# totally confused (have savings, but no career)



## ejdg9 (13 Jan 2008)

yes thats right
whenever i delve into the delights held within these boards, i come out feeling more confused and stupider than before
and i think perhaps this thread might be moved so i apologise in advance if it does have to be moved

anyway, my predicament is this
i am working in a fairly low paid job and i have no social life (bummer)
but i never go out drinking or eating or anything, so i have a decent amount of savings to my name (hurray)
the question is, what do i do with it

currently i have 2 worthless boi savings accounts with about 15 thousand in there
and i have a credit union account with another 15 thousand
i know there are better savings options around and i had applied for a rabo direct account online, but then the whole northern rock thing happened and i got cold feet
now i have started again to think about money and i was looking for suggestions on what to do with this money

i have no house and on my current wage i couldnt really afford any kind of mortgage
i have no pension and no qualifications to get a better job
so im not sure what to do
it seems like a pension is pointless when you have no house to live in
if i decide to go back to school then thats a big chunk out of my savings that will take time to claw back
but if i did try to stretch for a mortgage now then i would be stuck in my crap job having a big bill to pay at the end of every month

so i was just wondering what you guys would do in this situation

Age: 24
   Spouse’s/Partner's age: see social life status above

   Annual gross income from employment or profession: 23000

   Type of employment: manual labour type thing

Expenditure pattern: dont spend too much, could cut down easily as i am quite tight

   Other borrowings: 5000 car loan from credit union

   Do you pay off your full credit card balance each month? yep

   Savings and investments: none

   Do you have a pension scheme: nope

   Do you own any investment or other property: none

   Ages of children: none

   Life insurance: none


i should probably also mention that things like apr, aer, ecb, and economics in general are a complete mystery to me
thanks in advance


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## ClubMan (13 Jan 2008)

*Re: totally confused*

Doesn't make sense to be borrowing for the car when you can comfortably afford to buy with cash or clear the loan.

If you are confused about financial terminology and issues then you should read the _Savings & Investments _forum key posts including the _AAM _and _IFSRA _guides to savings & investments and maybe start first with www.itsyourmoney.ie .


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## RainyDay (13 Jan 2008)

*Re: totally confused*

I'd suggest investing some of the €15k savings in yourself, or more specifically, your career.  Consider what training or development you could get to choose a new career. The world is your oyster - what's your dream job?


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## ejdg9 (13 Jan 2008)

ye, i wasnt sure why i was getting a loan out either
but everyone was telling me i should because i could pay it off easily and it would give me some good credit history
id much rather just pay it all off myself as i hate being owing money to anyone
maybe i will

and as for a dream job, i have been struggling with that since i was in first year
my career guidance teacher was heartbroken 
i have no idea what id like to do really
im not really interested in earning a fortune and living the highlife
if i could live without any money i would
but i do want somewhere to live and to make that happen, i need a decent wage
maybe i should find myself some career woman and be a kept man




thansk for that link by the way, it looks almost comprehensible to my uneducated eyes


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## DeeFox (14 Jan 2008)

It might be a good idea to go to a career guidance counsellor (will be a different experience as an adult) now or even a life coach - someone who you could talk through the lack of direction in your life.  Or how about taking some time out to travel (e.g. Australia for a year?)?  You might come back with a clearer idea of where you see yourself in five years?  And if you're worried about going on your own, don't be!  Lots of people travel on their own.  With regard to your current savings you could arrange an appointment in BOI with a financial adviser who could talk you through the various options - its a lot of money to leave sitting idle.  You're in a good position - young, no responsibilities, money in the bank.


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## ClubMan (14 Jan 2008)

Perhaps that _What color is your parachute?_ book might be worth reading? Never read it myself but perhaps it could help. Or I'm sure that there are other similar books. And have a look at www.careerdirections.ie . I would certainly try all that before contacting a career guidance counsellor or life coach as it might be more cost effective. If you do talk to somebody make sure that they are affiliated to some reputable professional body (if applicable) and not some sort of fly by night. Seems to me that the world and its mother were setting up as life coaches in recent years so I wonder about quality of the advice that you might get from many of them.


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## RainyDay (14 Jan 2008)

DeeFox said:


> With regard to your current savings you could arrange an appointment in BOI with a financial adviser who could talk you through the various options - its a lot of money to leave sitting idle.


No harm in having a chat with the bank, but be conscious that you won't get independent advice from a bank 'advisor' - who is really more of a salesperson than an advisor. The advice may well have more to do with commission earned by the bank, rather than your own needs. 

On the career issue, have you any options to try out a few things? Could you try out a supervisory or managerial role with your current employer? Could you get part-time or evening work in other businesses to try them out?


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## z109 (14 Jan 2008)

If you do feel the need to travel, why not do some vso? You'll be with a group of people (so might develop a social life and some contacts), the labouring skills you have will stand you in good stead (it can be quite hard work apparently) and you'll get to see some of the world (without being shot at!).

In you are totally paranoid, An Post/Fortis postbank account are offering 3% state guaranteed deposit account and some other longer term bonds (not much more than 3%, but tax free).


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## ejdg9 (14 Jan 2008)

i would like to travel sooner rather than later, and i wouldnt be one bit worried about going alone
but i think it would just be a waste of my money
ive spent 5 _long_ years building it up and to spend it _messing_ about in australia or thailand or somewhere seems like a waste to me
and i would have to come back and start all over again

as for work opportunities where i am, there is no prospects of promotion for me
i started where i am almost 5 years ago and my boss has had nothing but praise for me
but when the opportunity arose for a promotion he gave it to someone else
someone who hasnt the first idea of the job
so i just want out and i will switch jobs soon

i think maybe education is the way to go
though it will kill me to see the money fritter away on something other than a house
a house or that giant reversible sedgewick i always wanted

so what do you think i should do with my savings in the mean time
im sorry this thread got off topic
it wasnt really to do with money at all in the end


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## pinkyBear (15 Jan 2008)

Hi there,
I can understand your frustration regarding your career - you have some positives - you are very young and you have some savings.

I would advise you call a local 3rd level collage to speak to their career people - if you are in Dublin I can recomend you the guys I saw. (I went from Nursing to Programming!) .. There may be something that stands out to you career wise .. the next step is upto you...
All the best,
P


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## davidoco (15 Jan 2008)

You sound like the sort of fella who could live on a fiver a day in SEA. so i would nt worry about blowing the lot.


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## annR (15 Jan 2008)

I think your indecision is holding you back.  You know the way forward to is to get another job/career and earn more money, which means seriously focusing on your career.  

Yet you don't want to invest your money (congrats on all the savings BTW) in yourself because you think you should be spending it on a house.  Yet you say you cannot get a house while you are in your current job.

I think you should break that circle which will not get you anywhere,and concentrate on going forwards instead.  You have a lot going for you.  You're young and you're thrifty.  The other advantage of getting some kind of career going is that you won't still be doing manual labour in 10 or 20 or 30 years time.

Have a look around you at situations you think may suit you not just now, but in the future.  Talk to people about the pros and cons of what they do.  Think about yourself and self improvement.  I really think you should get yourself some kind of qualifications now while you're still young.
Of course it has to be something you can commit to.  Take your time making this decision but don't get stuck in indecision, try to keep a sense of progress and moving forward.  

Once you feel a bit more secure in your money earning ability, and ability to pay a mortgage, you can always take a few months between jobs later and go travelling if you want.  

You're so thrifty that you probably won't know yourself with a bit more money, you could have a whole pile saved up and be able to put it into a house and have a fairly low mortgage depending on the way house prices go.  In a few years with a new job you might be able to buy a house no problem.  If that's what you want set that goal and go for it.


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## HelloJed (15 Jan 2008)

Perhaps you're going through a quarter-life crisis - happened to me when I was 24 too. I was working in administration, bored by my work but lack of self-belief kept me from getting a better job. My boss was a complete stress-head which rubbed off on me and I ended up with a lot of health problems. It was a tough year to say the least!

Things looked up when I decided to travel around Oz for a year, it gave me a lot of time to think about what my priorities are. Like you I have never been interested in having a high-powered job. Regular work hours with lots of time to travel, write and spend time with my partner and friends was more important to me. (I do need savings though for a feeling of security!) 

Travelling isn't for everyone, and I'm not going to tell you that you should do it. But I think Clubman's suggestion to read What Colour is Your Parachute is a good one, mainly because I read it when I was in Oz getting ready to go back home and I found it very useful. When I moved back to Ireland I found a job as a training writer which has ultimately lead me to change careers and write a novel - starting my second draft soon!

Ultimately the only decisions I've regretted were the ones where fear got in the way. I know the variables that come with every big decision can lead to paralysis, but a lack of control over your life could lead to stress. Even the smallest change, like reading a job-advice book, could lead to bigger and better things. Good luck.


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## Observer (15 Jan 2008)

What are your hobbies?  Reason I ask is there might be a chance of turning it into a career.  Not the most lucrative career, perhaps, but you clearly value balance in your life and this might be a way to achieve it.  EG, if your passion is music, could you makie a living teaching music, that kind of thing.


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## Nige (15 Jan 2008)

Don't get too hung up on the idea of getting a house yet. You're only 24. Few people on here had houses at that age (or savings). Spending your savings travelling (a few thousand will stretch very far if you do a bit of work on your travels) and then on retraining/college isn't wasting it. 

There's no point tying yourself to a mortgage that will then tie you to a dead end job. There's no point starting a course now before you know what you'd like to do and that career woman you'd like is likely to be in her late 20s before she can support you! So, take your time now and do some travel. 

Enjoy.


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## polly2000 (15 Jan 2008)

Would you consider setting up your own business? The local county enterprise boards offer courses in setting up your own business and some brainstorming sessions on business ideas so you don't have to know what kind of business you want to set up. 

You have nice amount of capital behind you so if going back to college isn't for you then setting up a business might suit you better. I think your confidence has been knocked by the promotion thing but you sound very dedicated and hard working so both of these qualities would lend themselves well to setting up on your own.

There is a good book out called Fire in The Belly by Yanky Fachler that youshould read , here is an except [broken link removed]

Good luck
P


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## ejdg9 (15 Jan 2008)

thank you for the kinds words everyone
i appreciate it 
im also sorry about this thread because it has turned out to be less about money and more about my lack of a career
which isnt really in keeping with the whole spirit of the board and for that im sorry

to annR, you are spot on there i think
i probably have known what i should do but i havent done it
i am scared to do it
go back to college that is
the last time i was there i couldnt handle it, having to talk to all these different people every day

i might have gotten away with it only they insisted on having this stupid communication class where everyone had to work together and stuff
it was a nightmare
so im not really looking forward to going back, or to changing jobs for the same reason
but both must be done sooner rather than later i guess
things are coming to a head now

and to hellojed, i had my quarter life crisis a few years ago now
i was letting the job get to me and i was stressing out
but then i realised what was going on and i never think of work outside of hours anymore
and i will check out that book too btw

to observer, i do love listening to music and i am trying to learn the guitar, but at the minute its more like some kind of slow mind torture than a hobby
i have thought about teaching it though
i think about doing stupid things though

and polly2000, im pretty sure that starting up my own business would be a disaster
my indecision would cripple me i think, and i would need to devote so much of my time, just to make money, money and more money
i dont think i could do that
i dont have the interest
my boss is like that, he started up a business that nobody else even thought about doing
and he is a millionaire by now im sure, though he says he isnt
but now all he can see is where the next euro is coming from
he is always looking to save a few cents here and there, and he is always looking to take advantage of other peoples misfortunes

im sure that most business people are fine balanced people who know that money isnt everything, the evidence is in this thread even
but i really dont want to risk turning out like my boss, even if he is loaded and has a great house and is loaded

so you have all convinced me that i need to learn something
and thats exactly what i will do
and will also probably open one of those firstactive accounts in the mean time
theres still a bit of a capitalist in me


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## annR (16 Jan 2008)

Hi



> Ultimately the only decisions I've regretted were the ones where fear got in the way. I know the variables that come with every big decision can lead to paralysis, but a lack of control over your life could lead to stress.


 
I think this is great advice.  It's true that there were very few of us who knew what it was they wanted to do at 24 but the point is you need to open up some opportunities for yourself, or build some sort of foundation from which to make decisions later on.
I am getting the vibe that you don't really want to go travelling just yet - I think you will know yourself when is a good time to take a break from it all and go off.
Maybe some sort of broad qualification in an area towards which you feel inclined would be good, then you will be able to branch off and go more specific later on.


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## rory22 (16 Jan 2008)

Go and watch the Sean Penn directed film 'Into The Wild' (there is also a book) it is a true story and quite inspirational. You could do the same as him with your money! I won't spoil it for you.


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## ClubMan (16 Jan 2008)

Did he buy drugs and get wasted?


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## floydmuppet (16 Jan 2008)

"more confused and stupider than before" 
"apologize in advance" 
"economics in general are a complete mystery to me"
"my uneducated eyes" "i am scared "
Hi edgd9,
I may be wrong but I kind of gathered from you that you may just lack a little self confidence and have problem's socialising.Never going out and saving all you money doesn't help.the other posters are right you are only 24 plenty of time to change and do things.Why don't you just set yourself small goals at first.maybe you should look at doing some course's not related to any carer but just for fun in a field you like or have an interest in.To get out of your dead end job and achieve what you want needs planning,I sense that financial matters in your case might be the least of your worries.I Hope things improve for you.


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## Bluebells (17 Jan 2008)

Hi ejdg9,
I think Floydmuppet is right about your money worries - you are not worried about your finances. What you _are_ worried about, is letting go of that money. You regard that money as your armour and  I think that the knowledge that it is there, is a cushion against the negative things in your life. You are afraid that if you start spending it, you'll end up as you are now, but without money in the bank. You need to adjust your attitude to this money. It is your security, yes, but it is also the means by which you will improve your life. 


You have two options. Leave it all there  or spend some of it.  If you choose the former, nothing much will happen, or happen to you and you can be sure when you are older you will look back and wish you had done more with your life when you had the chance. If you decide to spend it, you can change your life.  If you want  change, you will have to let go of the money. Its no good to you otherwise. Money should be used to live a life, not just exist. You don't have to spend it all -  leave enough to cover you for a year in a high earning account somewhere. That is enough security for someone like you, young, mortgage free, commitment free and able to work.
I don't know how skilled you are, but that money will allow you to acquire a skill that for example would allow you to work in Australia, or get a PSV Licence to drive a Taxi. 


I'm sensing that you prefer to work alone, from your remarks on working in a team when studying, so driving a Taxi might be one option for you. You could work when it suited you, talk to your passengers or not, and it would have you out and about. 

Whatever you do, change your mind about that money. It is the fear of not having money that is holding you back. I'll bet if you had 100,000 in the bank you would still be of the same mindset. It's OK to spend money on things. Consider the man who looked back on a life lived to the full, and his opinion that had he saved more money, he would be wealthier but not richer. You have worked hard for that money, spend some of it on yourself and on your life. Do not be afraid. And Good Luck.


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## so-crates (17 Jan 2008)

ejdg9 said:


> i would like to travel sooner rather than later, and i wouldnt be one bit worried about going alone
> but i think it would just be a waste of my money
> ive spent 5 _long_ years building it up and to spend it _messing_ about in australia or thailand or somewhere seems like a waste to me
> and i would have to come back and start all over again


 


ejdg9 said:


> i think maybe education is the way to go
> though it will kill me to see the money fritter away on something other than a house a house or that giant reversible sedgewick i always wanted


 
It does depend on your perception of value but a lifetime experience or enrichment through education are not "frittering" especially if you can then put them to use. If you plan and budget a trip properly and perhaps work along the way it will not cost you all of your savings but it might put some of them to use. Same goes for a course even more so really, because you can usually see a concrete benefit in terms of work prospects out of a course. 

Oh and if you are uncomfortable doing a course where you have to spend time interacting with a large group of people on a day-to-day basis you might enjoy it more if you looked at studying from home, an Open University arrangement. Otherwise start small. Look at a short course (say take an eight week night class in a subject you are interested in but not necessarily career-focussed) and build up your talent for handling group situations that way, rather than jumping in off the stressful deep end. Also remember that you went to college when you were a teenager (given you are 24 and have been in work 5 years) you are older and wiser now and better able to handle the world. You didn't then have the safety cushion of your savings and the experience of the working world. You would be in a better position to handle the challenge now than you were then.

Other than that, you don't need the debt to pay for the car, unless some penalties apply, I'd be inclined myself to pay it off. I'd also take the "2 useless BOI accounts" and apportion the money in different ways, probably something like this:
5000: pay off loan
10,000:
 - a percentage into a high interest savings account
 - a percentage into a personal education fund (probably an easy access savings account maybe a 7-day notice one)
 - a percentage into a travel fund (you did say you wanted to go, it doesn't have to be a year)
 - a percentage dripping into an investment fund (just to try something riskier but with a good track record)
That would still leave your 15,000 in the Credit Union untouched. It isn't a formula or a recommendation but I think I would like to use the money actively rather than own it passively. You have earned it, you deserve to benefit from investing it in and for you.


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## ejdg9 (17 Jan 2008)

i think you are right to some extent as i am scared of wasting the money
but if i thought i was putting it to good use then i would have no problem spending it
i would miss my weekly roll in my bed of fivers but im sure i could manage without that

thanks again for the kind words everyone
you are all so helpful
i wish i knew more about money so i could repay the favour

if you ever need to know about fixing lawnmowers then im your man


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## so-crates (18 Jan 2008)

Like buying a car, always be definite about what you expect to get in return for your cash otherwise you are right, it is frittering. I don't think you are unwilling to spend (you have made at least one major purchase!) I think you need to evaluate what it is you're spending on. As for the lawn-mowers ... well there is a Homes and Gardens section, they might mob you if they find out!


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## andycole (18 Jan 2008)

Trinity College have an Access programme for students entering college studies - but not through the CAO route. Other colleges/universities also take part in this programme as well - so this could be an option for you?
Ok - check out the website publicjobs.ie - and maybe see if you can gain entry as a Clerical Officer position. This will not be easy as competition is tough - but its doable. I have done this myself and in the evenings I am studying for a BSc IT in Trinity College. The good thing about these types of jobs is that your employer will probably pay for you Degree costs!
After you have a BSc there are amazing options - to pursure either MSc or Professional Training options such as Accountancy. 
Next look at the affordable housing scheme! 
This defintely could be an option for you - check out all the details and see how it works. One of my colleagues in my place of work is doing this - similar age to yourself and background.

Hope reading this may give you some ideas.


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## Bluebells (24 Jan 2008)

Hi ejdg9,
How goes it? I saw on the Work,Careers, Employment forum here on AAM, some information on working in London on the Olympic Stadium. Any use to you ? Change of scene, a bit of travel, probably loadsamoney too....


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## sidzer (31 Jan 2008)

I don't hav the time to read all the posts so this may hav been covered or u may hav ruled it out in your replies - so apologies if I am missing the direction of the thread....

I agree that investment on your career is a good strategy and will probably far out perform any monetary investment.

Most VECs have an adult guidance counsellor who will meet and work with you FREE of charge - contact your local VEC and ask to speak to the Adult Guidance Counsellor. Most of these people are very professional and supportive.

They may administer Aptitude tests and also give you an interest inventory to complete. This will give you a good indication of what area might suit you.

As a 24 yr old you a classified as a mature student and colleges will consider your application even if you don't have the points or a good leaving cert - and even if you don't have a leaving cert at all!

There are reaonable grants available (VECs administer grants for Level 5 6 and 7 courses - higher certs and ordinary degrees) and County Councils administer Level 8 grants - higher degrees.

Also - most universities have access programmes and if they accept you you can get a top up grant. Access programmes are for people who are in low incomes and want to get into education..

There is the Bank of Ireland Millenium Scholars fund who give generous funding for successful applicants...



PLC colleges are a good stepping stone for students who are considering going back after a number of years.

If u go back to college as a mature student u wont b on your own -maynooth for example has @ 15% mature students. Mature students are highly valued by colleges as they are normally far more focused on their studies and usually after initial fears and some difficulties adjusting to college life - achieve high grades in their studies...

Check out www.qualifax.ie 

Best of luck..

S


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## vortex (2 Feb 2008)

Ill tell you something. You've shown to be very honest in your posts and very respectful to the posters. You also seem to have an excellent way with words. I think they are qualities that could bring you a long way. 
You've managed to save an impressive sum for someone your age and on a low salary so just think of the possibilities when you find yourself in better pay and a more enjoyable occupation. 
I wouldnt jump at the going away thing -  I think a lot of people go away to run away from the real world and thats fine...but you need to have a plan for what you do when you return. I think by seeking the help here and putting some thought into it, your plan will develop and mature.


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## Cheeus (2 Feb 2008)

Hi ejdg9

Firsty, congratulations - I think you are brilliant to have 30k under your belt at 24 and to have the mindset to enquire about good options.

If you're thinking about studying remember that most fulltime courses are covered by the governments free fees scheme. If you're doing a degree or postgrad for the first time you shouldn't have to pay fees. If you've done a year somewhere and dropped out you would still be eligible for free fees from year 2 onwards.

You could probably study without eating into your savings by working part-time.

I went back to college in my 20s, got a professional qualification and really transformed my earning potential. Most importantly though I found something I liked doing - you've got loads of time, go for what you enjoy and don't put yourself under pressure. Sounds like you are on the right track already.


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