Hi everyone, I am starting this thread to share our journey towards FI and ER. Over the years I have been following Jacob's blog but lately it feels like we have stagnated. Sharing our journey here might push enough outside of our comfort zone to get rid of this OK plateau.
We are in our late thirties, 2 kids, 2 jobs, European and living in Europe. Our aim is to retire in 5-7 years, still very early compared to pension age which is currently still thirty years away.
We paid off our mortgage on our first home which we now rent out. June last year we bought a new home for which we took out another mortgage. We are throwing money at the principal as much as we can to get rid of this second mortgage. We aim to live on rental income and investment income when we hit FI.
Current net worth: 300KEUR
Killing our 2nd mortgage
Killing our 2nd mortgage
Last edited by EuroERE on Sun Jul 02, 2017 5:32 pm, edited 2 times in total.
June Spending
Here is our June income and spending. As we pay a lot of taxes I only post our after tax income.
We achieved a savings rate of 24% (clearly not enough to reach our goal quickly)
We did have some single expenses: 1000EUR in taxes (bills) we paid this month, an additional cost of 225EUR for childcare and a 500EUR cost for the upcoming holiday (entertainment).
We achieved a savings rate of 24% (clearly not enough to reach our goal quickly)
We did have some single expenses: 1000EUR in taxes (bills) we paid this month, an additional cost of 225EUR for childcare and a 500EUR cost for the upcoming holiday (entertainment).