Hi,
I’d like to ask the posters here for some financial advice. To cut a long story short, I’m 30 with virtually no debts and no assets. I have an opportunity for the next two years to save perhaps EUR 20k per year. Here are the details:
I am concerned because right now I have no savings for pension, no investments, no emergency money, and I own no property.
What freaks me out is the fact that when I move back to Europe, possibly with only 55k in savings and a wife and kid, this is not a good situation, considering that I will need to provide for my family.
My fiancé is an experienced accountant (31 years old, 7 years experience) who has lived in Dubai for 7 years. She also has no savings, but a reasonable job with an annual income of 22,000 euro tax free. She, however, has some debt:
My fiance speaks English but not German; this would surely be a problem when we move back there.
Also, she has 7 years accounting experience but no higher certification, which I see as a hindrance. I am trying to encourage here to do a CMA course here in Dubai. The cost would only be 3000 euro, but she is balking at the expense of it (I think it’s a bargain at that price).
When I came to Dubai, I was single and expected to save 60 – 100k before returning, still single, to Europe for a life of comfort.
Now that I’ll have a wife from June and a kid in 2015, and less savings and still no assets, I am a little stressed to put it mildly. I love my fiancé but want to avoid financial stress and be comfortable when we go back to Europe.
Please advise me. I really need it.
I’d like to ask the posters here for some financial advice. To cut a long story short, I’m 30 with virtually no debts and no assets. I have an opportunity for the next two years to save perhaps EUR 20k per year. Here are the details:
- I work in IT and last August moved to Dubai to take up a permanent job.
- My income in Dubai per annum is EUR 63,000, all tax free.
- Of this, I receive around 3,000 euro per month
- 10,000 euro twice per year in lump sums
- the remainder in a few smaller payments per year
- In terms of debt, I owe EUR 3,200 to AIB for a student loan. This will be cleared by April 2013.
- I have no children yet.
- I met a girl here and am getting married in June.
- We are planning for a child in the second half of 2015.
- I bought a new car in Dubai last December on hire purchase. Outstanding amount is EUR 12,000 spread over the next 32 months. The repayment amount per month is very small and I only spend around 15 euro per fortnight on running the car.
- in 2013, after clearing my college loan, I can save 9,000 euro
- in 2014 I can save 22,000 euro
- in 2015 can save 25,000 euro, all while remaining debt free and living a good lifestyle
I am concerned because right now I have no savings for pension, no investments, no emergency money, and I own no property.
What freaks me out is the fact that when I move back to Europe, possibly with only 55k in savings and a wife and kid, this is not a good situation, considering that I will need to provide for my family.
My fiancé is an experienced accountant (31 years old, 7 years experience) who has lived in Dubai for 7 years. She also has no savings, but a reasonable job with an annual income of 22,000 euro tax free. She, however, has some debt:
- 4500 euro on her credit card (combo of purchases and debt incurred to fly family members to Dubai as a one-off)
- A mortgage for a property in the Philippines: cost = 300 euro per month until mid-2017. Idea is to have an asset
- A loan for the refurbishment of a family property, which she has a stake in. Cost = 300 euro per month until 2015
My fiance speaks English but not German; this would surely be a problem when we move back there.
Also, she has 7 years accounting experience but no higher certification, which I see as a hindrance. I am trying to encourage here to do a CMA course here in Dubai. The cost would only be 3000 euro, but she is balking at the expense of it (I think it’s a bargain at that price).
When I came to Dubai, I was single and expected to save 60 – 100k before returning, still single, to Europe for a life of comfort.
Now that I’ll have a wife from June and a kid in 2015, and less savings and still no assets, I am a little stressed to put it mildly. I love my fiancé but want to avoid financial stress and be comfortable when we go back to Europe.
Please advise me. I really need it.