Hello, i am 26 years old starting work next month as a software developper in Europe with a salary of around 60 000 Euros/year.
My goal was to devote the first half of my 20s to education, living life at a minimum and now i own 2 masters: one in math and the other in mechanical engineering. I worked as a part-time software developper while studying and hence don't have any debts.
Now that this first part is complete, i want to start focusing on money and on life. My plan goes as follow (About me: i do not have a partner and live alone in a foreign country. I prefer the peace of the mind: Do things once at the time, avoid debts, avoid unfinished tasks, ...):
- Net income: 3000/month
- 5000 Euro saving from studies.
- Phase - Savings, improvements and relax (First year of work):
- Set 20000 Euro aside for emergency/saving.
- Buy a used car for 5000 - 10000 Euro (Probably a Golf VW 6)
- Improve quality of life but still stay modest: New phone, Apartment, Better Fridge, ... (I lived the student life, now we need to upgrade)
- Driving school, Dating, health check, ... should take more money away
- Phase - Ressource Accumulation (Second year of work):
- We do not have 401k or IRAs here but apart from my monthly spendings, everything will get dumped into investments (25% bonds, 75% Stocks)
- I am very active and hence will get a part time job, whose earnings will go into my projects-savings as i intend to start a company in my home country.
- Phase - Career improvement (From 3rd year of work):
- By then i should have accumulated enough experience with finances, should be more mature, ..
- Switch jobs for more earnings
Noone can predict the future and looking at the current economy and the unpredictiveness of starting a new step in life, i can't set fix amounts or plans, but this should be the general path.
What do you think?
Submitted October 21, 2022 at 04:58AM by AKJ7 https://ift.tt/kq4Kaoy
