The Eastern European Dream
I’m not sure that too many people realize that there’s an Eastern European dream that’s way easier to reach than the American dream. I’ll focus on the millennials in this topic, because I’ve seen a lot of bad press about our lazyness and not willing to work like our parents.
Why Eastern European dream and not European?
Simply put, economics… let me explain.
First, you need to understand that the costs of living are really small compared to the rest of the Europe. The average wage is between $7k — $35k according to this wiki page smaller taxes and a lower cost of living. Rents aren’t expensive in the city center and the public transport is negligible.
What’s the Eastern European dream that I keep talking about is having one or multiple assets that’s producing in the range of 8% — 12% rate. Some may say that’s not an easy thing to do, but right now there are plenty of opportunities considering that there’s an emerging market.
Depending on the country that could mean that having assets in the range $50k — $90k in USD could bring an income of $5k — $9k and the best part is that you’ll be paying less in taxes than someone that’s working a full time job.
Hint: My return rate on my metal detector site is at 45% yoy, there are plenty of assets out there that have a higher return rate than the stock market.
If you have a place to live in and you are generating that type of income you could have a decent life anywhere in this part of the world without having to do anything.
The millennials are entitled to this new way of life
The millennials are really entitled to the wealth created by the previous generations and I think that we’re not even aware of that. I’m a millennial as well and I consider this an opportunity for everyone in my generation.
If you are working in the job that’s high on demand, having a higher paying job means that you’ll be able to accumulate all that wealth in less than 5 years, which is crazy considering how much someone will have to work to put into a pension fund.
Why I don’t see this trend accelerating?
The statistics are showing that the population is lacking economical education, and most probably I wouldn’t know about this dream if I wasn’t lucky enough to get inspired from other people, books and blogs.
I’m a believer in capitalism and the freedom that it provides and I think that understanding how money works will result in a happier life.
There are other factors to consider why we don’t really care about our financial education, we come from communism and most of all we didn’t have to suffer any economic burden, while our parents and grandparents had to fight scarcity and job issues.
There’s a lot of hatred on the news and situation may seem grim, but statistically speaking we never had such an abundance in the history of the humanity.
For every millennial that’s out there, we had a decade of prosperity and we didn’t have to face any crisis on our own. We’ve seen the crisis in 2008, but nobody from this generation was working back then, so we never had to face the consequences on our own.
What do you think of this dream that’s leading to financial independence, would you do that?
It’s like having a golden goose and we don’t even know it, everyone can reach this type of freedom, it means taking a risk in your life to do achieve it but you can create your own pension fund.
While some of the Americans figured out this type of living at least 4 decades ago, we’re just getting started.
