“She left that boring 9-to-5 job and started a successful business that makes her seven figures a year!” “They sold everything and traveled around the globe for 2 years.” “A couple renovated an old farm house and lives their dream life with minimum budget.”

These are the stories we desire and consume. “All I wish is that I’d done that earlier” is the mantra of stories with a happy ending. But what about those who took the leap and didn’t make it? Those who ended using their savings and losing everything? Or those who made such huge life changes that it damaged relationships with their families? What can we learn from their experiences?

What I am trying to say is that although it is important that we have role models of people who are brave and succeed, I think we also need to listen to the stories of those who didn’t make it. And those who played it safe and still had a good life. Not everyone is happy taking risks and that is totally fine.

Playing it safe by running a sprint and a marathon at the same time

I have admitted to myself that I am not the risk-taker. I’d rather play it safe and be prepared. I love planning things, setting goals and having the feeling that I am steering the wheel.

But, on the other hand, I don’t wanna become one of those people who keep saying “one day I will” and then they never do it. This is why I have made plans that make it possible for me to achieve my long-term goals but also live the life I want right now.

My big plan

What does this mean in practice? I have calculated the amount of money I’d need in a month to have my basic needs fulfilled. A place to live, electricity, water bills, insurances, food and taking care of myself and my home would take around 2000 euros a month if I keep living in the same city that I’m living in now.

If I keep working with the same salary level that I have now, my retirement years starting from 66 years up, are covered with my pension. But if I either wanna or need to work less or wanna start living a different lifestyle, I’ve gotta have savings to do that. So, I have two separate saving/investing accounts: one for this economical freedom / earlier retirement plan and another for needs and dreams that I have right now.

I have calculated that I’d need have my own flat and at least 350,000 euros in my bank account before I could quit working and still maintain a comfortable living style. Nothing luxurious, like travelling, is included in this estimation. I am 50 years old and what I own now is a house (size 75 square meters) with a 116,000 euros loan from a bank. I have some savings and investments, but not even enough to pay off that bank loan. So, as you see, something needs to be done.

Here is my action plan at this point:

  • Keep working as long as you enjoy it and your workplace offers possibility for remote work from abroad too.
  • Keep saving 20–40 % of your net income until you hit your goal. But remember to fulfil some of your dreams already now. We never know when it is too late!
  • Keep doing part-time creative side hustles. Make it fun. Maybe you’ll be able to gain some extra income that helps you achieve your saving goals earlier on, or at least you’ll keep learning and creating new stuff.
  • Move to a smaller flat located in a cheaper area as soon as kids grow up and move out.
  • Be prepared that plans can change suddenly. And at that moment, it is good that you are not left empty-handed and can take some time and use resources to reorganise things.

How does this sound to you? Think I’m gonna make it or not? And what about your plans? Are you a risk taker or safe planner?