He was the worst student in the classroom. The 30-year-old reveals how he became a millionaire
At first glance David Speer [na nazwisko ma inaczej, ale ze względów osobistych nie chce, aby jego prawdziwe dane zostały upublicznione] He looks like any other young man: after work he wears jeans and a white T -shirt, and in a suit office. However, behind this modest superficiality lies a fortune, which many are jealous of him. At the age of only 30, this resident of Munich not only saved 100,000. euro [około 428 tys. zł]but he has long crossed the limit of the million.
– The first 100,000 euros is the most difficult part – he says. But it's worth saving them. Because from this amount money can increase themselves. It resembles the legendary quote by Charlie Munger, a professional in the field of investment and companion Warren Buffett: “The first $ 100,000 is really hard work, but you have to achieve it. It doesn't matter what you have to do – even if it means running everywhere or not eating anything that you can't buy with a discount coupon, find a way to get $ 100,000.”
The first 100,000 euros is also the most difficult [do zgromadzenia] Money, says Speer. It took him six and a half years. His path: a lot of work and a very economical life. He grew up in a rural area in Bavaria, his father was a clerk, a housewife. A small house, a regular vacation, rather a higher middle class, says Speer. He cannot fully explain where his saving came from. “I've just always been like that,” he says.
“If the fixed costs are low, saving is not a matter of resignation, but consistency”
During engineering studies, he earned as a student-practitioner in the automotive industry 14-16 euros [60-70 zł według obecnego kursu] In an hour, and during the semester holidays he even worked full hours, still living in his parents' house – so he had almost no expenses. He is aware that this is a luxury that not everyone can afford. – I wasn't super -efficient, but I didn't still buy coffee for seven euros [30 zł] – says.
“In the case of contracts for working students, you hardly pay taxes, so it pays off because it stays a lot,” says David. In this way, during the semester holidays, he earned almost 3000 euros [około 12 800 zł] net. In this way, his savings slowly but systematically grew. The first 20 thousand euro [ponad 85 tys. zł] In this way, he gathered as a student – thanks to the discipline and clearly defined purposes: money that he was not necessary went to the ETF savings plans [Exchange Traded Fund, czyli koszyk inwestycyjny, który łączy fundusze inwestycyjne z inwestowaniem na giełdzie].
The breakthrough came with the start of his professional career: in the first work in the automotive industry he earned almost 67,000. euro gross [około 287 tys. zł]and had a low rent in the amount of only 800 euros [3425 zł]who shared with his girlfriend. After two years he changed his job and earned 78 thousand. euro [około 334 tys. zł]. – If the fixed costs are low, saving is not a matter of resignation, but the consequences – says. So after a few years he achieved his goal: 100,000 euro.
“True potential lies with the income side”
However, such property at such a young age remains an exception. According to the latest data of the German Federal Bank from 2023, the median net property in the age group from 25 to 34 years old is 18,700 euros [80 tys. zł]. Even ten older people often do not reach 100,000 yet. euro: People aged 35 to 44 have 65,200 euros [około 279 tys.]people aged 45 to 54 – 154,700 euros [około 662 tys.]and people aged 55 to 64 – 299,300 euros [około 1 mln 280 tys. zł].
The median means a value at which exactly half of the respondents have more, and the other half less – unlike the average, it is not distorted by extreme values up or down. Nevertheless, the median can also disturb the image because it says nothing about how diverse the property in a given age group is or about how many people have no significant property.
Reasons why many people have much smaller savings: they start saving and investing late. Added to this are high maintenance costsespecially in agglomerations such as Munich or Hamburg.
– Who starts early and controls his expenses, can accumulate assets even with the employee's normal earnings [biurowego] – However, Speer is convinced. With 100,000 EURO on account, Speer at the age of 25 has not yet achieved its goal. – It was the first large milestone. But from that moment it is easier – he says. Reason: the effect of the assembly percentage begins to work from a certain amount. Speer calculates: – If 100,000 euro brings six percent profit, it gives 500 to 600 euros [około 2140 do 2570 zł] monthly – passive. This is practically the second salary that simply appears. Money you don't have to work for, which you don't have to save additionally [z pensji].
But this is not achieved casually. The 30-year-old implemented a clear strategy:- Maximizing income, expenditure optimization, investing – As he says. The order is important to him. – Many people focus too much on saving on coffee or subscription on a streaming service. But The real potential lies with the income side – thinks. Although he admits that he also had a phase in which he really “counted every euro” and preferred to invest money than to go on vacation. But soon he gave up it.
His advice: Whoever wants to quickly build a property should strategically approach the choice of work, industry and size of the company – if possible. – In Munich, Frankfurt and Stuttgart, wages are higher than in the countryside. Large companies pay better than medium -sized enterprises. And industries such as the automotive or pharmaceutical industry offer higher salaries than the textile industry or tourism – he explains.
He regularly changed employers – usually every year and a half. He also changed work areas. With each such change, his salary clearly grew. In this way he increased his income from 67 thousand. [około 287 tys. zł] up to 140 thousand euro [niemal 600 tys. zł] gross. Recently, he even managed to significantly increase this amount thanks to lucrative work abroad, reaching over 200,000. euro [856 tys. zł]. – Changing work is one of the largest factors affecting remuneration. Waiting for promotion in the company rarely brings the same effect – says. Of course, this has its price. 40 works rarely [tylko] hours a week. “I work a lot,” he admits.
“I travel three to five times a year”
“Optimization of spending means searching for large levers,” he says. He once sat and analyzed the largest items in his expenses: rent, car and health insurance. – I enrolled in the list of waiting for a cooperative apartment and after a few years I got an inexpensive apartment – he adds. Today it pays 400 euros [1712 zł] for 65 sq m and the other half [czynszu] His girlfriend covers.
He deliberately got rid of the car. “I don't need it in Munich, I am enough carsharing or public transport,” he claims. He also optimized insurance. – Private health insurance allows me to save a three -digit amount every month compared to state insurance – he says.
– Since I have a new apartment, my expenses are from EUR 1500 to 1700 [6420 do 7280 zł] monthly – calculates. This is a surprisingly low amount for a inhabitant of a big city, which is Munich. He admits that of course it is beneficial that he can share many expenses with his girlfriend.
However, he does not save on things that make his everyday life more pleasant: – I like going to a restaurant, certainly twice a week, and I travel three to five times a year – he says. Travels are his biggest hobby, next to diving and fitness, but also the largest item in the budget. They cover everything from inexpensive backpack to Asia to an expensive safari in Africa. Here are some of his travels in recent years: he spent 3,000 euros on a trip to Colombia [około 12 800 zł] only for yourself, to Indonesia, EUR 2,500 [około 10 700 zł]and 6,000 euros on a trip around Uganda [około 25 700 zł]. He was in the Philippines (3500 euros, or PLN 15,000) and spent New Year's Eve in Thailand (1500 euros, or PLN 6,420).
“I lost 50,000 euros through my own mistakes”
Losing hard -earned money is particularly annoying. “I thought almost everyone who was starting, and of course I wanted to get rich quickly,” he says. Today he can laugh at it. The 30-year-old tried many things: he lost 3400 euros [około 14 500 zł] on Wirecard [to niemiecki dostawca usług finansowych, który ogłosił w 2020 r. głośne w Niemczech bankructwo]several thousand euros on Iota cryptocurrency, almost 8000 euros [34 tys. zł] at katanga mining limited [zlikwidowanej w 2020 r. firmie wydobywczej]in which he has invested too much at the beginning of his investor's career and which “still dream at night”. He estimates that he lost about 50,000 in total. euro [214 tys. zł]. – You don't even want to think that [te pieniądze] Invested in ETF, in 30 years they would be worth 300 thousand. [1 mln 284 tys.] euro – he says.
– It hurts, there is nothing to hide. But without these mistakes I would not have the knowledge I have today – he assesses. His conclusion: Do not try to get rich quickly, focus on boring, long -term investments. That is why today it focuses on ETFs spread out around the world, in which he has invested 80 percent. your money.
“Financial freedom is not a sprint, it's a lifestyle”
Over the past two years, in building assets worth from 100,000 euro to a million also helped him his YouTube Finanzbaaer channel, which currently has 200,000. subscribers. There he shares guidelines for building property and says what he is investing in. While he had earned almost nothing before, it currently accounts for 20 percent. his income. In addition, he tries to earn money, often using the promotion [w bankach]such as bonuses for transferring a deposit or promotional interest rate.
And the future? He is glad that he may soon start a family with his girlfriend and consider part -time work. Financial freedom is rather a security for him. With over one million euros, he could withdraw. However, its monthly savings rate is still about 90 percent. Why? “Because I can and because I buy my freedom to make decisions later,” he says. Financial freedom is not a sprint, but a lifestyle.
Is there no dreams? Nice car, larger apartment, great computer? – I don't need it all. I have everything I need – he says.
When asked what advice he would give to the novices [w inwestowaniu]replies: – Just start. Don't be afraid of small amounts. 10 euros [42 zł] In the ETF savings plan it is better than nothing. And he calls to give up fear of making mistakes: – I also paid for learning. It is important to draw conclusions from it.
Many people have refined their choice of ETFs for months, instead of thinking about how to earn 500 euros [2140 zł] more per month. Whoever really wants to build a property should dare to talk about a raise, change of work or further education. – Everyone can fill the pension gap. However, to earn a million, commitment and restrictions are needed, “says David. His philosophy remains pragmatic. – It's not about becoming a millionaire. The point is not to be dependent on others in the future.
