ThirstyLizard
Registered User
- Messages
- 30
Hi all,
I'm a long time lurker, 1st time poster. It's great to finally join the community.
We are relatively comfortable with our current financial position and would rate ourselves are good savers. Our business has been growing over the past 12 months and we now find ourselves projecting a healthy profit for the current financial year of circa ~ €130,000k (in addition to our salaries - see below). The business doesn't required these funds to grow or to for general day-to-day operations.
__________
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: €33,800
Annual gross income of spouse: €33,800
Monthly take-home pay: €4,500
Type of employment: Self-Employed via Ltd Co.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving €1,500 - 2,000 per month.
Rough estimate of value of home: €330,000.
Amount outstanding on your mortgage: €250,000.
What interest rate are you paying? 3.3% (AIB <80% LTV) - €1045 monthly repayment with 34 years remaining.
Other borrowings – car loans/personal loans etc. None.
Do you pay off your full credit card balance each month? N/A.
If not, what is the balance on your credit card? N/A.
Savings and investments: €20,000 in regular saver accounts.
Do you have a pension scheme? No.
Do you own any investment or other property? No.
Ages of children: None. Planning/hoping for a child within the next 12 months.
Life insurance: None.
What specific question do you have or what issues are of concern to you?
With the significant increase in our earnings this year, we have found ourselves not really knowing where to go, or look, next... Is it a good time to start a pension? Or Invest? Or start overpaying our mortgage? Should we take the profits out of the company additional salary, or leave them in the company, or... Agghhh!!!
Basically we feel there are a lot of options available, which is great, but we are unsure of what is the best way forward! I'm hoping this is where the AAM community can step in and provide us with some advice...
Thanks in advance!!
I'm a long time lurker, 1st time poster. It's great to finally join the community.
We are relatively comfortable with our current financial position and would rate ourselves are good savers. Our business has been growing over the past 12 months and we now find ourselves projecting a healthy profit for the current financial year of circa ~ €130,000k (in addition to our salaries - see below). The business doesn't required these funds to grow or to for general day-to-day operations.
__________
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: €33,800
Annual gross income of spouse: €33,800
Monthly take-home pay: €4,500
Type of employment: Self-Employed via Ltd Co.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving €1,500 - 2,000 per month.
Rough estimate of value of home: €330,000.
Amount outstanding on your mortgage: €250,000.
What interest rate are you paying? 3.3% (AIB <80% LTV) - €1045 monthly repayment with 34 years remaining.
Other borrowings – car loans/personal loans etc. None.
Do you pay off your full credit card balance each month? N/A.
If not, what is the balance on your credit card? N/A.
Savings and investments: €20,000 in regular saver accounts.
Do you have a pension scheme? No.
Do you own any investment or other property? No.
Ages of children: None. Planning/hoping for a child within the next 12 months.
Life insurance: None.
What specific question do you have or what issues are of concern to you?
With the significant increase in our earnings this year, we have found ourselves not really knowing where to go, or look, next... Is it a good time to start a pension? Or Invest? Or start overpaying our mortgage? Should we take the profits out of the company additional salary, or leave them in the company, or... Agghhh!!!
Basically we feel there are a lot of options available, which is great, but we are unsure of what is the best way forward! I'm hoping this is where the AAM community can step in and provide us with some advice...
Thanks in advance!!