Personal details
Your age: 33
Your spouse's age: 33
Location: Dublin
Number and age of children: 0 (see below)
Income and expenditure
Annual gross income from employment or profession: ~ €500'000
Annual gross income of spouse/partner: ~ €150'000
Monthly take-home pay: Not sure exactly, I would guess €50'000
Type of employment - Me: self employed, spouse PAYE
In general are you:
(b) saving
We probably save the guts of ~€20-25k/month
Summary of Assets and Liabilities
Family home value: €850'000
Mortgage on family home: €0
Other Assets:
Cash: ~ €700'000 (earning 4% p/a)
Stocks: €140'000
Pension:
I don't have a pension set up (yet)
Spouse has a small pension built up of around €40'000
No Debt
What specific question do you have or what issues are of concern to you?
What would people's thoughts be on my spouse semi-retiring early (10 hours a week) and joining me in my business consulting company, at the moment our spending is around €60k/year but they are nervous about the idea. They have worked in a similar PAYE role and I believe that we would have a good emergency fund that would last for several years if they found they didn't like the self-employment and found it hard to get back into employment. I could se the benefits for them being more time and flexibility during the week to do what they/we want and no real stress to speak of.
Doubts/questions that they have and I have to some extent are:
- expenses if we were to have children and how much our €60k/year would increase to
- no maternity leave for either of us if they were to join me in business
- We have no pension to speak of, I would hope that the €700'000 cash and €140'000 in stocks could act as a rainy day fund/pension
- possibly using the €700k to purchase a BTL to give us a more diversified income than just my business (and possibly our business hopefully), ideally let through an agent
- My business could be described as quite volatile, and while I have had 15 years of good income especially in the last 5 years, I am not sure if this will always be the case, so is this "too many eggs in one basket".
Thanks in advance and please do let me know if I’ve left out anything helpful and I can hopefully edit this,
Cheers
Your age: 33
Your spouse's age: 33
Location: Dublin
Number and age of children: 0 (see below)
Income and expenditure
Annual gross income from employment or profession: ~ €500'000
Annual gross income of spouse/partner: ~ €150'000
Monthly take-home pay: Not sure exactly, I would guess €50'000
Type of employment - Me: self employed, spouse PAYE
In general are you:
(b) saving
We probably save the guts of ~€20-25k/month
Summary of Assets and Liabilities
Family home value: €850'000
Mortgage on family home: €0
Other Assets:
Cash: ~ €700'000 (earning 4% p/a)
Stocks: €140'000
Pension:
I don't have a pension set up (yet)
Spouse has a small pension built up of around €40'000
No Debt
What specific question do you have or what issues are of concern to you?
What would people's thoughts be on my spouse semi-retiring early (10 hours a week) and joining me in my business consulting company, at the moment our spending is around €60k/year but they are nervous about the idea. They have worked in a similar PAYE role and I believe that we would have a good emergency fund that would last for several years if they found they didn't like the self-employment and found it hard to get back into employment. I could se the benefits for them being more time and flexibility during the week to do what they/we want and no real stress to speak of.
Doubts/questions that they have and I have to some extent are:
- expenses if we were to have children and how much our €60k/year would increase to
- no maternity leave for either of us if they were to join me in business
- We have no pension to speak of, I would hope that the €700'000 cash and €140'000 in stocks could act as a rainy day fund/pension
- possibly using the €700k to purchase a BTL to give us a more diversified income than just my business (and possibly our business hopefully), ideally let through an agent
- My business could be described as quite volatile, and while I have had 15 years of good income especially in the last 5 years, I am not sure if this will always be the case, so is this "too many eggs in one basket".
Thanks in advance and please do let me know if I’ve left out anything helpful and I can hopefully edit this,
Cheers
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