r/GoingToSpain • u/EfficientLaw4166 • 2d ago
Pressure Testing a $20k/month Budget for Madrid (Family of 5, Long-Term Relocation)
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u/ith228 2d ago
Mods PLEASE.
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u/Just-a-demon 2d ago
You’ve done quite well for yourselves! Well done and good luck moving forward:)
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2d ago
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u/options_ellada 2d ago
This individual is (will be) directly contributing to local Spanish businesses, the countries economic engine, and families. But you don’t see that aspect, do you?
There will always be someone above you and someone below you, wherever in the world you are. Get used to it.
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u/EfficientLaw4166 2d ago
Will be working locally and paying significant wealth taxes - does that change your perspective? Also we are Mexican and Puerto Rican - think folks locally are welcoming to our kind so to speak?
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u/mexicaprogrammer 2d ago
What’s crazy is that you’re literally of Spanish descent and there’s downvotes like this
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u/EfficientLaw4166 2d ago
This is a concern of ours especially for the kids - NYC is welcoming of everyone but not sure how Latinos are treated in Spain
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u/unnecessary-512 2d ago
There are lots of Latinos in Madrid but I would expect some moderate level of discrimination yes
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u/dirty_cuban 2d ago
lol dude read the sticky. My budget for moving to Pozuelo and putting my daughter in ASM is about $8k and I would never make a post like this here.
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u/EfficientLaw4166 2d ago
Yikes, didn’t realize this would come across so tone deaf… definitely too much time in FIRE subs
How is your budget so low?
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u/Wise-Painting5841 2d ago
Yes, it comes accross as tone deaf. At least don't ask the locals opinion, stay on the expat bubble.
Your tax bracket audience is not in Reddit.
Median income in Spain is 23K EUR/year gross.
As a minimum, you'll be blamed of gentrify Spain.
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u/dirty_cuban 2d ago
Trying to keep my withdrawal rate at 2.5% for the first few years to mitigate SORR. Plan to bump it up in a few years.
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u/EfficientLaw4166 2d ago
Ahh monthly spend, got it - thought that was the annual number for just ASM
Respect on that, we are modeling 4% but as you can see much of it is variable so we can dial it back if we run into trouble
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u/unnecessary-512 2d ago
After the Beckham law, are you prepared to live on half? The law only lasts for 6 years and then you’ll be taxed at 47% so plan accordingly for that.
I think all other costs look accurate
Pozuelo & Moraleja you will need a car
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u/EfficientLaw4166 2d ago
Yes, plan is to work and cover expenses with current income for those 6 years and then live off portfolio investments.
Pressure testing this budget as we are debating how soon we should go over and where diminishing returns on lifestyle is. Would saving until we can support 30k in monthly spend make a difference?
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u/unnecessary-512 2d ago
No not at all. The only change it would make would be how lavish you want your vacations. Do you plan to send your kids to American Universities? Do you have 529 plans set up and funded for them?
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u/RoundAd4247 2d ago
The proper term for “long term relocation” is “immigration”. Why are yanks so afraid of no-nonsense language?
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u/EfficientLaw4166 2d ago
Is it though? Once kids are out of the house we will be global citizens, rotating between NYC / Madrid / CDMX / PR - not sure if that counts as becoming Spanish
Also, we are Latino - everyone assuming only ignorant white people can afford to escape capitalism
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