Early Retirement Extreme Forums

Hi,
I moved to Portugal a few years ago.
I recently discovered ERE, but there are a LOT of information.
Can you please help me saying where to start?
With so many posts to read I become lost.
Thank you.

Have you gone through the 21 day makeover? (Links can be found at http://earlyretirementextreme.com/wiki/ ... Blog_Index)

Honestly, I recommend starting with the book, although it is quite heavy. Also check out the "Manifesto" and "How I became financially independent" and "How I live on $7,000 per year".

@frugal: What aspect of ERE do you find most attractive? Knowing that would help us recommend a direction for you.

dragoncar : i'll search the link, that is incorrect.
So much things to read...
secretwealth: book I'll read later, let me have some more tips before
BeyondtheWrap: to avoid corporate strange&bad life.
The main problem will be family and society understand the ERE.
Thank you all and regards!

Hi,
what I need more than tips is the construction of a new mindset to turn ERE.
What shall I read to inspire me and give me more and more points to help me changing way to live to ERE.
Thanks.

For inspiration and some underlying philosophy, a good place to start is with the books Jacob listed here:
http://earlyretirementextreme.com/my-li ... books.html
Some of these may appeal to you more than others. I also like Seneca:

http://www.tripinsurancestore.com/4/on- ... f-life.pdf

Still so much stuff to read...
I will take a few years :-/
Send me pdf privately if you have.

Hi Frugal,

are you back at the ERE-forum? I have seen that your last post (beside the one in my journal) was a few years ago.

How are thing going? Still living in Portugal?

Regards

Yes...

I am searching new project to fullfill my days and my mind.

A new activity.

A new purpose of life.

It is not easy.

Thanks

Me too searching for a new project...

You are still in Portugal?
What you work with?

frugal wrote: ↑

Sun Sep 24, 2017 12:48 pm

I am searching new project to fullfill my days and my mind.

A new activity.

A new purpose of life.

Read the book: "How to retire happy, wild and free". It is not just for retiring but also for living. It helped me a lot, especially with the following two techniques: Get-a-life-tree and Ultimate Life's Adventure List. You can google them as well.

Regarding your 500k€ you need. (Whats your number thread) --> You need Passive Income Streams which generate you income. Look for different portfolio asset allocations if you don't want to invest into the real estate business.

[quote=liberty
yes

being so many years on same job, it is hard...

frugal wrote: ↑

Mon Sep 25, 2017 3:46 pm

being so many years on same job, it is hard...

Could you change your job?

Another way could be to show your monthly costs, in order to try to give you some ERE-ideas or -inspirations.

Have you analyzed the Big3 already?
-Housing ... € p.month.p.Person
-Food ... € p.month.p.Person
-Transport/Mobility ... € p.month.p.Person

and what's about:
-Entertainment
-...

If you provide more information about your situataion, maybe there could be some improvements.

Have I read that you need 500k€ to retire in Portugal?

I think you can do with much much less. I actually think the "7k/year" would be fairly easy in Portugal. Personally, my portfolio goal for retiring in Portugal is 10k€/year on a 4% withdrawal rate (WR), i.e. a 250k portfolio. It's a goal that I feel is quite feasible and keeps me motivated, however I don't plan to pull the plug immediately and plan to accumulate a bit more (to achieve a WR that is as low as possible).

Some of the reasons why I think it wouldn't be too difficult to manage with 7k/y:

• Housing is cheap in Portugal (except for Lisbon right now) and gets cheaper as you move away from the main cities. There's many beautiful small villages throughout the country where you could live cheaply (close to sea, mountains, or in the woods, there's a lot to choose from)

• Owing to the fantastic weather, it's really easy to grow stuff in Portugal, so if you're willing you can rely on agriculture for a sizeable chunk of your basic food needs (likely with leftover produce)

• It's cheap. A cup of great espresso in your average 'café bar' will cost you 0.65€ and you can have great meals for 5€ in modest places.

But I guess you know these things already, since you've been living there for quite some time. I'm just wondering why 500k should be your goal. On a 4% WR this yields 20k€/year. I don't like to throw numbers around without data to back me up, but I suspect that more than half of the population lives with less than that.

Maybe because 4% WR is seen as too high.
I'm in Italy, which shares many of the pluses of Portugal (cheap, good weather and food, plenty to see and do by staying local...), and with our taxation, crazy bureaucracy and generally higher potential for instability I feel like we need more than 4%

[quote=MDFIRE2024
I would say that to keep a good life we would need about 1.500 EUR

We can decrease some expenses and eliminate others and achieve 1.000 EUR / month.

All big items are paid, like house and cars.

[quote=Josué

I think you are right.

But I am too

I prefer to have double what is necessary.

This is a good safety margin.

We never know what will be the return of our passive investments , correct?

What if the next 10 years we have a recession?

you need more than 4% or more amount invested?

[quote=frugal
Double of what is needed? "Safety margin", recessions etc is already taken into account in the SWR. A 3% SWR has worked all 30 years periods, even starting on the worst possible times, while 4% has worked 88% of the time. I suggest you use 3% SWR, without any additional safety margin.

What are your current expences? Housing, food, transport etc?