It takes some time to set up the spreadsheet - but then again it's fun and you can tailor it to your own needs. A nice place to start is akratic's spreadsheet.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Thanks for the suggestion's and welcome to Holland :) Although I'm home in Norway over the weekend flying back on Sunday.

I will keep track manually at the moment.

Got rid of 469nok x 12 months recurring expenses today when I decided to finish my gym membership. There is several things that have annoyed me for a while at the gym not to mention the cost. So when they wanted me to fill in a form and prove that I would be away during September to be allowed to pause my membership I decided that it was enough.

So now I need to come up with ways to train with my body only. I know there is plenty of thing one can do.

But it's harder for me to stay motivated when i don't have a gym to go to so this will be a challenge. I think a good idea is to keep the training days Monday, Wednesday and Friday so I have that routine intact.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

A while since I updated. Haven't kept proper track of my numbers. I'm a one thing at a time guy and the courses and now my first time offshore for my new company have taken all my energy.

I have an idea that I need to simply-fie my investments and accounts even more. For easier oversight. When things calm down job wise I will do that.

Just experienced my first gas alarm. Me and a colleague was working on the well when an alarm started howling and saltwater = deluge, started to poor down from the sky. We had to close in the well with two valves before we could run for cover so it became a very wet experience.

Wow it was interesting, at least now afterwards to see how I worked under stress. Had problem getting the hand wheel back on the gate valve. Had pretty high pulse getting all soaked before i managed to close it. Felt good afterwards that we had done what we should and could do.

Exiting times in the oilfields :)

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Update mood arose :)

Paid of my study loan of 52000 Sek. Which feels really good. I must come from another time because I feel unfree with the slightest depth.

My net worth is still about the same. Infact it has grown a little bit in my currency at least.

Total 717006 Sek = $96245

Divided in:

Stocks,bonds : 32%

Cash: 28%

Gold: 40%

Have realised how much tax you pay here in Norway, it's quite absurd. Got a good salary last time because of 17 nights on the rig. But of 73000 Nok / $10533 I was only allowed to keep 39000 Nok / $5627

Maybe I try to go international when I'm up and running. I hear rumours of ways to get the taxes down to around 12% then. But of course you work more and the standard and the safety might be very different. A new work mate showed pics from Russian rigs he's been on and it didn't look very compelling.

henrik
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Re: Frihet / Freedom - Journal

Post by henrik »

Congrats on the study loan. Mine was almost the same amount and it felt great to have paid it off early. It was the first debt I ever acquired and the first one I eliminated once I realised what debt actually means.
I've heard that study loans are forgiven on certain conditions in Sweden. Is it because you work abroad that you had to pay the whole amount?

Cloudberry
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Re: Frihet / Freedom - Journal

Post by Cloudberry »

Hej frihet!
This is awesome the first topic on the page is a journal from a Swede!
I'm an Italian in my late twenties living in Sweden, I recently quit my job in Stockholm and I'm considering Norway because of the amazing salaries. The taxes though seem really high, isn't it around 36% for a salary around 500 000 nok per year?
Do you think that life there is really much more expensive than in Sweden?

By the way your job seems really awesome :)

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Just checked my investment accounts and thought it would be timely, with an update. Nice to see that my networth has grown 81.6 % in about 1,5 years.

From 717006 Sek to 1302076 Sek

Which is $160171

Most of this come from savings but also an increase in my dollar part of the permanent portfolio.

Having traveled in India and Nepal I know I could be FI with that standard of living.

Feels good because of my love hate relationship with my current employment on the oil rigs. As a guy who never liked responsibility it's funny how I now sometimes has to act as company representative on my shift. But somehow I manage actually most of the anxiety is before I start my work period, when I'm out on the rig I get into a flow with focus on the operation and the days pass quite quickly. Off on Wednesday again but this time as second man on the shift, much prefer those trips.

Other news is that I live in Sweden now and have moved in with a woman. We make a good introverted couple where not much need to happen. We have both been interested in spiritually and meditation for many years going on retreats but for some reason that has dropped off for both of us. It's somehow lingering in the background though. I've come to the reliaztion that I've used spirituallity to avoid and try to transcend this earthly bodily existence, Instead of feeling suffering and difficult emotions fully. Have found a pysioterapist who work with 2 modalities called TRE (trauma release exercise ) and Somatic Experince. I can feel that they are good ways to engage emotions. From an ERE perspective it's amazing that I go to her on the expense of Swedish tax payers. Wouldn't pay for teraphy otherwise.

Shaking, what stressed animals do.

http://traumaprevention.com/what-is-tre/

My lady gives me a good deal on the rent of only about 1600Sek electricity, wifi etc. included . But the trade off is that we eat out more and buy a bit more expensive groceries than I would prefer.

This is ok though. If things got out of hand at or if I lost my job, I actually got very close last autumn. I could be FI living with her and She would understand if I needed to spend less.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Half a year has passed so it was time to check in on the investment accounts again.

1604000 Sek which amounts to $182004 , So I guess I could ERE now if I had Jacob's spending level.

But I don't :) so nothing else to do but to bury down my head and continue a few more years. When i have doubled up from here in Sek I feel it's time to start thinking about quitting.

One other interesting change is that my spiritual calling returned strongly a month ago. Been to a meditation retreat in Crestone which was transforming. Had a big revelation that I can not suppress my calling for ultimate freedom while working towards my financial freedom.

Real freedom is found in profound silence.....

Of course it helps to access it through the worldly silence of places like Crestone

A profound silence - short film about Crestone

https://m.youtube.com/watch?v=ETGkH8NsGSY

Forskaren
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Re: Frihet / Freedom - Journal

Post by Forskaren »

Nice work in growing your wealth. Do you invest in physical gold or paper gold?

I find it is easier to keep track of your expenses if you pay most things with either card or bank account. Then you have a digital trail for your expenses. Every time I pay for something cash, I try to write it down in my budget spread sheet the same day.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Thanks :)

I keep mostly physical kruegerrands. But also a small position of GLD for rebalancing purpose.

i also Initiated a small position, about 50K Sek in bitcoins and keep a small about 90k Sek stock portfolio. Mostly junior miners. Felt that I had the urge to speculate but intend to keep this part of the portfolio small. My former history with speculation haven't been very successful.

Yes i agree it's easier to keep track with credit card. Which I mostly use. Just a bit lazy to keep track of expenses. As long as the monies keep piling up I'm alright.

Might do a summary at the end of the year comparing cash earned to invested. To get an idea of savings rate.

Stahlmann
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Re: Frihet / Freedom - Journal

Post by Stahlmann »

How can I get job at oil rigs (in more white collar position)?

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Sorry Stahlmann, the short answer is you can't.

There is not many white collar positions on a rig and the once there are require experience from the field. Either working in an office onshore first or climb the ladder offshore. This is doable, but hard in a normal market. But I would consider it nearly impossible now when every oil company in Norway is laying off and downsizing.

People with 10 years experience are getting layed off. So when the time comes to hire again there is plenty to choose from.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Summary of this years finances.

This post won't be completely accurate as i earn money in NOK and spend in SEK. I also went through the credit-card statements and accounts pretty quickly. I also receive per diem allowance while working onshore that haven't been accounted for. For my use though it's good and close enough.

Salary:
804664 NOK Total payment
- 266050 NOK Taxes
538614 NOK after taxes

$61,890.41 in take home pay

Money spent:

153767 SEK

$16400 spent

There where some big "unnecessary" posts here. Went on a retreat in the US that cost me close to 20000sek also paid for a resource stocks newsletter service. That cost me a around 33000 SEK (life time membership). So far i guess I have to put that on the gambling account. But hopefully it pays off in time. Anyway it gets my speculation lust out of the system so I can focus on putting most of my money in to the PP.

This gave me a savings rate of 71.5% for the year without even trying very hard.

While receiving this last paycheck and seeing my total number for the year I actually got new energy for this ERE project. I realized that with a bit more carefulness on the spending side and my good salary. I could ERE quite quickly.

My plan for next year is to live within the budget of 10000sek per month. That is all i will leave in my account. If there is anything left when the new salary arrives i will save that on a buffer account and use for vacation and more expensive purchases.

The rest will be saved.

Looking forward to a more "frugal" year

Forskaren
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Re: Frihet / Freedom - Journal

Post by Forskaren »

Amazing savings rate and income. You beat me in those areas. When it comes to spending I am already at your goal of about 10000sek per month on average.

I will see if I land in the 65-67% savings rate this year.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Just, thanks to crypto, passed the landmark of 2 000 000 SEK so thought an update was in place.

This year has been slow work wise = less offshore bonus, so I'm happy that crypto is on a soar. Recently cashed out into gold bullion for a free ride and some profits, so am now a bit overweight there.

Current portfolio distribution:

2 047 352 SEK Total value
$235524

37% in dollar based Permanent Portfolio
29% in "Golden Butterfly" 20% Swedish stocks and 20% emerging markets
14% extra gold bullion
7% extra cash SEK
4% mining shares speculation, have lost 20% of my account, following the newsletter i bought into haven't worked so far, wrong timing in gold/uranium
5,5% BTC crypto speculation
1,5% ETH/ETC crypto speculation
1% silver bullion
1% mutual funds/stocks

Part of me want to quit now. I could manage, but it would be a life without any extra cash flow for travel, retreats and fun. Even extra expenses would be tight to cover. Have had some health issues so my body seems to want to quit also. Nothing else to do than to take one work period at a time. Closer and closer to freedom.

I have a retreat planed for September, the teacher i visited in the US is coming to Sweden. Hopefully that will bring some well needed energy. Also considering Ayahuasca again. She can bring a lot of truth and healing. But am a bit scared that she will show me too much and I can't keep up with my plan.

wolf
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Re: Frihet / Freedom - Journal

Post by wolf »

Well done. Great progress.

frihet
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Re: Frihet / Freedom - Journal

Post by frihet »

Thanks MDFIRE2024 and thanks for stopping by :)

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