S
sydnick
Guest
Age: 35
Spouse’s/Partner's age: single
Annual gross income from employment or profession: approx €83k
Annual gross income spouse: N/A
Type of employment: e.g. contract IT professional
Expenditure pattern: on current contract can save approx
€25k per annum
Rough estimate of value of home N/A
Mortgage on home N/A
Mortgage provider: N/A
Type of mortgage: Tracker, interest only, fixed rate
Interest rate
Other borrowings – no debts, no loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: €7k Rabodirect (rainy day money), €13k BOI & AIB shares, have just sold 2 properties in Ireland, net to me after CGT, fees, etc is €560k
Do you have a pension scheme? approx €20k in overseas pension, no irish pension
Do you own any investment or other property? no
Ages of children: none
Life insurance: no
What specific question do you have or what issues are of concern to you?
I am an IT professional on contract overseas (non-EU). I have spent my whole working career working hard, living frugally and paying off my investment properties. I now have approx €567k in cash (from sale of my investment properties) + €13k in shares and can save approx €25k per annum...by still working hard and saving harder...I've got the saving habit now
I really want to return to my hometown in Ireland but this is just not possible in my current line of work. My dream (like everyone) is for my assets to provide me with enough income so that i can give up work and pursue other interests. I'm sick of IT and do not want to work till I am 65 only to die of a heart-attack at 66 !!! I have considered putting €200k into a house in Ireland with a €170k mortgage, the rent should cover the mortgage. This would give me a house to move into should i return to ireland. However i don't believe property to be a good investment in ireland anymore....could this money be working harder for me elsewhere?
A friend has said I should be putting all extra cash into my overseas pension....but i don't want to wait that long. I know it's tax efficient but I am really determined to become financially independent asap and am willing to do anything to achieve that goal. Basically what i am asking, is it possible to work for maybe 5-10 more years and then be able to retire, or am i just dreaming ? and if possible what investments should i make ? I am confortable with risk as i am relatively young and earn good money. I estimate that with a mortgage of €1100 per month I would need €45k net per annum + 3-4% for inflation to live the life i would like (even less if i can arrange some work in ireland). Any advice is much appreciated.
by the way - I love the forum and have learnt loads already from here
Spouse’s/Partner's age: single
Annual gross income from employment or profession: approx €83k
Annual gross income spouse: N/A
Type of employment: e.g. contract IT professional
Expenditure pattern: on current contract can save approx
€25k per annum
Rough estimate of value of home N/A
Mortgage on home N/A
Mortgage provider: N/A
Type of mortgage: Tracker, interest only, fixed rate
Interest rate
Other borrowings – no debts, no loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: €7k Rabodirect (rainy day money), €13k BOI & AIB shares, have just sold 2 properties in Ireland, net to me after CGT, fees, etc is €560k
Do you have a pension scheme? approx €20k in overseas pension, no irish pension
Do you own any investment or other property? no
Ages of children: none
Life insurance: no
What specific question do you have or what issues are of concern to you?
I am an IT professional on contract overseas (non-EU). I have spent my whole working career working hard, living frugally and paying off my investment properties. I now have approx €567k in cash (from sale of my investment properties) + €13k in shares and can save approx €25k per annum...by still working hard and saving harder...I've got the saving habit now
I really want to return to my hometown in Ireland but this is just not possible in my current line of work. My dream (like everyone) is for my assets to provide me with enough income so that i can give up work and pursue other interests. I'm sick of IT and do not want to work till I am 65 only to die of a heart-attack at 66 !!! I have considered putting €200k into a house in Ireland with a €170k mortgage, the rent should cover the mortgage. This would give me a house to move into should i return to ireland. However i don't believe property to be a good investment in ireland anymore....could this money be working harder for me elsewhere?
A friend has said I should be putting all extra cash into my overseas pension....but i don't want to wait that long. I know it's tax efficient but I am really determined to become financially independent asap and am willing to do anything to achieve that goal. Basically what i am asking, is it possible to work for maybe 5-10 more years and then be able to retire, or am i just dreaming ? and if possible what investments should i make ? I am confortable with risk as i am relatively young and earn good money. I estimate that with a mortgage of €1100 per month I would need €45k net per annum + 3-4% for inflation to live the life i would like (even less if i can arrange some work in ireland). Any advice is much appreciated.
by the way - I love the forum and have learnt loads already from here