Day 24

Today I shall share my financial freedom masterplan! Muhuhhaahahaaahahaaa

So whats my plan?

Well, yeah, kinda, one small step a time.


  1. Financial stability
  2. Financial freedom
  3. World domination

But obviously there are substeps to every step of the world domination masterplan.

This plan will most definitely change over time but for now this it is the following.

Masterplan of Financial Freedom

Get as many freelance projects as possible for at least my hourly rate(€85 or €110,00 depends if there’s a middleman). I know I can do waaaay better with value-based pricing and productizing but I’m not quite there yet. If you have any suggestions please enlighten me.

Lets pick € 90,00 as the average rate.

€ 77.165,20 / € 90,00 = approximately 857 hours of work

857 / 40 (hours a week) =  almost 21 and half weeks of fulltime work

The first 4 years of my company I worked 80+ hours a week so it is possible to do more than just 40.

I want to get some side-projects as well and average about 60 hours a week.

857 / 60 (hours a week) =  a little over 14 weeks of fulltime work

But that is without the costs of living. Which is way lower if do it quicker. Faster is also better when it comes to the interest and penalties on the debt.

By writing this I understand why it’s so damn important that I get rid of this asap!

As you’ve seen the last 3 weeks, I can live on nearly no money at all but my rent is quite a lot. Right now I get by on about € 1.000 to € 1.200 per month (82,5% is rent).

So lets say I can only get booked solid for 40 hours a week.

That means: 21,5 weeks which is about 5 months. So should add € 1.200 x 5 = € 6.000,00 to the total.

(€ 77.165,20 + € 6.000,00) / € 90,00 = 924 hours of work

That’s 23 weeks. Still around 5 months.

I’m not even calculating the extra amount of tax that I will have to pay over some of these figures. So lets add some percentage to it and lets get it over with. More than have of my debt are payments from my company to the IRS so I won’t have to pay income taxes over them but for personal debt I do.

My personal debt is luckily only 11% of the total debt. So 89% is tax free. Some of that money actually has VAT in it which I can get back. That portion will cover the interest rate of all the debt.

Lets add 30% to the personal debt as income tax.

€ 8.669,58 * 1,3 = € 11.270,454

That means I will have to work 3 and a half days extra to cover the tax costs.

So in total I will have to work just a little under 24 weeks. But lets round it up to 25 because that’s an awesome number.

I kinda skipped over the first step which is to establish my emergency fund (baby step 1).

But it all ends well because I rounded upwards anyway.

Lets say I start next Monday on the project that is about to land. I would be financially stable on the:

14th of May 2018

Which would leave 527 days (370 business days) to create financial freedom.

Yeah this was the most boring post so far but I hope the giphies make up for some of the dry material.

Here’s the visual plan:

Lets move on to the every day stuff! ?

Day 24 balance:

Expected expenses today:
Some shopping around € 20 and some drinks tonight

Expenses yesterday:
€ 8,48(shopping)
€ 0,00

Expected income today:
I love that it worked yesterday so lets go bigger!
I’m expecting  a lot of unexpected income today 😉

Income yesterday:
€ 14,00 (The unexpected income I was expecting :D)

€ 12,55

Current balance personal account:
€ 76,40 – € 8,48 = € 67,92

Current balance business account:
– € 24,35

€ 43,57

– IRS: € 46.534,16
– Business: € 22.016,58 – € 11,55 = € 22.005,03
– Personal: € 8.669,58

Total Debt:
€ 77.208,77

Balance day 24:
– € 77.165,20

€ 5.170,00


Currently reading this financial book:

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy

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