Oskar Vitlif works as a freelance journalist and consultant for media companies. Last year he earned around 100,000 euros – he told us how he spends his income. Oskar Vitlif
Oskar Vitlif works as a freelance journalist and consultant for media companies. Last year he earned around 102,000 euros, of which taxes and social security contributions are deducted. He told us what he spends his money on.
Vitlif’s monthly budget fluctuates – but on average it amounts to 5,000 euros.
Years ago I set myself the goal of earning 100,000 euros per year. Last year I was able to realize my plan: my income as a freelance journalist and consultant, minus my operating expenses, was 102,000 euros. Taxes and social security contributions are also deducted from this.
But I didn’t always earn that much money. Especially during my studies and my subsequent journalistic training, I lacked a large financial cushion. In the meantime, I have built up financial security for myself – and discovered that I don’t need as much money in everyday life as I thought. This especially applies to material things. I have planned monthly expenses of around 3,600 euros. I save the excess money for vacations or invest it in the stock market.
I have fixed private expenses of around 3,600 euros per month
At the beginning of my self-employment it was challenging to cover my expenses and build up reserves. I also had to find out how much money I could earn. Nevertheless, I knew early on that I wanted to work as a freelance journalist. It was always important to me to work independently and take responsibility. The dependence on the employer and the lack of flexibility – especially when it comes to vacation or shift work – put me off. Rigid structures and fixed working hours were not attractive to me.
I also saw the potential to earn even more money in self-employment. In a permanent position there is hardly any possibility of significantly increasing your salary in a short period of time. 2019 was my first full year of self-employment. I earned around 38,000 euros gross that year. In the second year (2020) it was already 62,000 euros, in the third year (2021) 68,000 euros. In 2022 I earned around 74,000 euros gross and last year 102,000 euros.
My net income varies depending on the order situation. I pay myself about a third to half of my winnings. As an author, I receive a standardized fee. I earn significantly more money through consulting and training. The fees vary from customer to customer.
I don’t need as much money in everyday life as I thought
Since taxes and social security contributions are deducted from my income, I earn an average of around 5,000 euros net. However, this varies from month to month, as I make more or less profit depending on the order situation. Nevertheless, overall that is significantly more money than I need. Because I plan to spend around 3,600 euros per month on private things.
I’ve now realized that I don’t need as much money in everyday life as I thought. The most important thing for me is being able to pay the rent in a relaxed manner and go on vacation every now and then. I don’t spend a lot of money on material things and only buy the Bahncard for 1st class because I travel by train often.