In this case study, we cover the story of David, who went from earning just €1,300/month a couple of years ago to now being on track to reach financial independence at 53 (14 years before the official retirement age) as estimated using our FIRE Belgium Calculator (get it for free here). We share his numbers, his portfolio, his exact ETFs, and his plan for financial independence.
David is one of the 554 students of the Index Investing Online Course. We share his story so you can learn how to better invest and build financial security and freedom.
If you want to get started with evidence-based passive investing optimized for Belgian taxes, check out our free interactive workshop on how to build wealth on autopilot.
The Starting Point: Eastern Europe, Italy, and €600 Rent
David grew up in one of the poorest countries in the EU. After studying civil engineering, he graduated right into the 2008 financial crisis. There were no jobs, only unpaid internships. He moved to Italy, added a Master’s in Management, and landed a consulting job in Milan.
His salary: €800/month during probation, then €1,300/month on a permanent contract. His rent alone was €600/month.
“I was never good with saving money. I could not afford a whole lot. Even after progressing through several roles, saving felt impossible and the idea of investing was really just a dream.”
His best salary in Italy plateaued at €1,800/month. A crypto experiment here and there. A few hundred euros in a savings account. That was the full extent of his wealth-building.
The Phone Call That Changed Everything
David was headhunted for an IT consultant role at the European Commission in Brussels, offered €280/day.
“I thought it was a scam, to be honest. They called me and I didn’t apply. But then I received an email with the numbers and I said, okay, finally I got rich.”
Once in Belgium, he quickly realized €280/day was below local standards. But he moved up fast. Today he earns €550+/day net of VAT through his own BV/SRL company, paying himself and his wife a tax-optimized salary for a total of €5,000/month net, nearly 3x his Italian income, excluding dividends.
Of that €5,000, they invest between €2,500 and €3,000 per month.
The Wake-Up Call: Watching Money Evaporate
The real turning point came when a family member asked David for financial advice. He looked at money that had been sitting in a bank account since 2010. It was nearly worthless after inflation.
“I saw how it was totally devalued due to inflation and rising costs.”
That moment sent him searching. He found FIRE Belgium through the Freelancers in Belgium community, joined the Index Investing Bootcamp, and built his personal investment plan.
The Portfolio: Exactly What David Invests In
After building a 6-month emergency fund, David invests €2,500 to €3,000/month into a structured ETF portfolio.
Asset allocation: 70% global equities / 30% bonds
ETFs:
- He started with VWCE (equities) and VDTE (bonds), inspired by Vanguard’s approach
- After Q&A sessions in the bootcamp, he switched to SPYY/ACWE (equities) and GOVA (bonds) for even lower costs
Brokers:
- Bolero: high security, convenient for Belgian taxes
- MeDirect: free transactions. He buys here and transfers to Bolero periodically to cut costs
“Simple. Keep it simple and stupid. KISS method. Low fees, peace of mind.”
The Numbers: FI Calculator Says 53
Using the free FI Calculator with David’s inputs (2 adults, €0 starting capital, €2,500 to €3,000/month invested, €2,000 to €2,500/month needed in retirement), David reaches financial independence in under 16 years. That’s at age 53, 14 years before Belgium’s official retirement age.
“I know that in several years it will get me closer to financial independence: the freedom to change a job, quit one I don’t like, take a gap year, travel. This is the ultimate thing the portfolio gives me.”
Financial independence doesn’t mean stopping work. It means choosing. Better negotiating position. Better clients. Less stress.
The Moment It Clicked
“Wait, this is possible? Index investing can really change my life? This was the most important moment of the course. I realized it’s a real thing that happens to people, and it doesn’t require that much.”
4 Key Lessons from David’s Case Study
1. Increasing income can be life-changing, but you have to stay open. Career change, new country, new employer. David’s move to Belgium tripled his income.
2. Earning more is not enough. Most people upgrade their lifestyle when they earn more. David and his wife grew the gap between earnings and spending. That gap is what builds wealth.
3. Investing is buying financial freedom. Not sacrificing money for the future, but buying control over your time.
4. Index investing is actually simple. Two ETFs. One allocation. One plan. Anyone can do it. It should be taught in school.
Listen to the Full Episode
You can watch the full episode on YouTube:
From €1,300 to €5,000/Month: How David Is Retiring 14 Years Early
Or listen on your favorite podcast platform:
- Spotify: https://open.spotify.com/show/0Pn2Gu1kSM5xtOgH3osjU7
- Apple Podcasts: https://podcasts.apple.com/us/podcast/the-fire-belgium-show/id1632972120
Ready to Build Your Own Plan?
David’s story is not unique. He is one of 554 students who have built their investing system through the FIRE Belgium Index Investing Course, coming from all kinds of backgrounds and income levels.
If his story resonates with you, here’s where to start:
Step 1: Use the free FI Calculator to find out when you could reach financial independence.
📊 https://firebelgium.com/ficalculator
Step 2: Watch the free interactive workshop to understand exactly how to build a simple investing system optimized for Belgian taxes.
👉 https://firebelgium.com/investingworkshop
Your version of David’s story starts today.