To invest our euros

Coins and plant, isolated on white background

Now that I’ve declared that I want to quit my job, what am I doing to work towards financial independence?

In my opinion, not enough.

In Mr. German’s opinion, I need to relax and let loose a bit.

I think both of us are right!

What we really need to do is to start investing our cash. We have our savings sitting in a low interest savings account, and don’t even know the interest rates because we never bothered to check. This does not bode well for 2 people looking to retire early, so I’ve made it my new years resolution to get on that.

I’ve been making excuses because everything is in German, but then I found SmartKohle’s Depotkonto Guide (depotkonto = brokerage account) and now I have no more excuses.

We want to open a brokerage account with ING-DiBa and each deposit 10K for starters.

Since our goal is to retire early, we want to focus on generating passive income.  This can be achieved by choosing companies that are on the dividend aristocrats list.

I know that dividends on 20K is not going to give us enough passive income to retire in 7 years, but we’re still a bit nervous and need a kick to get things started.

We are good savers and try our best to keep our expenses low, but tend to turn a blind eye when it comes to investing. Yet we know that we’ll need to invest if we are to retire early. We don’t have tons of money. We earn modest, average wages, so we need to take on a bit of risk in order to not lose against inflation like we’re doing now.

Maybe that’s not risking at all, it’s just being pragmatic.

The point is to try and see what happens.

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One day I will quit my job

quit2

Lately, I’ve been feeling disenchanted with my job and can’t see myself hacking it for another 30+ years.

It’s the time and head space that my job occupies. At least 55 hours per week. That’s a huge chunk of time.

While I feel quite productive at my job and am so grateful to be employed, I also feel like what I’m doing is not contributing to anything important except the company’s bottom line.

This is not a sustainable way for me to live.

Luckily, I see this job as a means to an end. I want to save as much as possible, set up passive income streams, and live a simple lifestyle.

Once my passive income exceeds my living expenses, I will quit.

We’re not quite there yet though, but are actively working towards it.