Subscriptions can be a major player in trying to get ahead financially.
What can seem like a small amount of money, can be quite a lot when we multiply it by all of the months in the year.
My Subscriptions
- Phone: 100 DKK
- Brazilian Jiu-Jitsu: 500 DKK
- Sailing club: 200 DKK
- Boat Insurance: 20 DKK
- SOS Børnenbyerne: 160 DKK
- A-kasse: 470 DKK
- Union: 400 DKK
- Apartment Insurance: 300 DKK
In a total of 2150 DKK/Month (343 $)
Or………..
2150 DKK x 12 months = 25.800 DKK/Year (4125 $)
That is more than 25 % of my yearly expenses.
Ouch.
It’s Getting Worse
The first stage of my financial independence journey is to have 10 times my annual expenses invested.
Said another way.
All of my subscriptions requires:
25.800 DKK x 10 = 258.000 DKK
As I’m writing this I still need 338.510 DKK to hit my 10x goal.
This means, that if I canceled ALL of my subscriptions, then I wouldn’t need the 258.000 DKK and I would be 258.000 DKK closer to my 10x goal.
152 Days from 10x
If I canceled all of my subscriptions my 10x number would look like this:
966.000 DKK (Current 10x) – 258.000 (My 10x subscriptions) = 708.000 DKK
Since my current networth is 630.000 DKK, I would only need 78.000 DKK to hit my 10x goal.
I have been investing on average 15.800 DKK/month since I started my new job.
This means that I could be 152 days away from reaching my 10x goal.
What do you think? Should I quit all of my subscriptions?
-Pre-paid card, go for free wifi in the library.
-Become a paid “Kungfu” 😉 trainer (maybe at a lower junior level), still getting exersice, stop being a student.
-Rent out the boat, and push all costs to the renter. An asset has positive cash flow, a liability has a negative cash flow. Keep covered.
-Sell an article or two to the union / a-kasse, about your finances, and make them pay you / free membership, for your contribution to the institution.
-Rent out a bed to a roomy and push costs to the renter.
Haha!
Spot on.. Will for sure look up on all of them.
Thanks Mark
Killer tat, dude!
Thanks J$ 😀