7 Things I Wish I Knew When I Came To Germany

Summary

In this informative video, Essen, a researcher, shares seven essential tips for newcomers to Germany. The video covers the importance of understanding the German insurance system, the necessity of personal liability insurance, the pitfalls of signing contracts without reading, the value of investing in quality essentials like shoes and jackets, the benefits of using price comparison sites, the significance of having an optimal pillow, the wealth-building potential of the stock market, and the often-overlooked support available from the German government. Essen also emphasizes the importance of tax optimization and the need for patience when adapting to life in Germany.

Takeaways

• 🇩🇪 Germany has a comprehensive insurance system with five main pillars: health, nursing care, pension, unemployment, and accident insurance, which are compulsory for certain groups.
• 🏠 Personal liability insurance is highly recommended in Germany, even though it's not mandatory, due to the potential financial consequences of causing damage to others.
• 📝 Never sign contracts without thoroughly reading and understanding them to avoid legal trouble and financial obligations that may arise from misunderstanding contract terms.
• 👞 Investing in quality shoes and jackets is more beneficial than owning many low-quality pairs, as good quality can be affordable and last longer.
• 🛌 Finding a comfortable pillow is essential for a good night's sleep, and it might be worth investing in a good pillow despite the initial cost.
• 💰 Investing in the stock market is a powerful wealth-building tool and can be started with as little as €1 per month, building a habit of regular investing.
• 🤝 As a foreigner in Germany, you can receive help from the government in various areas, including funding for language courses and vocational training.
• 💼 Tax optimization is crucial, and filing a tax return can result in a significant tax refund, especially for students or those with high study and work-related costs.
• 🕰 Patience is key when living in Germany; progress and achievements take time, and it's important to celebrate financial milestones along the way.
• 🔒 Home and car insurances are obligatory for those who own them, with specific regional requirements for dog insurance depending on the dog's classification.
• 🛒 Websites like Idealo can be great for comparing prices on items like jackets and shoes to ensure you're getting the best value for your money.

Q & A

How long has the speaker been in Germany?

The speaker has been in Germany for almost 9 years.

What are the five pillars of the German social insurance system?

The five pillars are statutory health insurance, nursing care insurance, pension insurance, unemployment insurance, and accidental insurance.

Why is private liability insurance important in Germany?

Private liability insurance is important because if someone causes damage due to carelessness, they are legally responsible for the financial consequences, which can be severe.

What is the cost of personal liability insurance in Germany according to the speaker?

The cost of personal liability insurance is around €2 to 5 per month.

Why should one never sign contracts without properly assessing them?

Signing contracts without proper assessment can lead to legal trouble and financial obligations that one might not be aware of or agree with.

What is the speaker's advice regarding the quality of shoes and jackets?

The speaker advises investing in a few high-quality shoes and a jacket that provides moderate warmth, rather than many low-quality items.

What is the importance of having a good pillow in Germany according to the speaker?

Having a good pillow is important for comfort and sleep quality, and it's worth investing in one that suits personal preference, even if it's more expensive.

Why did the speaker recommend starting to invest in the stock market early?

The speaker recommends early investment because the stock market is a powerful wealth-building tool, and starting early allows for habit formation and compounding effects.

How can foreigners benefit from the German government's support?

Foreigners can benefit from government support in areas such as language courses, vocational training, and education vouchers, depending on individual eligibility.

What is the purpose of a maintenance declaration for tax optimization?

A maintenance declaration allows individuals to claim back a portion of the money sent as remittance to support family, potentially saving thousands of Euros in taxes.

What is the speaker's perspective on the pace of life and achievements in Germany?

The speaker acknowledges that progress and achievements take time and encourages viewers to celebrate financial milestones and not to rush the process.