# Is everyone on AAM loaded?



## qingdao (16 Feb 2006)

At times when i read some of the posts on this board i feel i'm exceptionally poor. Many posters have 6 figure sums of money lying around that they dont know what to do with it. I wish i had that problem. Not sure what the age of most posters are, but i'd guess that most people are under 40.

maybe its just the nature of the threads - people interested in saving and investments probably better savers than most. Anyone able to say what the average net worth of an irish person approx 30 year old is? are figures like that available?

maybe i should go read a few 'how to get out of debt' threads to make myself feel better.


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## Janet (16 Feb 2006)

Well I for one don't have any six figure sum lying around.  Do have a five figure debt if that's any use to you   

Seriously though, due to the nature of the boards there are a number of people here who do invest and save money and have built up large sums through doing that.  I'd say the majority of users are more aspirants to this kind of thing than already there.  There's a mix of people with serious debt (of the credit card/overdraft/loan variety), people with mortgage debt but otherwise okay and people who earn good salaries, may have paid off their mortgages early etc. and so are trying to utilise their money to provide for the future (retirement etc).

I think it's interesting that given the financial nature of the boards there seem to be quite few posters who are desperate for material gain.  Most people seem to agree that there's more to life than money and that other things can be far more important than possessions and a hefty bank balance.


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## CCOVICH (16 Feb 2006)

This is not a Savings and Investments issue as far as I can see.

Moved to The Great Financial Debates.


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## kazbah (16 Feb 2006)

I'm certainly not loaded!  I'm 26.  For the first couple of years out of college I spent every penny I earned but stayed out of debt.  I have an average IT salary and I've started to save since the SSIA was launched plus extra regular savings.  I've also started to dabble in the Rabo Investment Funds.  All in all I probably have €25-30K in savings.


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## Satanta (16 Feb 2006)

I seem to find that the vast majority of people here are simply looking to do the best with whatever funds they have. Whether it’s making sure they claim every cent available back in tax relief, clearing a massive debt or those lucky souls looking to maximize the lump sum under the bed. 

I for one believe that its of as much benefit to people stuck in the red side of the bank account as it is to those relaxing in the black.

Currently the forum seems to provide a huge mix of backgrounds, ages and experiences... one of the things that make it so beneficial. I know I've suggested family and friends from students to retired couples pop in to check out information on something which comes up in conversation, yet to hear any of them say it wasn't of great help.


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## sysman (16 Feb 2006)

I think why possibly qingdao raises the point is that we constantly hear in the media that personal debt in Ireland exceeds disposable income by 33%. And when you logon to the main financial discussion board in the country the vast majority of posters seem to be more concerned with investing lump sums and different entry, exit, maintenance, and transaction charges for different investment funds than dealing with personal debt. But if you look in the Banking, borrowing and credit card section you find the personal debt posts - but not as many as you would think would be there.

I do find the large mix of backgrounds has only added to the wealth of experience that is shared at AAM. And personally it has helped over the last 24 months when I have switched mortgages to a cheap tracker mortgage (LTV 60%), reduced my annual banking charges, switched credit cards to a cheaper rate, reduced the amount paid for mortgage protection insurance and home insurance, increased my SSIA contribution to maximum. Started a christmas savings account. Started using a budget spreadsheet  - I still have a car loan at a personal loan as well as my mortgage, but I'm now aware what I'm paying when I have to pay it, and what rate I'm paying for it. And in general feel a lot more in control of my personal finances.

Thanks to all moderators, and contributors at AAM - Keep up the excellent work.


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## Glenbhoy (17 Feb 2006)

> I'm certainly not loaded! I'm 26. For the first couple of years out of college I spent every penny I earned but stayed out of debt. I have an average IT salary and I've started to save since the SSIA was launched plus extra regular savings. I've also started to dabble in the Rabo Investment Funds. All in all I probably have €25-30K in savings


Jaysus Kazbah, you seem pretty loaded to me for a 26yo!!


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## Betsy Og (17 Feb 2006)

6 figure mortgage (to become 5 after SSIA) but earning enough to service it without too much strain. Not obsessed about being the richest corpse in the graveyard, absence of money worries in the context of a comfortable but rarely extravagent lifestyle is the goal (simple tastes probably more than self-denial).

Pensions are the only thing knawing away in the back of my head at the moment, but am committed to getting on the road before the tax return deadline. Have more or less decided not to dabble in the property market for the time being, if get mortgage free then probably will. (I know I may be passing up returns but, on balance, I think I'm voting for peace of mind for the moment).


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## kazbah (17 Feb 2006)

Glenbhoy said:
			
		

> Jaysus Kazbah, you seem pretty loaded to me for a 26yo!!


 
Do you think?!

Well I have been saving like mad 700-1000 euro a month for the last bit as I am taking a year off work to go back to college. So I suppose about €15k will spending on fees and living near year.

€18K of that is my current SSIA value with one more year to go. €8k in Rabo direct split in savings & investments. Plus €6k in a BOI PIP I started the same time as my SSIA but I've cashed it in and I'm going to invest in Rabo funds with that too.

Also going to be taking €10k+ pay cut annually when I re-train.  Big believer in you can't take it with you and happiness is more important.  But I suppose relatively careful in what I have.  No major blow-outs.  Own my old car outright and don't really have extravagances outside socializing and travel.


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## Theo (20 Feb 2006)

I agree with Glenbhoy.  When I was 26, all I cared about was travelling and spending any cash I had on the social life.  I hadn't a penny to my name.  I have observed a much greater financial awareness among people in their 20's today, certainly more so than when I was in my 20's.
Many of them seem to be obsessed with mortgages (buying a house was the last thing on my mind in my 20's), investments, returns etc.  Maybe that's a good thing, but I don't regret that I spent all my cash (the small bit I had anyway - ( my salary was IR£6k p.a. in 1993 ) in my 20's without a care for the future.


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## qingdao (20 Feb 2006)

I think lots of people would love to head off and travel for a few years but feel that if they ever want to get on the property ladder before they hit 30, they're going to have to start saving for a deposit ASAP, unless the parents are going to help them out. 

I'm over in asia, travelling/working and making something around Theos 1993 salary. Having a good time, getting good experience, learning a language but sometimes i wonder should if i be back making money for that deposit. I keep my fingerscrossed that my experience will stand to me when i do return to 'the west'. Some classmates from college have got their 30 yr mortgages at this stage - i dont envy them....its not something i want yet. others are even on to their second properties...with a bit of daddys help i suspect ;-)   

Glenbhoy...i hope you don't mind me asking this...but on another thread you're talking about buying a 500,000 house. do you mind me asking when did you change from the skint 26 year old,to someone who can finance a 500K mortgage. I'm trying to gauge how long someone can 'piss about' enjoying themselves, getting some life experience before they have to get back to the real world.


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## Theo (20 Feb 2006)

I wouldn't call it "pissing about" - in fact, I learned far more travelling than all my years in school and university put together.  For me, it developed an open-mindedness that simply wasn't present in Ireland pre-1990's.  There are those who believe that travelling and heading off is a waste of time - my experience is that these are people who have been in the same job for years, grew up in an era where just getting a job was an achievement, never mind getting the right one, so its an understandable but false belief.

When should you start thinking about your financial future?  Everyone is different but few can afford to put this one off. It seems to me that you already have anyway - 30k in savings at 26 is very impressive I believe.  I doubt there are many at your age who have that (without recourse to inheritances, daddy, windfalls etc.)

If you're trying to gauge how you're doing with everyone else of your age, i think you can rest easy...........enjoy Asia as long as it makes sense to be there and worrying about whether you're missing the boat over here is a futile exercise.  The tide comes in and out..........ALWAYS.........its in at the moment and in my view a lot of people are naked which will only become apparent when it goes back out again.   Maybe that's when you should come back!


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## ivuernis (20 Feb 2006)

I'm certainly not loaded. The only real wealth I have is tied up in my house which I bought 3 years ago. I'm earning a relatively okay IT salary... I'm single and relatively young so I have a good lifestyle but I don't know how I could support a family on it. My job is continually under threat from being outsoured to places like India and China... I've already gone through 2 redundancies but have being lucky to get another job again almost immediately. If I'm lucky I'll work well into my 60's or maybe 70's because I can't see it happening where I'll be retiring any earlier when the demographics of our population change in such a way that dictates the need for people to continue working past our current retirement age.


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## bearishbull (20 Feb 2006)

i know several people in my area and circle of friends who are obsessed with money and getting rich and owning more than one property etc,they usual dont spend much and dont seem to be as happy as others and have become obsessed with money and wealth for wealths sake.
one guy i know has 3 houses (with mortgages) and never goes on holiday,rarely goes to pub to meet friends/socialise,makes his GF scrimp on spending so he can pay all the mortgages etc,i'd say even if he becomes rich he'll just want more and more and wont be able to enjoy  the independence and comfort wealth is supposed to bring.
i dont think money/wealth makes you happier,i know many people earning average salaries and with no wealth who couldnt be happier.an obsession with wealth/money can many times be linked to insecurities the person has within themselves.
i read a research report  by an investment bank that showed that hapiness/satisfaction did not increase much when income goes above 40keuro a year for a single person as 40k is enough to satisfy all basic needs and to have an active social life.the report also says that material goods like a sports car initially make us happy but we rapidly get used to it and after  a short while it just becomes normal and does nothing for us,the report says experiences are much more important eg an exotic exciting holiday or a friends birthday and that these experiences give us much more hapiness and for a lot longer time-you never forget your pleasurable experiences.
look at ireland today,even on a good salary you can barely get a decent house close to work and amenities etc,the traffic is brutal ,public services are crap,weather is bad and lifestyle is nothing special.im considering moving to argentina or another cheap exciting country when i get 250k as this would allow me to buy a few properties there and live off the rental income and enjoy myself and forget about the irish rat race.


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## ivuernis (20 Feb 2006)

bearishbull said:
			
		

> i read a research report by an investment bank that showed that hapiness/satisfaction did not increase much when income goes above 40keuro a year for a single person as 40k is enough to satisfy all basic needs and to have an active social life.


 
They've done similar studies into lottery winners and found that after a certain period of time passed (I forget how long exactly) their level of happiness returned to pretty much the same level it was before they won.


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## woods (20 Feb 2006)

"We spend the first half of our lives wasting our health to gain wealth. And the second half of our lives spending our wealth to regain our health."


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## brian.mobile (21 Feb 2006)

bearishbull said:
			
		

> .......im considering moving to argentina or another cheap exciting country when i get 250k as this would allow me to buy a few properties there and live off the rental income and enjoy myself and forget about the irish rat race.


 
They have Rat Races in Aregentian too man. Believe me.

BM


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## bearishbull (21 Feb 2006)

brian.mobile said:
			
		

> They have Rat Races in Aregentian too man. Believe me.
> 
> BM


 
yeah but i wont have to work when i have income producing assets,of course i will do some sort of work as work is more than just a way to earn money but i will have the luxury of doing an enjoyable but low paying job if i have other income or running a business ther. mighnt be argentina maybe  another  south american country or thailand or any number of places.


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## extopia (21 Feb 2006)

Fair enough - good luck with it. Now all you need is that pesky €250k!


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## colc1 (21 Feb 2006)

bearishbull said:
			
		

> i know several people in my area and circle of friends who are obsessed with money and getting rich and owning more than one property etc,they usual dont spend much and dont seem to be as happy as others and have become obsessed with money and wealth for wealths sake.
> 
> 
> single person as 40k is enough to satisfy all basic needs and to have an active social life.the report also says that material goods like a sports car initially make us happy but we rapidly get used to it and after a short while it just becomes normal and does nothing for us


 
Everyone needs something to keep them motivated I suppose and accummulating wealth is one motivation.  i'd imagine most people could satisfy their basic needs and have an active social life on 40K even with a mortgage!  Most people in this country "waste" (in my opinion) a lot of their money on drink and unless you feel you really need a car people waste a hell of a lot of money on cars and their running costs, insurance,etc. which are after all a depreciating asset


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## Glenbhoy (21 Feb 2006)

> Glenbhoy...i hope you don't mind me asking this...but on another thread you're talking about buying a 500,000 house. do you mind me asking when did you change from the skint 26 year old,to someone who can finance a 500K mortgage. I'm trying to gauge how long someone can 'piss about' enjoying themselves, getting some life experience before they have to get back to the real world.


Married well , no I jest!  Buying a 500K house does'nt make one wealthy, it just means the bank lending criteria is lax!  I would have been 29 before I was finished with the travelling, at that stage I had no capital at all.  I also had an advantage in that i am very well qualified (this contributed to my being a skint 26yo), also all my 'life experiences' were also gained with an eye towards my future career, in otherwords, I may have been away travelling and blowing my meagre earnings, but the work was always going to stand me in good stead for any future employers - oh and as I mentioned above, the wife has a good income too.  Fairplay to Kazbah, btw, as someone else said, not many 26yo's have anything like that.


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## microsquid (15 Mar 2006)

If you want a more general comparison, theres a [broken link removed] on the AIB website.
Dunno how truthful/ useful it is but apparently I'm not doing too badly


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## ClubMan (15 Mar 2006)

That calculator doesn't work for me in _FireFox 1.5.0.1_ or _Internet Explorer 6_. It just requests age group, gross annual and net monthly income details and does nothing.

Update: Oh - it looks like you may need to force a refresh (_Ctrl + F5_) to get the buttons that control the calculator to display.


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## gearoidmm (15 Mar 2006)

Damn it, I never realised I was so poor


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## ivuernis (15 Mar 2006)

I certainly don't feel as well off as I'm supposed to be after using that calculator. Plus, it's obvious I'm worth far more dead than alive. Sigh.


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## microsquid (15 Mar 2006)

Ivuernis,
Any chance I could get an interest in that insurance policy


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## GeneralZod (15 Mar 2006)

That calculator gives me a score of 113 (4 times above average for my age group) or 186 if I include the life insurance.

Better not tell the relatives.


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## Goldman (15 Mar 2006)

I'm a skint college student...excuse the name.


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## Itchy (16 Mar 2006)

Were you in the red aswell?!!


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## Purple (29 Mar 2006)

GeneralZod said:
			
		

> That calculator gives me a score of 113 (4 times above average for my age group) or 186 if I include the life insurance.
> 
> Better not tell the relatives.



My score is 257, jusdt over 10 times the average for my age...and I'm in the pub 3 nights a week!


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## ClubMan (29 Mar 2006)

Do you own it?


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## DrMoriarty (29 Mar 2006)

Regardless, they'd probably be interested in offering you a 100% mortgage/'equity release' product. Resist the temptation, and buy their shares instead...


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