Our Financial Independence Journey: Monthly Update #39 (March 2020)

Update 39


I hope you are all safe during the global COVID-19 outbreak.

I have so many things to say about this outbreak. Personally, financially, environmentally and humanly. However, I will save it for a coronavirus post in the coming days instead.

Let’s get on with the monthly update for March.

Personal life: What happened in March?

In March, like most other people our everyday life took a 180-degree turn due to the COVID-19 outbreak.

Luckily, my wife and I still have our jobs. We have not been forced to take a holiday or go down in salary which is fortunate from a financial point of view.

We are following the authorities’ guidance of social distancing. This means I am working from home while my wife is taking care of our daughter in the last months of her maternity leave. We also do not see anybody else.

We are cramped in an apartment, but we do try to take a good, long walk every day and that works so far.

It’s weird not knowing when everything will return back to normal, but so far, the new normal is not that bad 🙂

Financials: How are we tracking on our FI goal?

Financials in March. Where should I start?

Let’s start with the good news. On the positive side, we got a partial refund from our already booked vacation to Southeast Asia that is obviously canceled. I also received a good chunk of money from vacation days I had earned in my previous job but not used. To be honest, I had forgot all about them, so a payout of 40,000 DKK (5,790 USD) was a very pleasant surprise.

In other good news, being locked up in our home definitely makes it harder to spend money. This means we have had historical low spending in the past month.

Now, the bad news.

The stock markets crashed in March. Surprise. All of the nice 2019 gains are gone – and more. Since the start of February, my stocks have declined by 25%. That’s insane!

However, I have been surprised by how little I have been affected emotionally. I knew a stock market crash would come at some point. Through the years of pursuing financial independence, I have taught myself not to care about fluctuations in the markets.

The FIRE principle of having time in the market and not timing the market couldn’t be better right now. I see the dip as a chance to buy lots of stocks at a discount. Because of this, I have continued to buy frequently and I will continue to buy each month. This way I don’t have to think about when the market has reached the bottom.

We ended up with a savings rate of 60%, which is well above our 12-month trend of 39%. This was mainly due to the extra income I had not expected.

Our combined take-home income was at 97,543 DKK (15,007 USD). We managed to save 58,962 DKK (9,071 USD) resulting in the 60% savings rate.

Our net worth decreased by -4.2% this month, which is the biggest drop we have ever experienced. Somehow, we can’t seem to pass that DKK 3 million mark.

Our total combined net worth is 2,846,180 DKK (437,874USD), which is -4.2% lower than last month at 2,972,074 DKK (457,242 USD). 29% of our assets are liquid meaning they can relatively easily be converted to cash.

Stocks fell by -18% in February which is the biggest drop I have ever experienced in a single month. Oh. My. Lord. If I hadn’t read (and written) a thousand blog posts and comments in the personal finance community about how important it is to stay the course, I would have probably panicked and sold all of my stocks. Instead, I have now invested more than I normally would.

Our real estate net worth decreased by -1.5% because COVID-19 has put pressure on real estate prices too.

Crowdlending increased by 0.9% which is our most stable investment. However, I am very anxious to see how many of the platforms will survive this COVID-19 outbreak. Some of them are beginning to look less capable of doing so.

Lastly, cryptocurrencies fell by -34.5% which is also due to the coronavirus.

All our three financial independence goals decreased this month due to the COVID-19 outbreak:

  1. Three years’ expenses in savings: 57.0% (down from 60.4% last month)
  2. Optimistic FI goal: 39.0% (down from 40.9%)
  3. Traditional FI goal: 10.0% (down from 10.5%)

Blogging: How did key metrics develop on MoneyMow?

MoneyMow is not growing at the moment. I expect this is because I haven’t posted that much lately. However, I have started to line up posts for the coming months and I expect the blog to be busier.

The metrics last month were:

  • Visitors: Number of visitors was 8,020, and decreased by 27% compared to last month
  • Page views: Page views were 10,646 and decreased by 29% compared to last month

Favorite posts of the month

My favorite posts of the month were:

Stay safe during the COVID-19 outbreak. Let’s hope things have calmed a bit more down when it is time for the next monthly update.




Mircea April 17, 2020 - 20:00

Fast Invest update: it seems that they are still up and running… although late with psyments. Just got confirmation today that my 145eur requested on 31.03 are on the way to my bank… hopefully i will actually receive them..

Grupeer update: Looks like they are FRAUD. Big grup of investors on Telegram are already organizing to lawsuit Grupeer because they are not answering by e-mail, phone or facebook since 01.04.2020. Since then nobody received money. Also the investors contacted some of the companies that posted projects on grupeer website and these companies said they never signed with Grupeer.
More details on Telegram: just search Grupeer

Can you also please check and advise? Thx.

Carl Jensen April 17, 2020 - 20:28

Thanks for the update, Mircea. I have updated my Grupeer review advising everyone to stay away from Grupeer until further notice. I hope we will be able to recover our funds.

Anders April 13, 2020 - 17:10

Hi Carl – thanks for a fab website!
Question: How do you estimate real estate net worth? Perhaps dingeo.dk (fellow dane here) or some other website/service? Sorry if you have already answered this question somewhere on these pages.

Fernando April 9, 2020 - 22:30

Grupeer is a very good p2p platform indeed

Mircea April 13, 2020 - 08:20

Grupeer just loaded into my account a message saying they blocked all withdrawals till further notice…

Also Fast Invest platform is not allowing me to access withdrawal menu anymore.
Can you please doublecheck and feedback? Thx.

Carl Jensen April 13, 2020 - 15:29

Hi Mircea,

I just checked both my Grupeer and FastInvest account and I can proceed with withdrawals in both (although handling times have increased a bit on FastInvest). Could you send me a screenshot of what you are seeing?

Best regards,

Gadalean Mircea April 13, 2020 - 19:57

Sent to you by email… seems that i can t load pics here

Carl Jensen April 16, 2020 - 18:22

Thanks for sending it over. I haven’t been able to replicate it as my Grupeer non-invested funds are not above €5. I have stopped my autoinvest strategy and will try to withdraw as soon as possible. I’m not sure where I can see that Fast Invest does not allow it from your image?

For other readers, I have attached the Grupeer image here.

Financefreedom.eu April 9, 2020 - 22:26

Hi Carl! It’s amazing to see that you and your wife earn that much, incredible!
I haven’t maybe been following that sharply, but what do you both exactly do for a living?

Carl Jensen April 10, 2020 - 16:47

Hi mate,
Good question. I can’t tell you exactly which companies we work in (due to our privacy), but I used to be a consultant and now work in executive management in a private company. My wife has a very similar work history except in different companies 🙂
All the best,


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