Hi everyone
New to boards and just looking for some financial pointers. We have been too passive with our money I feel and would like to change that.
Age: 47
Spouse’s/Partner's age: 52
Annual gross income from employment or profession: 55,000 private sector
Annual gross income of spouse: 82,000 public sector
Monthly take-home pay : approx 2200 – (one day parental leave a week)
Spouse - 3500
Type of employment: 1 Private Sector, 1 Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home: 220,000
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc: 0
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Cash: 210,000
Stocks & Shares : 75k
Do you have a pension scheme?
Yes. approx. 260K spread across 3 occupational plans (current and 2 previous). All Defined Contribution.
Current Pension - company contributes 35% of employee contribution to a maximum of 2,500. I am maxing out my pension
Spouse has a defined benefit pension – buying back notional service and will have 40 years by the time pension age is reached.
Do you own any investment or other property? No
Ages of children: 13, 10, 7
Life insurance: I have death in service 2 x my salary.
Life insurance cover - benefit amount of approx 300000 for each life.
What specific question do you have or what issues are of concern to you?
1. We have too much cash hanging around in current account and I want to maximize our returns. I am reading up on ETF’s but the fact you have to cash out after 8 years be it a loss or a gain seems ridiculous or maybe I have the wrong end of the stick. Are there other instruments that I should consider?
2. We will hopefully have 3 going to college. In an ideal world all 3 would go to a college in the same city but that would be pure luck. I was toying with the idea of an investment property that even one could use while in college. My spouse is not in favor of this and to be honest but I am just trying to explore all options.
3. I am just starting to look at AVC - would there be of any benefit to either myself or my spouse contributing to these.
4. We are thinking of investing 50k in 10 year solidarity fund but just wondering if ye think that is too much or is there a better strategy.
Any suggestions for our situation would be greatly appreciated.
New to boards and just looking for some financial pointers. We have been too passive with our money I feel and would like to change that.
Age: 47
Spouse’s/Partner's age: 52
Annual gross income from employment or profession: 55,000 private sector
Annual gross income of spouse: 82,000 public sector
Monthly take-home pay : approx 2200 – (one day parental leave a week)
Spouse - 3500
Type of employment: 1 Private Sector, 1 Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home: 220,000
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc: 0
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Cash: 210,000
Stocks & Shares : 75k
Do you have a pension scheme?
Yes. approx. 260K spread across 3 occupational plans (current and 2 previous). All Defined Contribution.
Current Pension - company contributes 35% of employee contribution to a maximum of 2,500. I am maxing out my pension
Spouse has a defined benefit pension – buying back notional service and will have 40 years by the time pension age is reached.
Do you own any investment or other property? No
Ages of children: 13, 10, 7
Life insurance: I have death in service 2 x my salary.
Life insurance cover - benefit amount of approx 300000 for each life.
What specific question do you have or what issues are of concern to you?
1. We have too much cash hanging around in current account and I want to maximize our returns. I am reading up on ETF’s but the fact you have to cash out after 8 years be it a loss or a gain seems ridiculous or maybe I have the wrong end of the stick. Are there other instruments that I should consider?
2. We will hopefully have 3 going to college. In an ideal world all 3 would go to a college in the same city but that would be pure luck. I was toying with the idea of an investment property that even one could use while in college. My spouse is not in favor of this and to be honest but I am just trying to explore all options.
3. I am just starting to look at AVC - would there be of any benefit to either myself or my spouse contributing to these.
4. We are thinking of investing 50k in 10 year solidarity fund but just wondering if ye think that is too much or is there a better strategy.
Any suggestions for our situation would be greatly appreciated.