2blacklines
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- 21
Age: 35
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 105,000
Annual gross income of spouse: 70,000
Monthly take-home pay: Approx 7,500
Type of employment: Both Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €600,000
Amount outstanding on your mortgage: ~€28,000 (over paying so will be gone by next summer)
What interest rate are you paying? 3.7% (with 2% monthly cashback giving effective 2.3% rate)
Other borrowings – car loans/personal loans etc: None, trust fund for child @ €250/month each to capitalise on tax free gift allowance to provide for third level education/future house deposit.
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: ~€30k
Do you have a pension scheme? Yes, approx 25% and 20% of respective salaries going into it in total. Pot is relatively small as only started in last 3 years.
Do you own any investment or other property? No
Ages of children: 1
Life insurance: Mortgage protection plus 4 times salary by employers. Also have income protection.
What specific question do you have or what issues are of concern to you?
We have always been very focused on paying down debt with a plan of being mortgage free. Due to this we have not really been investing in pension etc but will now max AVCs going forward.
Now that the mortgage is nearly cleared and with AVCs maxed, we will still have a bit of surplus cash each month which we do not want to leave on deposit due to the poor interest rates on offer, so are seeking advice on how to manage our money going forward. As we have nothing urgent to save for, our target is to have maximum flexibility i.e. to be able to take a career break in the future / allow for illness etc. We would also like the option to retire early but appreciate that our low pension pot may not allow this to happen
Initial thoughts are to keep about €20k in a rainy day bank account (KBC Extra looks good) and invest approximately €3k in a managed fund each month to spread the stockmarket risk but would really welcome some advice as I've never ventured into this area. Originally I would have chosen to invest in a rental property but I do not feel the value is there at the moment and could do without the hassle!
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 105,000
Annual gross income of spouse: 70,000
Monthly take-home pay: Approx 7,500
Type of employment: Both Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €600,000
Amount outstanding on your mortgage: ~€28,000 (over paying so will be gone by next summer)
What interest rate are you paying? 3.7% (with 2% monthly cashback giving effective 2.3% rate)
Other borrowings – car loans/personal loans etc: None, trust fund for child @ €250/month each to capitalise on tax free gift allowance to provide for third level education/future house deposit.
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: ~€30k
Do you have a pension scheme? Yes, approx 25% and 20% of respective salaries going into it in total. Pot is relatively small as only started in last 3 years.
Do you own any investment or other property? No
Ages of children: 1
Life insurance: Mortgage protection plus 4 times salary by employers. Also have income protection.
What specific question do you have or what issues are of concern to you?
We have always been very focused on paying down debt with a plan of being mortgage free. Due to this we have not really been investing in pension etc but will now max AVCs going forward.
Now that the mortgage is nearly cleared and with AVCs maxed, we will still have a bit of surplus cash each month which we do not want to leave on deposit due to the poor interest rates on offer, so are seeking advice on how to manage our money going forward. As we have nothing urgent to save for, our target is to have maximum flexibility i.e. to be able to take a career break in the future / allow for illness etc. We would also like the option to retire early but appreciate that our low pension pot may not allow this to happen
Initial thoughts are to keep about €20k in a rainy day bank account (KBC Extra looks good) and invest approximately €3k in a managed fund each month to spread the stockmarket risk but would really welcome some advice as I've never ventured into this area. Originally I would have chosen to invest in a rental property but I do not feel the value is there at the moment and could do without the hassle!