Loosely, to own my own property, maybe considering a second (but that might be naive, I don’t know enough to say). Have a somewhat diverse investment portfolio - probably the main thing I’m here asking guidance for. And to have a solid bed of savings that can cope with wedding, childcare expenses etc that’ll crop up in my 30’sWhat are your financial objectives next 10 years?
You might be right, I haven’t discovered all the nooks and crannies of the site yet, so thanks for pointing that out, I’ll definitely have a look.Your posts seem a bit confusing and lacking in detail to me.
E.g. you say "3K p.m." but you don't actually say what your current total savings are.
And your medium/long term goals and priorities are a bit unclear to me.
You would probably be better off posting a Money Makeover in order to get more informed feedback.
It’s going to be hospital based. Meaning higher earning potential in my late 30’s and onward, but I won’t get the early return that a young GP getsWhat specialty are you planning? Big difference between timelines and costs for say GP versus neurosurgery.
While the earning potential at the end of those roads are different, the next 10 years look reasonably similar in all of them, financially speaking anyway. Maybe it might be simpler to reduce this whole idea to 5 years. Before any fellowship, or other big career variations.Hospital based doesn't tell us a lot, could be pathology, GIM, ENT... all very different costs and 10-year outlooks. Anyway, you should consider costs of research years OOP where the salary can dip significantly, as well as costs associated with moving around the country or going abroad for fellowship(s), etc. Some specialties you will spend 5 figure per year on courses some years.
If it’s what you want then it’s feasible for you to buy a property in the next three years. You will have the earning power and deposit.post, feel like putting 30-50k per year into a deposit account for the rest of my 20’s is not prudent.
I’ve learned enough from this website to max out the pension,
Thank you Brendan. This is hugely helpful. I was wondering how my age and pre house scenario factored in to all this. Now I have my answer.No, you should not be investing in a pension.
Your first priority is to build up the deposit to buy your own home.
As that is still a few years away, you should be investing in the stock market. It will go up and down but overall it should rise over the next 5 years or so that you will be investing for.
When you get close enough to the deposit to buy a house, then you should switch to cash to avoid any sudden falls.
After you have bought your house, and got your mortgage down to a comfortable level, then start contributing to the pension.
The downside of this strategy, is that you can get 40% tax relief on pension contributions now. But that might not always be the case. The tax relief could be reduced to 20% at some stage which would cause you to regret not having maxed your pension contributions.
However, I think that as your overwhelming priority is to buy a house as soon as possible, then I think you should take this risk.
Brendan
I’m more than willing to take on that advice too!The advice that I’d give to a young guy with disposable income wouldn’t be financial!
Id like to hearThe advice that I’d give to a young guy with disposable income wouldn’t be financial!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?