Hello - thanks to all the great contributors on this forum - it's excellent - informed and helpful. I'd appreciate your wisdom/analysis. Here are my details per the template:
Age: 43
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €205,000
Annual gross income of spouse: N/A
Monthly take-home pay: €8700 approximately
Type of employment: PAYE Employee
In general are you: Saving - approx €6500 per month
Rough estimate of value of home: €350,000
Amount outstanding on your mortgage: €70,000
What interest rate are you paying? Tracker, < 1%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Approx €390,000 - cash, in various deposit a/c and govt savings bonds/things. Misc small (total <10K) direct shares
Do you have a pension scheme? Yes - 4%, employer contrib is 8%. Have been adding AVC (not max) for past few years. Overall pot is low though.
Do you own any investment or other property? No.
Other borrowings – car loans/personal loans etc: None
Ages of children: N/A
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I spent quite a number of years in precarious jobs (startups and contracts etc) where savings/pensions were a second-thought or sporadic. The past few years have been in more stable environments, so I think I've over-focused on cash-savings, emergency-mode based on previous instability.
I'd basically welcome some thoughts the right balance of what I am doing with my income from now on - reading articles about negative interest rates makes it clear that just accumulating cash/savings is really diminishing value overall.
I presume it is a no-brainer that I just maximize pension AVC from now on?
I presume it is a no-brainer that I don't pay-off mortgage (based on low tracker rate)?
I think I need to divert 75%+ of future savings to investment. I think direct shares - I've looked a bit at ETF but it seems far too complex/grey in tax terms. I guess that is getting into Investment Forum territory..
Is there something else obvious I am missing?
Thanks!
Age: 43
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €205,000
Annual gross income of spouse: N/A
Monthly take-home pay: €8700 approximately
Type of employment: PAYE Employee
In general are you: Saving - approx €6500 per month
Rough estimate of value of home: €350,000
Amount outstanding on your mortgage: €70,000
What interest rate are you paying? Tracker, < 1%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Approx €390,000 - cash, in various deposit a/c and govt savings bonds/things. Misc small (total <10K) direct shares
Do you have a pension scheme? Yes - 4%, employer contrib is 8%. Have been adding AVC (not max) for past few years. Overall pot is low though.
Do you own any investment or other property? No.
Other borrowings – car loans/personal loans etc: None
Ages of children: N/A
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I spent quite a number of years in precarious jobs (startups and contracts etc) where savings/pensions were a second-thought or sporadic. The past few years have been in more stable environments, so I think I've over-focused on cash-savings, emergency-mode based on previous instability.
I'd basically welcome some thoughts the right balance of what I am doing with my income from now on - reading articles about negative interest rates makes it clear that just accumulating cash/savings is really diminishing value overall.
I presume it is a no-brainer that I just maximize pension AVC from now on?
I presume it is a no-brainer that I don't pay-off mortgage (based on low tracker rate)?
I think I need to divert 75%+ of future savings to investment. I think direct shares - I've looked a bit at ETF but it seems far too complex/grey in tax terms. I guess that is getting into Investment Forum territory..
Is there something else obvious I am missing?
Thanks!