Hi Jacob and all,
of course, I am interested in ERE. But I don't see a way on how to achieve it. I live in a major city in Germany where rent is expensive. The average person earns 1.500 € after taxes.
My minimum expenses are:
Rent: 518 € (it's higher but I am renting out 1 room)
Health insurance: 256 € (It's expensive here in Germany and this will go up yearly!)
Food: 100 €
Other insurances: 16 €
Dog: 40 € (includes food and yearly check-up/vaccination)
Hair cut: 20 €
Other: 50 €
Sum: 1.000 €
Thats's the minimum and doesn't include going out, doing my (expensive) sport or any other entertainment. But it is ok for me as a goal as I can earn a bit on the side to support these things. By earning on the side I mean doing something that doesn't feel like work. Work is not the goal of ERE... ;-)
So if I understand it correctly, I need 1.000€ x 300 = 300.000 €
The average person here earns 1.500 € so even if they save 70% = 1.050 € monthly (It would be impossible to live here on 450 € ...) they get nowhere near ERE in the next few years.
If I were one of the average it would take myself about 24 years (without interest)...
Any ideas, hints or suggestions are welcome :-)
P.S. My net worth at the moment is 0 € (but no debt...). I am 35.