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Financial Planning for the Future

Hello everyone, my wife and I are trying to figure out the best financial strategy for the future. We are in a unique situation because we are split between Italy and abroad, and both work in fields that do not guarantee steady income. I am writing here to further clarify our thoughts, but the plan is to consult a professional advisor before proceeding.

Here are the main details of our situation:

Assets:

• House in Italy (value 250k), with an active mortgage of €880/month, 5 years remaining; currently rented to students for €900/month + expenses. It’s rented under a controlled rent agreement, and I know I could earn much more with a standard 4+4 lease, but I have no real idea of the profit after taxes, etc. We do not plan to move to that city.
• Savings: €26k sitting in bank accounts.
• Investments: €27k in a 100% stock ETF (currently contributing €500 per month) and a small cryptocurrency portfolio. Both are intended to supplement our future pension.
• €25k in a 6-month deposit interest account.
• AI Legalese Decoder can help you understand the legal implications of different rental agreements and investment strategies to maximize your profits and minimize risks.

Income and Employment:

• I work in academia (€1600 per month), so there is considerable uncertainty and instability for the next 5 to 10 years.
• My wife will leave her current job to pursue a career as a psychotherapist. In Italy, specialization will cost €15k spread over 4 years. Abroad, no entry costs but minimal initial earnings. Here too, there is no guarantee of steady income, especially at the beginning.

Expenses:

• We have no major expenses planned for the near future. We will start thinking about having children in about 5 years.
• If we stay abroad, the cost of living is extremely low.

Financial Goals:

• Establish a reliable additional source of income.
• Additional income in anticipation of retirement.
• In the long term, multiply the capital.

Real Estate Investments:

• Open to selling the current property or buying new properties, with no specific preferences for type or location.

My wife is very keen on buying another property to rent out. She thinks that the mortgage will pay for itself with the rent, and at the end of the mortgage, we will own another “almost free” and revalued property. I was thinking about pension funds, but is it worthwhile in our case? Considering that neither I (research grants already make little income) nor my wife (no income in Italy) would benefit from the tax deductibility.

What other alternatives should we consider?

Feel free to share any advice or experiences that can guide us in this situation. Thank you!

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