Hi all,
I have been a passive member/reader in this Forum for quite a while. I really enjoy spending my time here because most of the posts/conversations are very positive and members do their best to give constructive feedback.
After I had read the first 30-40 posts, I was really astonished and had to wonder:
How do all those guys manage to save so much money?
I live in Germany and have a (comparably) high paying job for my age (33). At the same time I keep my expenses very low to optimize my savings rate.
Currently, I have saved an amount of approx. 450 k EUR (495 kUSD), including a small appartment. (all in taxable accounts - I have no other option here :-/)
My income is well in the six figures and my expenses do not exceed 2kEUR per month. Hence I am able to put 80-100 kEUR (88-110 kUSD) to the side every year.
However, if I compare my facts&figures with some peers here on the forum I cannot but wonder how those folks were able to save so much more (600kUSD-1.4 mUSD is the range I have seen).
Kudos to all who achieved those savings!
One reason - that is obvious to me - is the general difference in tax and social systems. In Germany, half of my income goes to the state - in return I dont have to pay anything for healthcare and most other public services (e.g. university).
However, I very much envy you guys in the US for the support the governmant provides to people that save and invest for their future. Such things as 401K's simply dont exist here in good old Europe.
My plan for next year is to discuss with my current employer how I can get transfered to a US based job. I think I could improve my savings substantially if I would work in the US - given the much better options how to put your money to work.
Besides that I really like the fundamental logic that the state offers people possibilites and tools how to take care of their financial well being on their own - instead of doing this via "state pensions" on their behalf (and much more inefficiently tbh).
It would be great to hear your opinion on this!
Also, I would really appreciate if other international forum members could share their experiences.
Cheers,
Tobi
I have been a passive member/reader in this Forum for quite a while. I really enjoy spending my time here because most of the posts/conversations are very positive and members do their best to give constructive feedback.
After I had read the first 30-40 posts, I was really astonished and had to wonder:
How do all those guys manage to save so much money?
I live in Germany and have a (comparably) high paying job for my age (33). At the same time I keep my expenses very low to optimize my savings rate.
Currently, I have saved an amount of approx. 450 k EUR (495 kUSD), including a small appartment. (all in taxable accounts - I have no other option here :-/)
My income is well in the six figures and my expenses do not exceed 2kEUR per month. Hence I am able to put 80-100 kEUR (88-110 kUSD) to the side every year.
However, if I compare my facts&figures with some peers here on the forum I cannot but wonder how those folks were able to save so much more (600kUSD-1.4 mUSD is the range I have seen).
Kudos to all who achieved those savings!
One reason - that is obvious to me - is the general difference in tax and social systems. In Germany, half of my income goes to the state - in return I dont have to pay anything for healthcare and most other public services (e.g. university).
However, I very much envy you guys in the US for the support the governmant provides to people that save and invest for their future. Such things as 401K's simply dont exist here in good old Europe.
My plan for next year is to discuss with my current employer how I can get transfered to a US based job. I think I could improve my savings substantially if I would work in the US - given the much better options how to put your money to work.
Besides that I really like the fundamental logic that the state offers people possibilites and tools how to take care of their financial well being on their own - instead of doing this via "state pensions" on their behalf (and much more inefficiently tbh).
It would be great to hear your opinion on this!
Also, I would really appreciate if other international forum members could share their experiences.
Cheers,
Tobi