Chocolatechip
Registered User
- Messages
- 26
Age: 40
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 66k
Annual gross income of spouse: 46k
Monthly take-home pay: 5670 combined
Type of employment: Education
Spouse: private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Mostly saving. Outgoings averaged to aprox 4K a month.
Rough estimate of value of home: 320k
Amount outstanding on your mortgage: nil
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc: nil.
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? n/a
Savings and investments: 40k in An Post-childrens allowance. 23K in BOI Fund. 50K in desposits
Do you have a pension scheme? yes, teacher pension but late starting (2008). Previous jobs pension in Irish Life Bond 37K value (Oct 20) I also now pay into AVCs (200 a month gross)
Spouse: Started pension through work in May 2019. Boss and husband paying 5% each.
Do you own any investment or other property? no
Ages of children: 11, 9, 6, 4.
Life insurance: yes - Flexible Protection with conversion until 60years. (not sure what this means but have arranged to have a call about it) 100K death, serious illness 50K. I also have salary protection.
Spouse: 250K death, 50K serious illness.
Question:
1. Now that mortgage has been paod off we have some left over cash every month to save. A BTL property next door has come on the market, priced at 180K. Would it be a good investment as wouldnt really plan on selling it again? (10 minutes from popular town in West of Ireland) Need 30% deposit & would need moderising. Possible rental of approx 8/9K gross a year. Has been let to different tenants for the last 15years regularly with very minimal vacancy.
OR just keep saving for the childrens future. & Whats the best way to do that?
2. Does the Life cover look ok?
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 66k
Annual gross income of spouse: 46k
Monthly take-home pay: 5670 combined
Type of employment: Education
Spouse: private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Mostly saving. Outgoings averaged to aprox 4K a month.
Rough estimate of value of home: 320k
Amount outstanding on your mortgage: nil
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc: nil.
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? n/a
Savings and investments: 40k in An Post-childrens allowance. 23K in BOI Fund. 50K in desposits
Do you have a pension scheme? yes, teacher pension but late starting (2008). Previous jobs pension in Irish Life Bond 37K value (Oct 20) I also now pay into AVCs (200 a month gross)
Spouse: Started pension through work in May 2019. Boss and husband paying 5% each.
Do you own any investment or other property? no
Ages of children: 11, 9, 6, 4.
Life insurance: yes - Flexible Protection with conversion until 60years. (not sure what this means but have arranged to have a call about it) 100K death, serious illness 50K. I also have salary protection.
Spouse: 250K death, 50K serious illness.
Question:
1. Now that mortgage has been paod off we have some left over cash every month to save. A BTL property next door has come on the market, priced at 180K. Would it be a good investment as wouldnt really plan on selling it again? (10 minutes from popular town in West of Ireland) Need 30% deposit & would need moderising. Possible rental of approx 8/9K gross a year. Has been let to different tenants for the last 15years regularly with very minimal vacancy.
OR just keep saving for the childrens future. & Whats the best way to do that?
2. Does the Life cover look ok?