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The idea of being self-employed is often associated with freedom and the possibility of building something of your own, but in practice, this “freedom” comes with a disproportionate financial and bureaucratic burden. It is evident that, under the current system of tiered contributions and taxation, self-employed individuals with moderate incomes face an unsustainable situation. Fixed costs, such as self-employment contributions and income taxes, along with deductible expenses, significantly erode gross income, leaving many self-employed workers with net earnings barely comparable to the Minimum Interprofessional Wage (SMI).

From my perspective, we are witnessing a structural shift in the dynamics of saving and investing, reflecting both the evolution of financial markets and the growing influence of external factors, such as monetary policy and technological regulation.

The decreasing appeal of fixed income is not surprising. The high yields it offered during 2023 and part of 2024 were a direct consequence of the high interest rates imposed by the European Central Bank (ECB) in the context of an economic crisis.

The index tracking renewable energy stocks plummeted by 26% in 2024. This trend does not surprise me at all, and in fact, I consider it quite predictable given the current context. Several key factors are driving this differential growth in favor of “green” companies.

First, we are witnessing a significant shift in government policies worldwide. Since the Paris Agreement, and especially in recent years, governments have intensified their efforts to combat climate change.

Early withdrawal from a pension plan is a decision that can have very unpleasant tax consequences.

First and foremost, it is crucial to understand that pension plans were designed as a long-term savings instrument with significant tax benefits. When we make contributions, we receive deductions from our taxable income in the Personal Income Tax (IRPF). However, this benefit comes with a catch: the money is “locked” until retirement, unless in very specific situations.

2025 has the potential to become a pivotal year for the Spanish startup ecosystem in terms of funding rounds. This is not merely a cyclical rebound, but the result of a series of structural and situational dynamics that are converging to position Spain as a key player in the global innovation landscape.

First, I believe Spain has reached a point of maturity in its entrepreneurial ecosystem. Over the last decade, we have seen Spanish startups evolve from local projects to companies with global ambitions, capable of attracting foreign capital.

The situation in the Spanish real estate market is frankly concerning. The outlook suggests an escalating housing crisis, particularly affecting young people and the most vulnerable social classes. First and foremost, it is alarming to see the housing deficit continue to grow. While an increase in property transactions is expected, potentially reaching 670,000 in 2025, this will not be enough to meet real demand. The forecast of 250,000 new households being created, compared to just 150,000 new construction permits, is a clear indicator that the supply shortage will persist.