lördag 23 januari 2016

Target: 60% monthly savings rate

While living a life with an interesting (but sometimes frustrating) job, great food, family and a few friends I am able to save from my take home pay each month.

For the year of 2016 the target is to save away more than 60% of my net salary (i.e. after tax). This should enable me to reach my ambition of financial freedom (simple life based on a 4% withdrawal rate from saved/invested money) well before the day I turn 65.

There are of course tables defining how fast you would be able to reach financial freedom with such a savings rate. My ambition is to be able to quit work latest 9 years from now. Let's see if the wife agrees and supports...

So, another ego-target to my list of targets:

Area Starting point Target When
Monthly savings rate 50%(?) 60% Average monthly savings rate during 2016.

I'll come back on how it's going and how far is left until the moment of financial freedom.

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