brokeagain
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Key Post Basic information required for the "Money
Personal details
Personal details:
Your age: 46
Your spouse's age: 46
Partner's age if not married:
Number and age of children: 2 (7 and 9)
Income and expenditure
Annual gross income from employment or profession: 65
Annual gross income of spouse/partner:60
Monthly take-home pay:7k
Type of employment - e.g. Employee or self-employed. Private sector
Employer type: e.g. public servant, private company.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving now
Summary of Assets and Liabilities
Family home value: 400k
Mortgage on family home: 88k
Net equity:
Cash:1k
Defined Contribution pension fund:150k
Company shares : 0
Buy to Let Property value: na
Buy to let Mortgage:na
Total net assets:
Family home mortgage information
Lender AIB
Interest rate 2.25% Green
Type of interest rate: tracker, variable, fixed.
If fixed, what is the term remaining of the fixed rate?
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant): 5 years
Monthly repayment:1429
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Pension information
Value of pension fund:150k Me
Spouse 120k
Currently pay 10% and company an additional 5%.
Buy to let properties
Value:
Rental income per year:
Rough annual expenses other than mortgage interest :
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
30k zurich prisma 5 contribute 300 monthly
1k emergency fund
Other information which might be relevant
Life insurance: yes 4x salary through work plus 75% long term illness.
200k on another policy plus 30k cash for long term illness.
I will finally have cleared all my short term debt by end of month. Zero car loans, loans or CC. Mortgage has 88k remaining. Have 5 year plan for this.
My question is what should my priorities be now?
I was thinking of:
1. Built emergency fund to cover 6 months of expenses
2. When 1 is done add 500 per month to existing prisma 5.
3. Max out pension contributions
Not sure if this is a good idea or not. Any guidance appreciated.
I would love to chat to a financial advisor but they all seem to be pushing products.
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