Beginner looking Investing/Saving Advice

I

I{U}Ireland

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Guys

Looking for advice about investment; this is my details

Married with one child of 18 months; my wife is not working so we r one income family; my salary is about 3000 Euro net per month; rent is 1150 Euro, I do not have any financial problems, no debts no mortgages, soon I will have about 30k$ from a project that I was involved in

We r not Irish but we do not think we will leave here soon; hopefully we will be Irish at the end

I do not have a specific target; I am looking for advice to increase my income, to work for my family future, should I think about buying a house here??

and need to say I am 30 years old and working in IT sector as a Developer

Regards
 
Step 1. Make sure you have your pension sorted out.

Step 2. What is your risk profile? Some of the gurus on this site will need to know that before they throw any information your way. (the more risk you are prepared to take the better your potential returns).
 
silvamuppet said:
Step 2. What is your risk profile? Some of the gurus on this site will need to know that before they throw any information your way. (the more risk you are prepared to take the better your potential returns).
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I think I would be able to risk with some $$$ as I would have lump sum soon as I said before
 
silvamuppet said:
Step 1. Make sure you have your pension sorted out.
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From AAM Guide of Savings and Investments Chapter 11

[FONT=Verdana, Arial, Helvetica, sans-serif]FOUR SITUATIONS WHEN A PENSION FUND MIGHT NOT BE ADVISABLE[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]IF YOU AREN'T CONTRIBUTING THE MAXIMUM TO YOUR SPECIAL SAVINGS ACCOUNT[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]The Special Savings Account is more tax attractive than contributing to a pension. Don't contribute to a pension if you are not putting in the maximum €254 per month into your SSA.[/FONT]
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I have €300 per month in AIB Special Saving Account

[FONT=Verdana, Arial, Helvetica, sans-serif][FONT=Verdana, Arial, Helvetica, sans-serif]IF YOU DON'T OWN YOUR OWN HOME[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Your first investment priority has to be to own your own home. Many people start off a pension in their early 20s frightened by salesman's mantra : "You cannot be too young to start a pension". This should be rephrased "You cannot be too young to start saving". You will need all your money for a deposit on a house and that takes priority over everything including a pension.[/FONT]

[/FONT]
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I do not own a house here; should I start thinking about that??
 
I{U}Ireland said:
I have €300 per month in AIB Special Saving Account
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The advice in the AAM Guide was written at a time when SSIAs were available-in certain situations the 25% Government bonus may have outweighed the tax relief availabl on pension contributions-depending on your tax situation.

The returns available on any existing savings account are almost certainly going to be inferior to those on a pension (after tax relief).



I do not own a house here; should I start thinking about that??
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That depends. If you bought a house now, would you live there for 10,20, 30 years?
 
CCOVICH said:
That depends. If you bought a house now, would you live there for 10,20, 30 years?
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It seems to be that yes I would stay here for at least 10+ years

but If I got house and I then for some reason I decided to leave here; I still can sell the house correct??
 
There would be a stamp duty clawback of money for an owner occupied home if you sold it within a certain period of time after purchase
 
sign said:
There would be a stamp duty clawback of money for an owner occupied home if you sold it within a certain period of time after purchase
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Incorrect. The clawback only applies were you rent out the property within 5 years.
 
I{U}Ireland said:
but If I got house and I then for some reason I decided to leave here; I still can sell the house correct??
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Yes. You should not be liable for any taxes on sale as long as you lived in the property as your main residence.
 
CCOVICH said:
Incorrect. The clawback only applies were you rent out the property within 5 years.
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Thanks I wasnt aware of that :D . I assumed the government had set the scheme up in such a way that noone could profit from their assistance
 
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