# early 40's mortgage cleared



## ADK (14 Aug 2020)

Age: 41
Spouse’s/Partner's age:39

Annual gross income from employment or profession: 65k
Annual gross income of spouse: 66k

Monthly take-home pay: mine 40k net i think 3300p/m

Type of employment: e.g. Both Public Servants

In general are you:

saving: trying to invest 500 a month along with 1150p/m PRSA

Rough estimate of value of home 330k
Amount outstanding on your mortgage: o


Other borrowings – car loans/personal loans etc None

Do you pay off your full credit card balance each month? n/a


Savings and investments: 13k cash  5k irish shares on de giro

Do you have a pension scheme? yes PS DB scheme joined in 1999, started PRSA 30k balance contributing 1150p/m

Do you own any investment or other property? no

Ages of children: none

Life insurance:  none

We have paid off the final installment of the mortgage and Im evaluating what to do next. My wife is a teacher and we both have no debt, we were thinking of changing the layout of the back of the house and upgrading but I reckon it would cost 60/70k and im not sure it is crtitical(more about light and a view of the back garden rather than more space) i have decided to do minor alterations and see how i feel then-im not sure the outlay would be worth it.  I dont think we will be able to have children unfortunatly so i dont see that being an issue with finances.

I started in the PS at age 20 and have been in a professional position for the past 15 years i have 21yrs service. Im really dreading  work most days and im not sure if that because its me being depressed bringing that to the role or the job is doing it to me if that makes sense?. Im a QS and even though im good with numbers, but i have been working on my own for a long time and i find it stressful and i worry about errors etc. because these usually alot of money at stake - safe to say i have no passion for the role even though others think i do a good job.  It is a reasonable paying pensionable job and i have passed up higher positions because i feel i have reached my level. I know i should be thankful for a comfortable stable job in these times but lately i have started to wonder about leaving the role at some point in the future and get away from the desk job and perhaps work part time or do something im more passionate about. Ive 21 yrs service in the Public Service. I have started a PRSA because i cant see myself staying up until 60 thats how unhappy i am in the role. My thinking was that by the time im 50(assuming pay rises with inflation) i could have enough of a retirement pot to leave at 50 and do a lower paid or part time job with more flexibility up until 60 then retire(I live off 20k p.a. currently and save the rest) and at aged 60 should have DB pension income of 25k(30yrs*65,000salary/80) . I have also set up a PRSA(lower charges that AVC's)  and am paying towards it agressively  thinking by age 50 id have enough(hopefully around 200k by age 50- to stop contributing ; the PRSA pot, with projected 5% annual return and 2% inflation that the pot could hopefully grow  to when im 60. I have also started purchasing some Irish shares(it seems to be straightforward to declare dividend income on my tax) but after I have maxed out pension contributions I still have a couple of hundred each month to invest long term , I was thinking something hassle free like an investment trust is that the correct term?(something low hassle that the likes of zurich or standard life operate  that pays the tax for me for a reasonably low charge?), i dont want the hassle of purchasing a cheap investment property being a landlord not for me. Should i look at Purchasing Notional Service if so when is the time? Is all this pie in the sky? Any feedback greatly appreaciated. tks


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## dereko1969 (14 Aug 2020)

Can't really advise on investments, but first - congratulations, would love to be in your financial shoes with a mortgage paid off and no other debts. With regard to career, I'd advise first looking for a move within the Public Service as that might re-light your fire rather than looking to leaving straight away. Also consider a career break first, you can take a few years off before committing to leaving permanently. 
Use the training opportunities that the PS can offer to find something that you're more interested in.
Is your lack of passion for the job a post-lockdown thing or was it there before? I wouldn't make any drastic career decisions at the moment as we're all discombobulated by the whole working from home/lockdown situation.


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## ADK (16 Aug 2020)

Hi Derek thanks for your repl, yeah delighted to have no debt. re career ive been doing my job for so long that i m not sure i could swap across to something but it is a thought, if i came across something similar in pay i would stick my neck out and try move, if i did leave id consider a  career break thanks. Certainly i have felt like this for the past few years. any more observations ? tks


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## Drakon (17 Aug 2020)

ADK said:


> ...if i came across something similar in pay i would stick my neck out and try move,



Very difficult to find something that pays similar even if you have “transferable skills”.
As suggested by Derek, try a move within the PS, to an entirely different job that appeals to you. This is more likely in the PS than private sector so may as well use it to your advantage. Then take it from there.


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## Leper (17 Aug 2020)

Please note I have no professional qualifications or no qualifications whatsoever if you like. Like ADK my wife and I worked mainly in the civil/public service albeit at  lower grades and had our mortgage paid off at age 45 (Mrs Lep had to leave the PS on marriage (obligatory back then) but was reemployed years later in a different position. With the exception of us having 4 children and a couple of cars held together by a spit (apologies for being glib - that's just me!). Otherwise, I could have written the whole original post almost word for word.

ADK doesn't have to think about college expenses etc in the future. There are people inside and outside the civil/public service that would kill to be in ADK's position i.e. in a good promoted grade and mortgage free. I know I would! (metaphorically). So what's the problem? The problem is that there appears to be no problem. But, he didn't post here out of boredom and wants something else in life and perhaps even a challenge.

€65K is a good CS/PS salary but there are many promotional grades that will pay more (if more money is what is required by the OP). Perhaps ADK should seek further promotion. He needs some kind of kick-start and perhaps a suitable university course for him beckons. Some kind of passion needs to be restored.

Should he buy notional service? - If he intends to work for 40 years in the PS no; if he wants to exit early yes.

My Advice:- (i) Don't score any Own Goals - I did with Eircom shares and AIB shares. I also bought a holiday home in Spain (just to complete a hat-trick of Own Goals).
(ii) You're heading for a rut - Don't get there. Go back to college.
(iii) Appreciate everything around you especially your wife and lifestyle. Don't take them for granted. One telephone call could change everything.
(iv) I don't think you're the guy to let out property. Don't even think of buying a holiday home abroad.
(v) The Main Rule in GAA terms:- Do not change a Winning Team.

[If this post is in any way offensive please feel free to have it deleted - I don't mean to offend]


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## Sunny (17 Aug 2020)

You are in a financial position that most people would be envious of. Reading your post and I might be wrong but it is not the financial aspect that you need the most help with. It sounds like you feel stuck in a rut and not sure where to turn. Before you make any big decisions, I would take the time to talk to someone. I have used a life/career coach in the past and I found them to be really excellent. It is not rocket science but they force you to think honestly about what you want and then how it might be achievable. Maybe you have a dream to run your own business or maybe you just want to go for a promotion in the PS. Or maybe you are happy where you are and there are issues that are not job related that is causing you to feel the way you do. Either way, talking to someone that has more than likely been in same position as you is well worthwhile.


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## Blackrock1 (17 Aug 2020)

you are in a good position, a great position really, but sorry i dont mean to sound harsh here, you need a shake.

the reason you are feeling like you are is because you are bored and unstimulated, you have have let yourself get comfortable and passed on promotions saying you have reached your level (Look at the lads and lasses ahead of you, genuinely, can you say they are better?) Give yourself a push and see how you go, if you still hate it you can leave anyway but its a challenge you need.

and the stuff you are considering for the house, do it, you have the mortgage cleared, make your home the best it can be and enjoy it, what are you saving the money for?

obviously all of the above is in my opinion, feel free to completely ignore

but good luck!


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## cremeegg (17 Aug 2020)

You define yourself by your job, and that is no longer enough for you. You need a challenge.

Financially you are secure, you will never be super wealthy, but I don't think that bothers you.

You are a sucessful QS in the public service. Thats a solid career achievement. You will never win a Nobel prize, but I don't think that bothers you either. 

You need to devote yourseld to something new. Join the Greens and dedicate yourself to saving he planet. Take up wood turning and produce beautiful furniture, whatever attracts you. You can be a successful QS in the public service on the side.


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## TheBig40 (17 Aug 2020)

There is a book by Charles Handy called The Second Curve. It covers some things that would tie into your initial post that you might find useful. Your concerns seem more esoteric than money related and this social philosophy might help you find greater meaning in the work you do or push you to try something else.
Personally I found doing a MSc in my late 30s helped me think about my work/life differently and my studies were only tangentially related to my job. I just used the study as a way to think more about life and gave me things to focus on for a little while that was not the day job - the change overall had a positive impact on my life. 
Best of luck, it’s hard to be settled and unsettled at the same time.


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## Live Well (18 Aug 2020)

As above. I would consider doing a MSc through the PS and \ or changing roles to another PS organisation. I can imagine it would be easy enough for to to move if you approach Management and asked to be allowed to move. Have you considered where you would like to move too or what you would like to do? You might need to consider asking for a career break if you are feeling burnt out, it happens a lot more than people realise but no one talks about it.


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## phoenix53 (18 Aug 2020)

Look up some articles on the "Imposter Syndrome" and see if they relate to you.  You say others think you do a good job but do you think the same?https://www.mindtools.com/pages/article/overcoming-impostor-syndrome.htm


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## ADK (29 Aug 2020)

Sorry for the delay in getting back, thanks for all the advice, interestingly not too much financial advice offered more life advice.
Leper: Thanks for the good life advice in particular really caught my eye, i might look into the notional service cant see myself doing the full 40 sitting at a desk , i might look into going back to college but ive honestly no idea what i would do instead.
Sunny: thanks ive thought about the life coach, id love to talk to someone in the same position its not something id be particularly be comfortable talking about with colleagues tbh.
Drakon: im not sure there is such a job in the PS!
Blackrock: perhaps i do need a good shake, i do feel a little somethin not sure what the term is, bored/in a rut
Creamegg: I do a bit of volunteering sort of sports marketing kind of thing and i really enjoy it as im a fan anyway, id actually like to do more of it paid or unpaid as it is something im passionate about
The big 40: Im going to read that book you suggested thank you
Live well: i do feel a bit burnt out but again its not something people talk about i certainly wouldnt be comfortable talking to with colleagues
Phoenix 53 yes a bit definitely, thanks for the resources. Woa alot there much to ponder


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## Leper (29 Aug 2020)

Interesting thread this - just set my mind thinking - I remember (back in the day) when three low grade civil/public servants of my acquaintance applied for the most junior of management jobs (most basic internal promotion) and were each informed by more senior management that they were not fit even to do the competitive interview never mind being considered for the job.

The Result:- One of the three is now a university lecturer, another an advisor to another country's Dept of Agriculture and the third is a successful practicing solicitor. So much for some management assessments.


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