Hi,
Discovered this site 2 days ago based on a recommendation from a friend. I was positively shocked to see that I have essentially been living a life with so many ingredients attributed to the concept of early retirement.
I have not actively been saving money off my salary and trying to invest them. This is mainly due to the tax system in Denmark: I feel it makes almost no sense to invest in this country because the tax authorities will take almost everything away from you again. I need a different approach but have not figured it out yet.
However, living in the capital of Denmark, and paying roughly 50% income tax, I am somewhat proud that I have cut my housing expenses to about 15% of my net income (without utilities). Denmark is expensive but I am aware it is nowhere close to London or NYC in terms of housing.
On the contrary, all my friends and work colleagues do the opposite: They buy real estate worth 4-7 million DKK = roughly 1 million USD. The interest rate is almost 0 and they believe it is the absolute best investment ... however they have become "salary slaves" for the rest of their lives.
I really need to start reading much more here but I wanted to chime in as fast as possible because I noticed an upcoming meeting in Copenhagen in a few weeks which I would like to attend in order to get a good start .
L
Engineer from Denmark
Re: Engineer from Denmark
Welcome! Glad you found us. Always nice when a other Dane joins.
So if you are not spending your money for housing or investments what are you doing with it?
So if you are not spending your money for housing or investments what are you doing with it?
Re: Engineer from Denmark
Welcome.
A quick head count makes us about 12-14 people in Copenhagen alone. That's rather impressive!
Who's the friend? Is he/she here as well?
A quick head count makes us about 12-14 people in Copenhagen alone. That's rather impressive!
Who's the friend? Is he/she here as well?
Re: Engineer from Denmark
Stocks and Danish stock-based index funds are taxed at 27% up to the first 50K and 42% after that. There is also no arbejdsmarkedsbidrag (AFAIR) on capital income.kalfatring wrote:...
I have not actively been saving money off my salary and trying to invest them. This is mainly due to the tax system in Denmark: I feel it makes almost no sense to invest in this country because the tax authorities will take almost everything away from you again. I need a different approach but have not figured it out yet.
http://www.skm.dk/skattetal/beregning/s ... ingen-2016
However, there are at least two Danes, one of which hasn't been to a meetup yet, who not only knows but also seem to enjoy digging around in the Danish tax code so don't fret if it feels kind of overwhelming.
Re: Engineer from Denmark
Welcome ! Maybe it's an option to buy something more off the grid and pay that off ? Or buy a property to rent it out ?
Re: Engineer from Denmark
Welcome to the forum!
*I may have slightly unrealistic expectations of what engineers do.
Please say it gets spent on your DIY mechano-brontosaurus, that you'll be riding to the next meet-up!!!*Eureka wrote:So if you are not spending your money for housing or investments what are you doing with it?
*I may have slightly unrealistic expectations of what engineers do.