Age: 25
Spouse’s/Partner's age: NA
Annual gross income from employment or profession: $100,000
Annual gross income of spouse: NA
Monthly take-home pay $5800
Type of employment: e.g. Civil Servant, self-employed
Full time, private sector in the US
In general are you: saving
(a) spending more than you earn, or
(b) saving
Rough estimate of value of home NA
Amount outstanding on your mortgage: NA
What interest rate are you paying? NA
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Ireland:
Investments (degiro) €4000
Prize €3000
AIB Savings Account €1000
Irish Life Investment fund: €200 / month. Current balance €4300
US:
Started saving $2900 per month in a savings account - interest is negligible.
Do you have a pension scheme? Had in Ireland - only about €1500 in it.
Do you own any investment or other property? No
Ages of children: NA
Life insurance: No
Question:
I am currently working in the US. The career that I want to move to in 2020 - 2022 is that of paramedic in the ambulance service. The salary for this job starts at €25,000 but rises annually, plus the option of upskilling to advanced paramedic which will add just under €10,000 to the salary. Getting that 'promotion' is not guaranteed though.
I will be returning to Ireland next year with a minimum of €25,000 saved. At that point I expect to get a job relatively easily with a salary of €60,000 - €70,000 given the current market so can build on these savings.
What is the best way to proceed when I return to maximise the return on all saved money? I see two main options:
Ultimately - thousands of people work on this salary and less, and get on fine. I just feel that I'm at a huge advantage now to improve my quality of life in the long term and I want to make the most of it.
Spouse’s/Partner's age: NA
Annual gross income from employment or profession: $100,000
Annual gross income of spouse: NA
Monthly take-home pay $5800
Type of employment: e.g. Civil Servant, self-employed
Full time, private sector in the US
In general are you: saving
(a) spending more than you earn, or
(b) saving
Rough estimate of value of home NA
Amount outstanding on your mortgage: NA
What interest rate are you paying? NA
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Ireland:
Investments (degiro) €4000
Prize €3000
AIB Savings Account €1000
Irish Life Investment fund: €200 / month. Current balance €4300
US:
Started saving $2900 per month in a savings account - interest is negligible.
Do you have a pension scheme? Had in Ireland - only about €1500 in it.
Do you own any investment or other property? No
Ages of children: NA
Life insurance: No
Question:
I am currently working in the US. The career that I want to move to in 2020 - 2022 is that of paramedic in the ambulance service. The salary for this job starts at €25,000 but rises annually, plus the option of upskilling to advanced paramedic which will add just under €10,000 to the salary. Getting that 'promotion' is not guaranteed though.
I will be returning to Ireland next year with a minimum of €25,000 saved. At that point I expect to get a job relatively easily with a salary of €60,000 - €70,000 given the current market so can build on these savings.
What is the best way to proceed when I return to maximise the return on all saved money? I see two main options:
- Invest the money - I don't have much knowledge in this regard so am a small bit reluctant
- Buy an apartment instead of renting when I return. Overpay the mortgage as much as possible while I'm in a higher paying job to reduce the cost when going to a lower salary job. The idea is that this could turn into an additional source of income in the future or at least reduce my living costs once the mortgage is paid off as I won't need to rent.
Ultimately - thousands of people work on this salary and less, and get on fine. I just feel that I'm at a huge advantage now to improve my quality of life in the long term and I want to make the most of it.