Our family finances …the hard version

Huh … this is a tuff one! As mentioned in the intro of this blog, I want to talk about financial education, travelling, cooking and living as an expat in Europe.

Letโ€™s jump into it …

Our family finances history goes back 11 year ago, when Me and Mrs. Traveler started being a couple ๐Ÿ™‚

Both of us had no financial education from our families, we did not even know exactly how to save money, not even to discuss about investing. Our biggest concern was that we had debt in the value of 70.000 Euros (6 loans, 3 credit cards, and a cash loan from some friends), low income, and no clue how to come out of this situation.

How we ended up here?

Well … it was easy ๐Ÿ™‚ … We bought a small flat and a small car and then … the financial crisis came in 2008 … I lost my job … and story can continue …

So, what did we do?

First acknowledge that you have a problem. Mrs. Traveler was always saying that we do not have a problem. So, I put on a A4 piece of paper all our loans, and monthly payments and when you see it …. well when you see that you have 1 euro for food per day for 2 persons … pfiu …

Leaving the drama aside … We took initiatives:

  • earning more money thru extra jobs
  • changing jobs for higher income
  • started saving money
  • convince Mrs. Traveler that its possible
  • move to other country for higher income
  • start investing in real estate (flat bought in 2007 is rented out)
  • continue saving for an emergency fund
  • continue investing in real estate (2nd flat bought just 2 weeks ago)

So, its possible to retire early and its possible to have a peaceful financial life if you pay attention to some aspects.

Itโ€™s hard to change financial behaviors … but itโ€™s possible!

More details to come! ๐Ÿ™‚