Seppia's journal

Where are you and where are you going?
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Seppia
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Re: Seppia's journal

Post by Seppia »

Been in Miami for now a little over 7 months.
We are extremely pleased with the location we picked for our apartment.
We usually look for the cheap ones in great (hence expensive) locations: we are walking distance from a beautiful park, from a Publix, close enough to my workplace that I can walk there in the winter.
It's a 2br 1200sqf that costs about 25-30% less than the other 2br in the area (that are usually much bigger, around 1800-2000sqf).

To me, 1200sqf for a 2br is already massive.

DW and son are already back in Italy for the summer, I miss them very very much but luckily will be there in a little over a week and stay for close to a month.

Work is doing ok, clearly the toughest assignment I've had in my life. The business is very profitable but expectations are high and there are headwinds to growth as prior management REALLY messed up and we have many issues to fix. Will get there eventually, but I'm working like a dog.

We jumped on the opportunity to buy a small (650sqf) 2br on lake Como. It is located about 25 mins from the city, in a condo with swimming pool and access to the lake. One can easily get there by boat (public transport) as the town it's in is one of the main ones on the eastern coast of the Como branch, so all boats stop there.
I know this condo very well as we had looked at a couple apartments a few years ago. Most apartments tend to be underpriced when they sell as they aren't a great fit for the two types of people who are usually looking to buy:

Type1: the locals who actually live on lake Como. These apartments don't work for them as there are a lot of unnecessary expenses (there is a live-in doorman, there is a pool). The $$$ amount is not huge in absolute value (we will pay $2000/y in HOA fees + heating) but it is higher than the standard 'local" apartment (usually $500-1000 at most).

Type2: the foreigner looking to buy on lake Como. Also doesn't work for them as most foreigners looking to buy on lake Como are the multi-millionaire types (Americans being the biggest %) that want either a Villa, or a bigger and more luxurious apartment (think $1M and up).

another great feature is that it was remodeled a few years ago, and the sellers will leave all the furniture for free (and it's pretty good quality).
Including all closing costs we will end up paying circa $155k.

Short term we will go there during the summer as the lake is beautiful (it's famous for a reason).
We will make it available to our families during the off season (one of my two sisters in particular love the lake during the winter) in exchange for them paying some minor costs (ie wifi or electricity bills).
The plan is to use it as a rental when we aren't there and the fam isn't using it.
During the high season of July and August we should be able to easily bank $150 per day (so 100-120 net of tax), the expectation is that rental income should at a very minimum cover all costs, taxes and upkeep.

Long term this could become our summer/weekend home, or be a source of some side income should SHTF (the lake keeps getting more and more expensive).

Some pics:

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chenda
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Re: Seppia's journal

Post by chenda »

That looks marvellous Seppia, and a great price. I believe you already own another property in northern Italy ?

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Seppia
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Re: Seppia's journal

Post by Seppia »

yes we do, a small place up the mountain 10 min from Como. This new one is 25 mins from Como going up the lake (or 50 min with the public transport by boat which is an experience onto itself).
The fun thing is that the two apartments combined are still less (both in terms of price and size) than the median house in the USA

ertyu
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Post by ertyu »

how wonderful

congratulations!

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Ego
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Re: Seppia's journal

Post by Ego »

Beautiful view! It looks like a nice comfortable place. Congratulations.
Seppia wrote:
Sat Jun 17, 2023 1:22 pm
Type2: the foreigner looking to buy on lake Como. Also doesn't work for them as most foreigners looking to buy on lake Como are the multi-millionaire types (Americans being the biggest %) that want either a Villa, or a bigger and more luxurious apartment (think $1M and up).
Funny coincidence. During Covid I was helping the friend of friends through the citizenship process. When she discovered the waiting time at the LA consulate (many years) she decided it would be better to buy a place on Lake Como and apply from Italy where she could hire a lawyer to speed things along. Her friends told me she spent more than €1M on an incredible home and was living there in the summers. I didn't ask many questions because I knew nearly nothing about the area. Your post and the coincidence prompted me to learn more. We are having a dinner party tomorrow evening and the friends are coming. It will be an interesting conversation.

2Birds1Stone
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Re: Seppia's journal

Post by 2Birds1Stone »

Congrats, what a view!

If you need someone to test it out as a rental, you let me know ;)

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Seppia
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Re: Seppia's journal

Post by Seppia »

Thanks all for the kind words.

@Ego if you or your friends ever need any insight or info let me know.
@Ego @2b1s the flat will be available at a very ERE-friendly price for select forum users should you ever want to visit the area ;)

theanimal
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Re: Seppia's journal

Post by theanimal »

Wow, what a spot! Very nice!

I'm not sure if I've ever mentioned it, but one of my aunts lives in Cuveglio. Mrs. Animal and I are planning on visiting at some point and we would love to swing by to meet up if you and family were around.

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Ego
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Post by Ego »

Very kind offer @Seppia. Thank you!

guitarplayer
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Post by guitarplayer »

Hey @Seppia, the flat is looking really good!

To other forumites - a year ago I have taken @Seppia's advice to go to explore lake Como and surroundings with DW. Hiked the nearby mountains, took the public transport ferry across the lake, visited some of the towns. It's brilliant, also very easy to get there as there is a direct bus (not that very much advertised) from Bergamo (it has an airport hosting cheap flights) to Como. The line is C46.

I always feel nostalgic thinking of Italy. At one point at Uni when I was considering where to do my Erasmus exchange, I thought it would be Italy and generally then I would set Italy to be my home away from home. Eventually settled on going to Turkey, but still managed to get one semester of Italian language classes under my belt.

IlliniDave
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Re: Seppia's journal

Post by IlliniDave »

Seppia wrote:
Sat Jun 17, 2023 1:22 pm
... Some pics: ...
That's really nice, much less rustic than my similar-sized hideout, and cheaper than what I'd have to pay for this place now.

It's also not far from where my Italian ancestors immigrated from (maybe we talked about that).

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Seppia
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Re: Seppia's journal

Post by Seppia »

@theanimal Cuveglio is an hour away from my place. If we coincide in Italy we will make it happen!

@guitarplayer I remember you PM'dme saying you enjoyed the trip. That's great. The lakes area in Italy used to be one of its best kept secrets.
Even today, despite Lake Como emerging as an ultra-high end tourist destination, there are still many things that people don't know about that are absolutely stunning. Google Dorsale del Triangolo lariano or use the translate function on this site https://www.comoeilsuolago.it/dorsaletr ... ariano.htm

@IlliniDave yes we did discuss about your Italian ancestors. I'm sure an outdoorsy person like you would love it here. Maybe there's a "discover your heritage" trip in your future ;)

Frugalchicos
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Re: Seppia's journal

Post by Frugalchicos »

Congrats on the purchase of the lake condo! those views are impressive.

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Ego
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Re: Seppia's journal

Post by Ego »

Seppia wrote:
Sat Mar 02, 2024 12:42 pm
We will move there sometime this summer, so wanted to see who’s there and potentially ask for help (in the form of suggestions) if that is ok :)
What!? Certainly a good time to leave Miami, but your time there was shorter than expected, no? What happened?

I am being nosey. Just ignore if you are not ready to let us know. Your work trajectory has allowed you to live in some incredible places.

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Seppia
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Re: Seppia's journal

Post by Seppia »

Ok here we go, almost 8 months since my last update... Time really flies.

After (only) a little over a year and a half in Miami, we will be relocating back to Europe, in/around Amsterdam.
This happens a bit sooner than we would have ideally liked, but I got a job opportunity I really could not refuse.

Thinking in net terms, I will go a bit backwards, but I make more than enough already and I expect expenses to be lower.
It is a tier-2 global head position at the HQ of a major player in my area of competence, and the key business areas are all places I enjoy being in (USA, France, Sweden, Japan and Italy being my “favorites”).
Job-wise, this is probably one of the best I could have asked for.

Seen that we are relatively well on our way to FIRE, we would not make the move if we weren’t optimistic about our quality of life there.
It is going to be an adjustment in terms of weather, but other than that Amsterdam is a beautiful city, a cool international hub with plenty of museums and a dynamic expat scene that is known for good quality of life.
Grandparents and most of our friends are less than 2h flight and a short drive/ride away in Italy, Sweden, France and UK. The biggest notable exception is one of my best friends in Tokyo (see above list of focus territories for me :) ).

Looking back, Miami has been great to us.
The city is vibrant and culturally active enough that we did not feel deprived, and the weather+beaches combo is hard to beat when you have a young kid.
The little one has literally lived outside, either going to the park or to the beach almost every single day. Air quality is great, food is great (all whole foods are cheaper in my home country of Italy, but cannot complain about the general quality).

I am super happy that my son has been exposed to many languages.
His primary language is now English; when he speaks to us in Italian he frequently inserts random English words, while the opposite happens a lot less.
He also speaks a few words in Spanish and it’s adorable :)

On the costs side, life here has been incredibly expensive: all in all, I spent more per year than in Hong Kong!
Housing in Miami is cheaper (about half price) but everything else is not.
The real killers are
1/ really hard to go without a car (useless in HK).
2/ health insurance is only partially covered by the employer (never the case in europe and elsewhere I have been) and it costs a TON to cover a family.
3/ (pet peeve more than a killer) phone plans of high quality* are around 3x more expensive than anywhere else in the world. $18/month gives you unlimited everything with the best operator in Italy. In HK the equivalent was $35. Here I spend $140 for two lines with Verizon and I have negotiated it down quite a bit.

Reflecting back on this experience, the first thing that comes to mind is how incredibly lucky we are.
My work keeps bringing us to new, always interesting places.
It is similar to some of the FIREd people who slow travel, with a couple tradeoffs: I give up free time and energy, and in exchange we get to experience the different countries from a very privileged perspective, while still working towards our FIRE/ERE goals.
At 43, both my wife and I still seem to have that adventurer spirit and are all-in on the lifestyle.
I am very grateful for that.


*I need it for work, now that I’m moving I swapped to the $3/mo ultra mobile plan
Last edited by Seppia on Sat Mar 09, 2024 5:44 pm, edited 1 time in total.

guitarplayer
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Re: Seppia's journal

Post by guitarplayer »

Nice one! Excelling at the lifestyle that's for sure. I wonder if you actively seek out good opportunities or they are offered to you?

Many many years ago I was doing market research for major FMCG companies and now when I occasionally see people I worked with on social media I see the pattern of international working / slow travel. Also in that company where I worked - I am sure had I stayed I would have moved around a few times. For any EREites who are in the accumulation phase - just so you know!

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Seppia
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Re: Seppia's journal

Post by Seppia »

guitarplayer wrote:
Sat Mar 09, 2024 5:20 pm
I wonder if you actively seek out good opportunities or they are offered to you?
*cut*
For any EREites who are in the accumulation phase - just so you know!
I usually get contacted by recruiters. This is the first job where I managed to get among the candidates thanks to a connection who referred me.

Based on my experience, one of the keys to being able to shape a corporate career to your liking is the first job.
Get into a big company in a field you think you may like/has the attributes that matter to you*, then work there long/hard/good enough to get a promotion within a reasonably short timeframe.

After that, recruiters will regularly start calling. At that point the only thing one has to do is tell them what your goals are.
The good ones who like you will remember, the good ones who don't like you will never put you forward, and the bad ones you don't need to work with.
Keep being "above average" throughout your career and the cycle will keep repeating itself.

Something that has really paid off for me: always take the interview if offered to you, unless you know 100% for sure you will never take the job under any circumstance.
Give your best.
If the company likes you, you may get offered a second, more attractive job some random time after you have refused (happened once)
Plus (again regardless if you take the job or not) you will score points with the recruiter, who will be more likely to remember you.

*F&B appealed to me because it suffers less from the economic/market cycles, it is (usually) less involved in shady/immoral stuff that do not align with my values and is generally stable. The downside is that it pays a lot less than other fields (I have a rather good position in a multi billion dollar company and probably make less than most 26yo working at Google), but in my case, past twice the median salary of the general area I live in, the utility of money quickly approaches zero.

NewBlood
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Re: Seppia's journal

Post by NewBlood »

Congrats Seppia!
Welcome back to the EU! I also love being within a couple of hours of family and friends, it makes it a lot easier to be there for big milestones.
Amsterdam sounds pretty awesome.

DutchGirl
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Re: Seppia's journal

Post by DutchGirl »

Hey Seppia,

I was in Amsterdam on Friday to visit the Rijksmuseum (make more use of my one-year-"friends"-pass), and had to think of you guys. How are you doing in Amsterdam? Settling down nicely? Has your son already made some friends and learned yet another new language? Have you been able to visit family, or have they been able to visit you?

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Seppia
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Re: Seppia's journal

Post by Seppia »

Well, first a big sorry to my millions (?) of readers for going M.I.A. for so long.

Since we decided to come back to Europe, our motto in the family has been “quality of life”; we (happily) gave up a lot of money (the retention offer from the old job was impressive) to be closer to family and friends and have a better work/life balance.

TL;DR: best decision ever, we love Amsterdam and life is great

Longer version:

With our move to Amsterdam, we expected to save on a lot of stuff, the bigger contributors being 1/ Our decision not to have a car, 2/ School for our son is paid for by my new employer, 3/ Health insurance costs here in NL are a fraction of what we paid in FL.

We then decided to invest some of the above savings into the apartment, as we assumed we would be living inside much more than we did in Miami (we do).
DW found a beautiful 100sqm* apartment in one of the nicest parts of town: everything is close, one of the most beautiful parks of the city is 5 mins walk and every other family owns a Porsche and at least a couple Rolex watches.

In retrospect, it has been a fantastic choice, and we could not be happier.
We are absolutely loving Amsterdam.
The positives we were expecting are more positive that we thought, while the downsides aren’t as bad as planned.

Positives:

1/ It is truly an international hub: the UK committing suicide in 2016** has helped for sure, but the city has both a vibrant expat/big corp AND a cool local startup/small company environment that make for interesting people and cool vibes.

2/ The city is small, flat, and public transport is excellent: this is a huge plus for us, as smaller cities are more walkable, more livable, less trafficked. They also, crucially, allow for car-free life, which we always loved (and not only for the savings).
Another massive plus for us is that the airport is really close to the city: this morning I had a flight at 830am, left my place at 7, got to the airport at 7.20.
Super convenient to go see the family in Italy or friends around Europe.

3/ The food is way better then I remembered: before moving back, the last time I had been to the Netherlands for more than 1 day was sometime in 2009: I still remember in terror landing at Schiphol Airport at 6.40am, going to a bar, ordering an espresso, only to see a local guy sitting next to me drink a cappuccino paired with French fries and mayo.
While there may still be a few barbarians that do that, the supermarkets have been a revelation: the fruits/veggies selection isn’t as varied as in Italy but the quality is very, very decent.
Dairy products are straight up excellent: milk/yogurt/butter are better than in Italy, and you can see there’s a real cheese culture here.
I found a Rotterdam cheese aged 100 weeks sold in any supermarket that I would not hesitate to have go head to head with any Italian or French product.
Beef is either bad quality, or very very expensive, but we only eat it twice a month or so, so not a big deal. Chicken is excellent. Fish wise, there is very little variety but the quality is good.
Bakery products (breads, crosissants, etc) are nothing short of fantastic: cheap, of excellent quality, and available everywhere.
The restaurant scene is good enough for the relatively few times we go out: I’ve already found a couple pizza options, three ramen spots (two of which would fall into the “very good” category even by Japan standards), and great Sichuan mini-chain. For reasons unclear to me, there’s tons of Vietnamese restaurants and the Pho tend to be good to great pretty much everywhere.


Negatives:

1/ The weather isn’t Miami or HK, but so far not much worse than our hometown in northern Italy.
I mean, the last time we saw the sun was probably a month ago, so it’s not exactly Southern California, but a good combination of layers and appropriate clothing can go a long way.

2/ We assumed Amsterdam becoming so attractive for global corporations and expats to have had a (potentially big) adverse effect on the affordability of the city for the locals, so we were prepared to face at least some sort of resentment.
Plus whenever I happened to be in an international environment and someone asked “what are the most fun and welcoming people in the world?”, I can say “the Dutch!” is usually not the first answer that pops out :lol:
We have faced a few episodes of rudeness, but in general people have been super kind, polite, respectful.
On average, Dutch people have many qualities that both DW and I admire and fit well with our way of living: frank/direct, curious, very pragmatic and all-substance/no fluff. A big win.
Claro, you don’t find the same warmth that is found in Spain or Central/South America, but that does not necessarily bother us***

DS is loving the new school, and DW has started looking for a job.
The ideal for us would be if she could find some sort of part time in her field of work, as it would allow her to get back in the workforce (I think it would be great for her morale) while still being there for the kid (I cannot be relied upon as I travel so often).

Work/life balance has been way better than what I had in my last job in the USA, so we are all grateful that things played out as expected on this front.
I still work relatively long hours (avg day in the office is 830 to 630) and I travel extensively (been away from the fam 6 weekends since May already), but being in a big company means there are redundancies and many people taking care of the more day by day operational stuff, which means that once you’re off, you’re off.
For example, I took two weeks in the summer and only had to send a few emails and get on a couple emergency calls throughout the whole vacation, nothing compared to the constant grind I had before.
Maybe my bar was very low, but a fantastic improvement for me nonetheless :lol:

Our investments are chugging along. I have built a non-insignificant position into the luxury/beverage/food sector, trying to take advantage of the recent selloff.
Bought LVMH, Campari, Brown Forman, Diageo and Nestle. Many at multi year lows. Would have ideally wanted to buy some Hermes, but that stock NEVER goes down ahah.

All in all things are better than 12, 24 and 36 months ago, so we really cannot complain.
We rarely grateful every day for what we have and realize we are extremely lucky.

Happy holidays to all!

*it may sound small for North Americans, but it’s rather big by European big city standards
** not sure you have seen this but there was an article on Bloomberg that pointed out that the stock markets of Oman and another small country had more IPOs than the LSE this year. The UK is spiraling into irrelevance at a speed I did not think imaginable: the Brexit thing could be a great fit for one of those “how it started / how it’s going” MEMEs btw.
***I am aware I’m painting things with a very broad brush so you should definitely take the statements with a grain of salt!
I am though a believer that stereotypes exist for a reason, and personally do not see a big issue with generalizations, provided they do not lead to prejudices. This is the approach I have – I hope I’m not offending anybody.

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