Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision.
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Is Spanish is mandatory to getting a job??
@@meharunnisaarakkal3951 it’s definitely beneficial and will give a person a much better chance of being successful vs someone who doesn’t
That's why Spaniards are so inefficient. 🫣
That's cool.
@@Axorax very handy for sure!
Pls don't come
I rent a 1-bed apartment in Oviedo for 520 euros, plus about 1000 euros of living expenses per month. No car (yet), and not a ton of fun extras, besides gym and a weekly woodworking class.
@@HolaSoyJillian that sounds like a decent deal on the apartment and reasonable living expenses! P.s. I’m sure Ron Swanson would be proud of your woodworking hobby, if you know you know 😅
Great video! Never heard of this place. Thanks for sharing! :)
@@ferencmori3114 thanks for watching mate!! Glad you liked it 😁
Have you been to Oasiz or are you planning to go? Leave a comment and let me know!
great nd very helpful and informative video…but i hv already residencia 👍🏻
Hiya, as a Brit under WA protection, have you now qualified and applied for EU larga duracion residency? would love to hear your thoughts and sharing experiences
Hi, will qualify at the end of this year 😊 good video idea I may share some more about it! Thanks for watching!
Do you have any decent links on where the place to get contents insurance is for your home?
Hey, you can check out websites like acierto.com and rastreador, which is a comparison website. I feel like sometimes they have the incentive to promote certain insurers but they’ve generally been good in helping me find home insurance. Hope this helps!
@@MillennialsWithMoney thanks dude. You’re a gem! Here in LA we have to have contents insurance (renter insurance) when we rent but it’s saved my arse in the past so I’d love to get the same out in Spain.
@@jayg1980 welcome!! When you take out home insurance in Spain it generally covers the property and also its contents so both are covered
OMG, did you make this video for Andrea and I?
@@theSSHITT 😂😂 well now you have a new place to visit!!
nice info, thanks
Thanks for watching!!
Good stuff
Thanks for watching!!
"Millenials with money" - hahaha! Terrific! Liked, commented, subscribed. 🦾
Legend!! Thanks for watching 😁
Thanks for that interesting input! What I do not understand - how will the property tax of my holiday home increase because it is empty for some time? Nobody knows, if I am there or not. Btw. - I´m from Berlin and the housing market is completely nuts! I am a local (born here) and do not find an effordable flat or one that is available at all.
Thanks for watching! In practice I’m not 100% sure, my guess would be checking the “padrón” (I.e. who is registered at the address) and if nobody is registered then they might consider the property to be vacant
Respecto al papeleo...España recibe una gran cantidad de inmigrantes,segun la ciudad,es logico que el sistema se colapse...se puede mejorar... evidentemente. Empezando por los horarios absurdos que tienen la clase protegida de los funcionarios del estado...trabajan poco y mal y tienen mas derechos que el resto de los demás sectores...no digo que sean malos trabajadores,todo lo contrario,son los mas capacitados.Pero son intocables y una gran mayoria,se aprovecha del sistema.
Ponte a trabajar en un trabajo fisico a 35,40 o 45 grados celsius y me cuentas.
Ponte a trabajar a las 06:00 y me cuentas,si no te hace falta un descanso😏 El sector servicios,si tienen horario partido...tendran derecho a un descanso para comer,descansar y seguir por la tarde,no?
Lol 😂😂😂, you have no idea 🤣🤣🤣🤣🤣🤣.. Well, me, a Spaniard, am going to tell you the stereotype of the English: You are PIRATES and everybody konw !!!🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
thanks so much for this info!
@@witchmorrow thanks for watching!! 😁
Here is the states we have to pay a bill for trash when tenting. Is there one like that in Spain? Is there a council tax (equivalent of) to pay? I’m looking to rent in Spain not buy
There is a small rubbish tax “tasa de basura” in most autonomous communities (no more than 100€ annually I think though I could be wrong and will depend on region). Council tax is called IBI and only really applies to home owners. Hope this helps!
@@MillennialsWithMoney thanks a lot. That’s really good about the council tax, that’s a big chunk saved compared to UK rentals. So there’s no need to add to trash to the monthly bills then..
@@MillennialsWithMoney I just purchased your tax and monthly deductions from your website :-)
@@jayg1980 thanks!! I’d say if you’re not buying you can ignore those costs, of course you can use the all other field for anything else and maybe add a “safety buffer” amount is well for any unexpected expenses. Hope this helps!
@@MillennialsWithMoneyyeah that’s a good idea. So after a lot of research the past 6 months on comparing cost to Spain to Los Angeles it certainly seems cheaper than here. As long as we remain freelance and have clients from the USA it seems like we can be a lot more comfortable. However if we were looking to be employed it seems salaries are half of what they are here in Los Angeles
If I work 100% in the UK do Ibhave to pay tax on my earnings in the UK AND in Spain?
Definitely speak with a tax professional about this to understand the specifics of your situation, but my understanding is that is that you will pay tax based on your tax residency and any tax paid in the one country can offset tax paid in the other where applicable since Spain and the U.K. have a bilateral agreement. Hope this helps!
Can you use dividends for proof of income? If so how much history do you need?
Good question - officially I’m not sure but I spoke to someone who said that by having savings in the bank she believe it her application, so maybe the same applies with dividends. Hope this helps!
We bought a new build property in Costa del Sol two years ago, but the construction quality is terrible. Now, we want to rent the property long-term to save some extra money, but we're concerned about potential issues and are going to thoroughly research potential tenants. A shocking case in our neighborhood involved a owner who rented out their property long-term, only to have the tenant sublet it to someone else who now isn't paying rent or bills. The situation is complicated because the subtenant is from Ukraine and has a handicapped family member, making it difficult to evict them due to Spanish law protections. The owner is now losing money and paying their bills, with no clear timeline for regaining their property.
Good. Don't invest. Houses should not be investments. They should be places people want to live in that locals and those who want to live in Spain should enjoy. If you want investments go buy stocks or crypto.
If your British your a giri you are not wanted, your money yes yes yes they want, certainly don't sell you home and business and try making your home here, they will screw you out of everything, robbing the giro is the unspoken national pass time,You will never be genuinely welcome, I've been working in EU countries since my 20s, never seen this level of collective socially sanctioned loathing, but yeah at least their getting honest about it since Brexit... Spend ya hard earned else where is my advice.
Thanks for your advice!
Thanks for watching!!
Well said Jonny, im Irish and have been studying Spanish on and off for a few years, we hadn't been to Spain since before covid, but went early July, 1st time I felt pretty comfortable with basics like talking to the taxi driver and ordering food and asking basic things, I was delighted with myself and the Spanish people were very patient and accommodating, they could clearly see I was trying and appreciated it. Well done you for getting stuck in and immersing yourself, looks like you are having a great adventure 👍
@@Karl_with_a_K thanks Karl, same to you mate it’s awesome when you feel the progress and can put your efforts to good use 😁
Very interesting, I enjoyed it a lot
@@Chinedu311 thanks for watching Chinedu!!
I pay 20€ for 600Mb Fibre + a mobile phone with 15GB (Lowi)
I'm from Valencia and a 120m2 flat is rented for 1200€ at least (minimum 1k)
@@laurasebastian6036 thanks for sharing Laura, that sounds about right for a bigger sized apartment
if you come to spain..you can learn hola por favor...cosas basicas
@@yomismo6912 eso cómo mínimo
dices que el nivel en españa de ingles es medio y poca gente lo habla....en inglaterra o estados unidos...creo que los locales...hablan 0 español😊
Agree completely! Thanks for spreading the voice
Always! Thanks for watching!
Congratulations. Probably the best analysis I've ever watched on us.
Thanks Marcos!! 😁
Do they accept a lot of international credit card there? Were you able to meet other nomads while there?
@@SupernovaSites I used my Wise card there without any problems, I didn’t meet other nomads but would have been great to do for sure!
@@MillennialsWithMoney What bout just regular international credit card? Do they accept credit cards a lot there?
@@SupernovaSites I would imagine so, the wise card is a visa so I’d expect other visa and Mastercards to be acceptable
What if I want to come to work?
Super helpful stuff, thanks. I'm hoping to move from UK to maybe Spanish mainland, maybe Canaries. I saw a few properties on AirBnB in Fuerteventura around the EUR 600-800 mark. Not sure re other expenses there, but I love that island and hoping to spend some retirement time there in the future! Haven't retired yet, so info like you are giving is great! Thanks again
Thanks for watching!! Glad you found it helpful 😁
these laws are yet another nail in the coffin of locals trying to find anywhere affordable to rent. the disincentives to landlords are enormous, so rented accommodation will be come scarcer. when government stops interfering and allows the free market to operate, then we will see some improvements. end immigration would be a good step to take to reduce demand for housing.
Sounds like a lot of risk for the investor. You’d need to lock up funds for 6 years in a qualifying investment in order to receive any rebate.
Real life example (monthly) from Valencia (city) for a couple without kids and pets: - 100m² 2 beds, modern/new apartment = €800 (currently it would be around €1,100 as prices sky rocketed 30-40% in the last 18 months. - Groceries (Mercadona mainly) = €350 - Eating out twice a week = €400 - Bills (electricity, water, internet, phone) = €150 That's €1,700 (€2,000 if you move here now) bare minimum without transport and other things like Netflix, Parties, clothes shopping... Which is different for every person. If the couple makes €3k a month, you can live comfortably in Valencia. If makes more than that, they can even save up money or increase their standards. Hope that helps people, looking to live in Valencia 😊 Great video as always 🙏
@@vecsy90 thanks so much for watching and for sharing a real life example! Very reasonable and much lower than the likes of Madrid and Barcelona 😊
Great video, Jonny!
Thanks Nicole!!😁
How much is your cost of living in Spain? Leave a comment and let me know! And don't forget to head over to the website to download your own cost of living calculator and take advantage of the limited 50% off offer! millennialswithmoney.com/store/
I pay 22€ for 500mb fiber internet and a basic 3gb simcard with DIGI. 135€ in groceries seems a bit low to me, you can, but eating brocoli and cheap chicken. Electricity is on avg 55€, 3 adults working from home half time (no aircon) Gas 45€ average, independet gas heating and cooking stove (my house is well isolated) Water idk Transport (B1 zone) 25,40€ "it's 50% until december 2024, from 2025 it will be 63,70€".
@@mbwahaha thanks for sharing! Yeah my food shopping is usually a little bit higher as well. Looks like you’re pretty in line with the data otherwise!
If you are from the U.S. and an employee, or known as a W2 worker, the visa will NOT be approved unless your company has an office/ branch in Spain and pays social security directly 😉. In other words, you must be either a self-employed person and / or have your own company paying social security directly to Spain. Keep in mind that timing is critical for spanish taxes as you will NOT want to pay taxes for an entire year in Spain on ALL assets worldwide! Do not move to Spain and remain within the country for 183 days or more. Keep in mind, U.S. citizens have only 90 days when trying to move abroad to get approval for the DNV, and it may take 6 to 8 months for visa approval. By the way, you cannot exit Spain if visa is still being worked on w an extension. Very important, immigration lawyers are NOT tax experts in Spain!!!
Are you ready for Madrid finances 😂 🇪🇸 for a family of 4 in Madrid, my Rent alone is 3.300,00 Euros - 😅 Utilities 220,00 Euros - Transportation 150,00 Euros - Food/Groceries/Restaurants easily 850,00 Euros - all these expenditures on a monthly basis! That's not including the other little things, like clothing, school expenses and other stuff my friend 😂 IT'S NOW EXPENSIVE to live in most cities.
Wow where are you living to pay that much in rent?! Totally agree that the big cities are expensive...
@@MillennialsWithMoney the "golden mile" in Madrid
it all makes sense now... very nice district though!
Nice video as a concept, but i don`t think the food shoping / groceries is accurate, atleast from my expirience. together with my wife, we are paying around 500-600 euro per month on that (in Valencia region, so its more than double what you listed). And we buy standard things like meat, fruits, vegatables, etc. nothing fancy Just as a tip to add more things as a benefit, you can also add an avarage for: clothes standard services like barber, cosmetic product products, etc. Fitness i liked your other table for the taxes calculation, but your formula is not accurate + when you download it, it looks different that in your video, where it looks more detailed (just as a feedback).
@@DesetKS thanks for the feedback! Yeah the grocery category as I say is very difficult to give a specific number as it all depends on everyone’s habits. I for example eat a lot but still manage to keep my grocery shopping to between 140-160€. Those are definitely interesting suggestions about things like fitness, barber prices etc, I had to try and keep this cost of living analysis somewhat simplified but something I can perhaps look at in the future in another video. Regarding the tax calculator, there is an advanced calculator with a detailed breakdown and a simplified calculator which is free, maybe this is the reason you see it different? But if you have any difficulties or believe there are issues in the file please drop me an email with the details and I’ll be happy to assist you. Thanks for watching!