After some time still reading, I am glad to find like-minded people.
I started with a kind of ERE lifestyle about 1 ½ years ago, without knowledge about this community. Fortunately I´ve found you and now I just want to share some of my story:
I am male, live in Germany and my age is in the mid 30th.
Five years ago I´ve lost everything; my GF, the flat we lived in, most savings and my job.
So I started over again, took a new challenging job, relocated into an expensive city and participated at the rat race. I lived and worked there for about 4 years, started reading (YMOYL, Millionaire next door, 4h workweek, Robert Kiyosaki…) and began to save money for unknown further investments. By working for a bank I also started to trade stocks and read about the stock market. I realized, wasting my hard earned money for electronics and big flat screen TV´s isn’t that exiting as expected. At this point I pulled the trigger, with some savings, and left the job.
Next I relocated into a cheaper city and rented a flat half as expensive as before. I took a six month semi-retirement to discover how I should go further. This time was a great experience which opened my mind in many different ways.
Because I worked in IT my whole life, I started as a freelancer consultant one year ago attending a 12 month contract. Unfortunately this involved weekly traveling (~600km).
Therefore rented a small apartment onside and used my car for the travel arrangements. While driving I listen to audio books. (Napoleon Hill, Dale Carnegie…)
As I write, the contract is finished tomorrow and I have to deal with new decisions.
Within the last year I was able to save about 65% of my monthly earnings directly into my investment account. (Which I don't touch; just use it to trade) My additional savings can finance a sabbatical easy.
Starting October 1st I will begin this sabbatical to improve my investment knowledge. I want to trade stocks and take as much time as possible to learn more about the market and investing. I also have to put a lot of work into my trading plan.
It´s also planned to begin daily sport sessions as well as fresh and healthy eating.
So, there are some questions left:
What should I do with my 10y old car? It´s paid, not very expensive but there are some upcoming repairs. If I decide to take another project or job after my sabbatical, I´ll probably need a car. But living in the city, a car is a big liability. I know I have to get rid of it, which I am prepared to do. Eventually I will find a contract near where I live, which makes this decision easy.
2nd my sport-motorcycle. It´s paid too, it´s a waste of money but I enjoy riding it. Indeed, if I retire I want to ride my motorcycle all around the world every time. So eventually I will trade this mens toy into something more traveling advisable.
I track the cost of my living on a daily basis since about two years.
And here are my actual monthly expenses:
Rent: 450€ + 350€ project room
Electricity and gas: 75€
Health insurance: 640€
Grocery (meals and drinks): ~300€
Eating out (mostly canteen): ~70€
Telephone and Internet: 45€ (35€ home/10€ mobile)
Car + fuel: ~400€
Entertainment and other: ~100€
Tax accounting 35€
The outgoings are high because of business expenses. They will decrease after the contract ends. It is really unbelievable, how expensive it is to work.
I´ve planned to ERE completely @350-400K / 6% = 21-24K/year (~15-18K after tax) which are about 1250-1500€ (1700-2000$) monthly (~20% archived). Should be suitable and can be done within the next 5-10 years.
To archive ERE I´ve decided to work as freelancer followed by a short semi-retirement to reschedule. As I tried already, this seems to be the best life/work balance for me.
Comments are highly welcome, because I can´t talk with friends or family about this topic.
Thanks for reading.