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I'm in my 20's and just starting my career as a data scientist. I live between the United Kingdom and the rest of Europe. I have read the answers to this question but it seems to be very US-centered.

Generally speaking (could apply to most Europeans):

  • I don't have to worry too much about the pension scheme as it seems that a percentage of my pay is put into the pension scheme automatically every payday. So I don't even know what a 401k is. However the UK is not my home country, so I don't know that would work out when I will decide to go back home to Europe.
  • I have no student debt because education is free, as is healthcare.
  • I don't intend to move out of Europe.

Personally speaking:

  • I earn £3750 a month, I pay 850 bills not included in my accommodation.
  • I pay £400/500 a month for travel (between my workplace in the UK and my home on the Continent).
  • So far I have just try to diversify the income I receive in three currencies to reduce the volatility, I don't even know if it is the wises option.

My goal is not to worry about money now and forever. (a subgoal is to have enough money if someday I decide to try to live for my artistic activities). I am risk-friendly.

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A quick answer to give you some ideas about your assumptions:

  • your pension will be a fraction of what you will earn later in life. So you might want to start your own saving so you will have extra "private" income
  • You should have some extra savings. What is usually called "emergency money cushion" also apply to Europe. You might want some extra, faster medical procedure or performed in countries so that would force you to compensate some portion. Or you will need to spend on something "out of the pocket".

If you are renting/leasing your current flat think about buying yourself one in the price range of monthly rate equal to what you're paying now. You might rent that place later on or sell it.

In general similar ideas for "passive income" for US can applied to EU.

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