Need serious help and Im only 22

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Indeep,
Why dont you just cash this bond/investment for 40k?
Clear your debts, start again?
It doesnt make sense having such an investment and at the same time repaying high interest on debts.
 
ok i think that your attutude is very typical of the under 30s at the moment. i want it all and i want it now. there is no idea of saving for anything or not been able to afford something.
1. forget about buying a house until ALL your debts are cleared.
2. clear the cc debts first then the pls
3. reduce your spending and start saving, when the bond matures in a few years you should have a nice nestegg to fund your house purchase.

i noticed that when you spoke about buying the house there was no mention of legal or surveyors fees.no mention of the cost of furnishing the house or how all the house bills ,insurance, esb,water,heat were going to be paid.
also when selling the house again no mention of legal fees estate agents fees.
you need to wake up and smell the coffee, theres another rate rise on the way and soon people who have extended themselves financially will find themselves in a lot of trouble.
 
ClubMan said:
So does this mean that InDeep was lying?
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In my opinion - yes.

You can prepare the mortgage application yourself i.e. present the case as best you can. Usually would need to be signed off by somebody else (usually a manager) and the decision would definitely not be made by the applicant - usually a central lending department.

Think about it - the system would be open to serious abuse if staff could sanction what they wanted for themselves. You would have people being hopelessly optimistic about their future repayment capacity and ignoring a potential rise in interest rates just so they could borrow the amount they wanted.

Plus the Central Bank would blow a fuse.
 
I think 'lying' is a bit strong. Perhaps he meant that he can approve himself in principal, i.e. he knows the amount he would be approved for.
 
yes it is a generalisation but i come accross it every week, that age group havnt seen unemployment or "hard times". of course it doesnt apply to all under 30s but it does imho apply to most.
 
shelflife said:
yes it is a generalisation but i come accross it every week, that age group havnt seen unemployment or "hard times". of course it doesnt apply to all under 30s but it does imho apply to most.
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Wish I could dispute it but I agree with you.:(
 
I think there is a very good chance this is wind up. And if it is, I don't think it is particularly funny.
If it is not, I'm afraid to say that at least two friends come to mind who resemble the personality that emerges from InDeep's comments.
I'm in my mid 20s, as are the two people in question. Both are male and live at home with their parents in Dublin. One has a stable job with a large multinational. The other is professional who is only starting to make money after years of study.
Although I like both very much, there is this weird delusional/fantasist aspect to both of their personalities when it comes to money. They both spend money as if it was water.And it's not as if they have a lot to show for it - the large part of it goes on socialising.
Having what I regard as a sensible attitude to money (I've rented since moving out of home a couple of years ago and in recent months and have recently managed to buy), I try to impart simple advice to them in a subtle and informal way when money issues crop up. I only do this because I can see that neither of them are anywhere near buying the property they want, let alone rent somewhere decent, and, more particularly, because their spending habits scare the life out of me. However, my boring tips rarely get heard above the brags about the latest bonus or fast buck they have made (one of the two has started to get involved in day trading on the net- v. scary).
Back to the point about under 30s, I have thought about it for a while now, and I'm afraid I'm going to have to come out as a traitor to my age group.
There really is something blase and complacent about the attitude of many of my contemporaries to money, my two friends being the two that come most readily to mind.
Maybe I just have a longer memory than many of my age group but, despite the fact that I wasn't even a teenager at the time, I can remember the down-town Tirana that was Dublin in the late 80s and the extremely modest lifestlye of my family (bog standard middle class).
I love the choice that money brings and I never want to go back to 80s Dublin but the benefit of the memory of it is that I have a healthy vigilance around and respect for money. I think too many of my peer group are in a comfort zone around money such that they treat it as something to play with.. sure there will always be more of it.
I wouldn't urge anyone to become a miser but the lack of regard my friends have for money means that it falls between their fingers such that I know there is a good chance that they will end up as debt-ridden chumps who are still living in their parents' homes in their early 30s. And how sad would that be.
 
Whether it's a wind up or not InDeep has obviously abandoned ship. Obviously didn't like the replies.
 
Maybe he's just gone incognito

<>
Another 22 year old working in the financial services living at home with parents and looking to buy a house next year .... hmmmmm

[Edited by DrMoriarty to remove link. There's no evidence — IP or e-mail address — to suggest that the two posters are the same. There must be lots of 22-year-olds working in the financial services, living at home with their parents and looking to buy a house next year...]
 
Blinder said:
Maybe he's just gone incognito

<>
Another 22 year old working in the financial services living at home with parents and looking to buy a house next year .... hmmmmm

[Edited by DrMoriarty to remove link. There's no evidence — IP or e-mail address — to suggest that the two posters are the same. There must be lots of 22-year-olds working in the financial services, living at home with their parents and looking to buy a house next year...]
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It's not possible to go incognito with vbulletin is it? The IP no. is the same even if email is different? Even then....one of my daughters has started to read this site and intends to post eventually. She'll be using my computer!! So if you start seeing posts with this IP about drinking, carousing, looking to purchase in the Himalayas etc. ...........it's not me, I swear:eek:......it's the KIPPER!!
 
There's nothing wrong with wanting it all, as long as you don't get yourself into debt doing it.
 
The OPs strategy was that he'd buy a house when the market slows but didn't seem to factor in that his job in Financial Services would be very precarious at that stage.
Lending Institutions must deliver profit to shareholders and in a falling market the only way they can do that is to cut costs; working on principle of last in first out I'm guessing OP as a 22 year old would be the first to get the boot.

OP needed to rethink his gameplan.
 
definitely wind up. invested €40k in European bond equity/property etc which in turn invested 65% in retail in Birmingham and is showing a profit of 67% after 6 months. give us a break:rolleyes:
 
Indeep I think you need a major kick in the This post will be deleted if not edited to remove bad language and a big reality check.

I
 
Asterix - i agree that the generalisation is becoming more and more accurate. I am in your age group and think maybe it has more to do with growing up with siblings heading to London in the 80's and my parents never getting loans except for cars, if they didn't have it you didn't get it.
Parents willing to go in hock for their kids and show them its ok to live beyond your means are the issue now. There were always folks who had loads and went on foreign holidays when i was young too but others were not compeled to go out and borrow to keep up with the Jones.
 
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