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Old 01-19-2024, 06:42 AM   #10
JibsterGamez
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Join Date: May 2016
Age: 25
Posts: 57
Default Re: How can I make money on the side?

So as someone who has always been reasonably good with money numbers I've decided to redo this graph with a few extra additions as well. The top left table is exactly the same as the previous one, the other ones either account for mortgage rates (for the first 30 years deductible from tax) and/or local tax rates. (All based on dutch law / economy)
On top of that I've also calculated the average yearly income left over after cost of living (excluding mortgage/rent payments since those have already been included).

Now it should be noted that the tax i'm applying is income tax that's constant at this rate over X years. But it should be roughly correct since your income will also grow with the taxes if the government is doing mentally okay.

But in the most reasonable of circumstances where you do not spend a single penny more than you should (no vacations, living frugal) you'd need to work well beyond your pension age (in my case if I start right now working a job that requires experience and a diploma in my sector of preference I'd need to quit at age 90) and that's not even counting the roughly €50.000 of student loan debt i'd acquire and have rent over paying that back.

Graphs like these are only fun when you don't look at the external circumstances, but only considering tax and rent/mortgage you're already looking at an incredibly depressing image considering the maximum amount of work you'll be doing is 50 years if you're around 20yo and the fact you won't start near the underlined amount at all starting out your career. I'd be dead before I'd be a millionaire
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