solarman2022
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At 33 you are earning significantly more net than the average person in the country earns gross. Your salary at 33 is the at or well above the pinnacle of many career paths. I'm sure you have worked hard to be where you are, but you are doing well financially now.Basically Im 33 on a 90k salary unmarried with 1 dependent. At least 30k is being taken by revenue. It makes me sick that I work my ass off to earn this salary and I don’t get to see much of it less qualified people can be taking home more than me in some jobs.
Based on your salary and savings, you can well afford to buy a house without putting yourself under major strain. Your impediment again is your perspective and your perception of the "value" of property at their current prices. When I bought in 2017 people were saying the same thing - housing is overpriced. Anyone who held off then waiting for better value has watched prices rise double-digit percentages each of the 6 years since, nevermind the financial and personal cost of renting in the meantime.I do want to buy my own house but prices are crazy and I don’t think there’s value in the market at present and I feel I would be putting myself under financial strain then to pay mortgage and all associated costs.
Do you have a particular reason you believe you won't live until 50 (the age you can technically start drawing down pension funds)? Do you have a scenario in mind where a diverse and passive equity investment would lead to you "losing it all"? Again, I think your perspective needs to be ammended here. People could advise specific products to you but until you are mentally bought in to the idea of saving for retirement I don't see you committing to a strategy.I was looking at setting up an PRSA execution only and asking for a pay rise in the form of contributions ….. I know there’s tax relief and if I put 10k in a year some calculators have said my weekly take home would be only a 100 less ….. a lot people say it’s a no brainer but I may not even live to see that money or could lose it all
Focus on what you gain rather than what you lose. You'll get to keep half of all additional extra pay. It'll also increase the amount you can contribute to your pension, and the benefits to mortgage affordability.Should I be worrying about this stuff now getting more salary will only mean more tax.
There is no model that shows a significant overvaluation of Irish house prices vis-a-vis fundamentals at the moment.I do want to buy my own house but prices are crazy and I don’t think there’s value in the market at present and I feel I would be putting myself under financial strain then to pay mortgage and all associated costs.
How much of the lifestyle will you have to sacrifice?The bottom line is I don’t want to sacrifice too much of my lifestyle for a day that may never come
Are you sure about that?Basically Im 33 on a 90k salary unmarried with 1 dependent. At least 30k is being taken by revenue.
I presume this is a child of yours, in which case saving for a pension is saving for them (and perhaps the others parent depending on your situation) if, for some reason, you don't survive to draw it fully or at all.unmarried with 1 dependent.
I was looking at setting up an PRSA execution only and asking for a pay rise in the form of contributions ….. I know there’s tax relief and if I put 10k in a year some calculators have said my weekly take home would be only a 100 less ….. a lot people say it’s a no brainer but I may not even live to see that money or could lose it all.
1. Get used to it. We have a progressive tax system in this country. The more you earn, the more you pay in tax. If you want to reduce how much you pay in tax, the simplest thing is to contribute to a pension, something you haven't done yet.Hi all I was directed here by a friend for some knowledge.
Basically Im 33 on a 90k salary unmarried with 1 dependent. At least 30k is being taken by revenue. It makes me sick that I work my ass off to earn this salary and I don’t get to see much of it less qualified people can be taking home more than me in some jobs.
I have no debt , no mortgage (housesitting my parents house) and over 100k in savings .
I do want to buy my own house but prices are crazy and I don’t think there’s value in the market at present and I feel I would be putting myself under financial strain then to pay mortgage and all associated costs.
On average I save around 500 per week after rent bills and allocating money to enjoy and grocery’s etc.
I was looking at setting up an PRSA execution only and asking for a pay rise in the form of contributions ….. I know there’s tax relief and if I put 10k in a year some calculators have said my weekly take home would be only a 100 less ….. a lot people say it’s a no brainer but I may not even live to see that money or could lose it all.
I was looking at investing a small regular amount in the hope of some growth with a Zurich execution only plan
The bottom line is I don’t want to sacrifice too much of my lifestyle for a day that may never come
Should I be worrying about this stuff now getting more salary will only mean more tax.
Thank you
If you stop working altogether you'll pay no tax at all. Seems like a no-brainer.Should I be worrying about this stuff now getting more salary will only mean more tax.
less qualified people can be taking home more than me in some jobs.
Love your work.Comparison is the thief of joy.
its amazing there are not more people in Ireland like yourself up in arms about this.Basically Im 33 on a 90k salary unmarried with 1 dependent. At least 30k is being taken by revenue. It makes me sick that I work my ass off to earn this salary and I don’t get to see much of it less qualified people can be taking home more than me in some jobs.
Vested but not exercised or what?Do vested shares in the company help in any way ????
Thank youThere are things you could do to optimise your financial situation for sure, but IMO the first thing you need to change is your psychological perspective on things.
At 33 you are earning significantly more net than the average person in the country earns gross. Your salary at 33 is the at or well above the pinnacle of many career paths. I'm sure you have worked hard to be where you are, but you are doing well financially now.
There will always be people earning more than you. Comparison is the thief of joy.
Based on your salary and savings, you can well afford to buy a house without putting yourself under major strain. Your impediment again is your perspective and your perception of the "value" of property at their current prices. When I bought in 2017 people were saying the same thing - housing is overpriced. Anyone who held off then waiting for better value has watched prices rise double-digit percentages each of the 6 years since, nevermind the financial and personal cost of renting in the meantime.
Have you a level in mind that you perceive there to be "value" in the housing market?
Do you have a particular reason you believe you won't live until 50 (the age you can technically start drawing down pension funds)? Do you have a scenario in mind where a diverse and passive equity investment would lead to you "losing it all"? Again, I think your perspective needs to be ammended here. People could advise specific products to you but until you are mentally bought in to the idea of saving for retirement I don't see you committing to a strategy.
Focus on what you gain rather than what you lose. You'll get to keep half of all additional extra pay. It'll also increase the amount you can contribute to your pension, and the benefits to mortgage affordability.
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