‘Any and all advice is super welcomed, thanks a lot!’: I just started a new job in Europe with a 6-figure salary. How can I set myself up for early retirement with my unique financial situation as a dual citizen?

Hey Money Minder,

I’ve been checking out this place for a while and you all give some great tips, mainly for the folks over in the US. But I need some advice for us Europeans and Aussies.

I just landed a job in Europe with a six-figure salary. My goal is to retire early, starting with buying my own place and then diving into investments. No debts, loans, or credit cards here, just rent and basic expenses. I work remotely, so no commuting or car ownership for me. Plus, being a dual citizen opens up more investment opportunities.

Planning to max out my pension contributions once my savings are up, since it won’t affect my mortgage eligibility. I also have stock options at work, but I’ll hold off until after securing a mortgage.

Any advice you’ve got would be awesome, thanks a bunch!

Cheers,

Response from THE MONEY MINDER:

Hello There,

Congratulations on your new role with a six-figure yearly salary in a European country! It’s great to hear that you are thinking ahead and planning for your retirement. Your approach to first focus on buying your own place and then shifting your attention towards investments is a wise move. Since you have no debts, loans, or credit cards, you are already in a strong financial position.

Maxing out your pension/retirement fund contributions is a smart decision, especially if it doesn’t impact your mortgage borrowing capacity. This will help you accumulate a substantial nest egg for your retirement. Additionally, being a remote worker with no commute and no car expenses will allow you to save more towards your financial goals.

As a dual European/Australian citizen, you have the advantage of exploring various investment options in both regions. It’s essential to diversify your investment portfolio to mitigate risks and maximize returns. Once you have built a solid financial foundation with your own place and a well-funded retirement account, you can consider delving into stock options with your company and other investment opportunities.

Remember to continue building up your regular savings account for emergencies and unexpected expenses. It’s crucial to have a financial buffer to fall back on in times of need. By taking a structured and strategic approach to your finances, you are setting yourself up for a secure and comfortable retirement, possibly even earlier than the standard age.

All the best from THE MONEY MINDER as you embark on this journey towards financial independence and early retirement. Your proactive mindset and prudent financial planning will undoubtedly lead you to a bright future. Feel free to reach out if you have any more questions or need further guidance along the way.