This week I had a guest post featured on Millennial Money Man. You can find below a short extract from the article.
First of all, I must point out that although there is definitely a kind of European approach towards retirement and social security, there is no such thing as a single European way. There are 28 member states in the European Union and several other countries in Europe outside the EU. In addition, each of them have their own tax and social security system.
As an EU citizen you are free to move, work and live in any of the member states, but those decisions might totally mess up your taxes.
For example, the Netherlands is only one country with a population of just 17 million people (only the double of New York city) with a size of less than 1/10th of California. It has its own unique tax rules.
What works in one country might not work that well in the other one. In the following, I will mainly concentrate on the Dutch rules and walk you through the FIRE process for Europeans that attempt it.
The Student Years
You just get out from the safe family nest and you already face money issues: financing your studies. This is an area where there is already a huge difference between the US and Europe.
Americans seem to be really cursed with the expensive education and as a consequence: student loans. How you deal with it can determine your future financial path already in the early years. It’s no wonder why the second sentence you read on M$M is that Bobby has paid off his $40,000 student loan debt in a year and a half.
If you are interested to read the full article, please click here!