opinion on my financial situation

Maybrick said:
Sorry if I'm being dense, but why is it a good idea to have as high a mortgage as possible on an investment property?
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Because you can offset the interest payable against any rental income. The higher the interest you pay the lower your rental income tax liability.
 
jnh said:
Then I'm confused - if you intend keeping the apartment and buying another house, do you intend buying without a mortgage?
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what I mean is that I would like to buy another house with a very very small mortgage.. otherwise I'll be trading in the apartment or if things go very bad I'll stay in the apartment.
 
SteveW9 said:
and what will you do with the appartment when it falls you will not even be able to rent it out
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if things go very bad I'll stay in it. Keep saving and wait.

.. then I'll be run over by a bus and the world will end...
sorry just joking .. but I see you are very very negative..

I'm not irish and where I'm from is absolutely normal living in an apartment. I lived in an apt all my life, my dad is a teacher, my mum is a nurse, I have a degree, a master and I'm doing now the ACCA...
Living in an apt does not mean having a bad quality of life...
 

Well we are being negative because things are going to get really bad here. I dont think having a masters will make any difference at all.

You will be in huge debt from your appartment im afraid.
 
SteveW9 said:
Well we are being negative because things are going to get really bad here. I dont think having a masters will make any difference at all.

You will be in huge debt from your appartment im afraid.
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Steve things are being very bad here, in italy where I'm from, in the US, Australia is in recession... there's nothing I can do about it. Winging won't help me. I'll work hard and do my best.
and as I said I'll just keep living in an apartment and pay my mortgage that I can easily afford.
I was just asking for an advice..
 
No problems Giulia Im only trying to give you my advice.
It is a bad time here and will continue to be. I think Italy might be a better option in 2 years, you might see a lot of Irish moving over there.
 
SteveW9 said:
No problems Giulia Im only trying to give you my advice.
It is a bad time here and will continue to be. I think Italy might be a better option in 2 years, you might see a lot of Irish moving over there.
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Trust me Italy has been in recession for the last 5 yrs, and property is as expensive as in Ireland. Oh and My husband does not speak any italian at all ....

I suppose I'll just wait and see
thanks for the advice anyway.
Nico
 
No problems Guilia, ireland recession could last much more than 5 or even 10 years, a lot of people I know are considering emigrating as soon as they can before there are restrictions on visas.
 
SteveW9 said:
No problems Guilia, ireland recession could last much more than 5 or even 10 years, a lot of people I know are considering emigrating as soon as they can before there are restrictions on visas.
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my husband is american.. that's an option.. we'll just wait and see..
 
Steve, I dont normally interfer, but you are being a bit overtly negative no? Every reply is, 'well its even worse here' and 'will only get worse'... yes things are bad, but therse no need to over do it.

As regards Italy, do you really think your going to see lots of Irish emigrating there with their freckles, red hair and all seriously, the Italian economy faces far more structural problems than the Irish one does and has a very very negative long run forecast in comparision to Ireland.
 

I'd love to move back to Italy but I have to agree with you, Italy is not the place to be right now. that's why a moved, with a degree, master the only job I could get was a temporary contract (in Italy that means that you are not paid if you are sick, no holiday pay, no pension) and getting paid around Eur 800 per month. and trust me Italy is not that cheaper than here.
 
Steve, without going too far in a tanget from the OP's original comments: I do agree the economy will suffer badly for the next few years and we are in trouble in the short/medium term - but to suggest or imply that we are going to see negative growth for ten straight years and at the same time to predict the situation in Italy is only going to last half that length... well personally I feel thats a little OTT.

As I said, this is not the place to debate this, and as such I think expressions of very strong personal opinions on issues like the recession may not be particularly benificial to the OP. Theres plenty of threads in the Great Financial Debate section dealing with this.

On Giulias last post: I recently toured Italy whilst interrailing during the summer and it is a wonderful country in so many ways, but the price level was extraordinary, particularly when coupled with what I know of the economic situation there. I was struck by the variance in price, service, and attitude between north and south. €800 a month as you state would not be a very sustainable amount to earn.

To go back to the original question:

Despite your negative equity situation, you are actually in a fairly stable financial situation. You are comfortably meeting all repayment obligations and have a good amount of cash savings. If you want something to do:

> Reassess all savings accounts to ensure they are earning highest interest rates on the market
> Consider starting a pension, particularly as next year you turn 30 which improves the tax benefits (max deduction ^ from 15 - 20%)
> You have a very good rate on the mortgage as far as I can see
> Maybe split the €2k savings a month as follows: €750 pm, overpay mortgage (if possible), €750pm into savings accounts, balance into pension and maybe treating yourselves.

I suggest you overpay the mortgage as when it comes to trading up down the line, the smaller the existing mortgage balance the better.

About the pension; please speak to a qualified independent professional.

Best of luck
 
I've deleted a number of off-topic posts. Would posters please confine themselves to offering constructive advice to the OP?
 
DrMoriarty said:
I've deleted a number of off-topic posts. Would posters please confine themselves to offering constructive advice to the OP?
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Is being realistic not contructive whats the point in having a discussion if you keep deleting my comments
 
DrMoriarty said:
I've deleted a number of off-topic posts. Would posters please confine themselves to offering constructive advice to the OP?
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I spent 20 minutes writing a summary of how I see Ireland today.
It wasnt abusive just a very honest submission which I wanted to share.

Yet you guys deleted it after me wasting my time. Whats the point in having discussions, this is an absolute disgrace.
 
SteveW9 said:
I spent 20 minutes writing a summary of how I see Ireland today.
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Maybe you'd be better off posting in the Letting Off Steam forum? This forum is for people who want a review of their finances, not generalised ranting about the state of the country.
SteveW9 said:
[...] you guys deleted it after me wasting my time. Whats the point in having discussions, this is an absolute disgrace.
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Your sentiments are noted. Maybe you should have a read of the ?
 
DrMoriarty said:
Maybe you'd be better off posting in the Letting Off Steam forum? This forum is for people who want a review of their finances, not generalised ranting about the state of the country.
Your sentiments are noted. Maybe you should have a read of the ?
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So you are telling me the state of the economy and the state I believe it will be in should have no bearing on the advice I am giving people.....unbelivable
 
Steve. You got plenty of advice on your own situation without any of the off-the-point ranting along the lines of what I've deleted here.
If you don't agree with the posting guidelines at AAM, perhaps you should seek out another forum, or start your own blog.
 
There are a few forums with a lot less restrictions or opionion control that this site believe me.
On the property pin there is a section saying how bad ask about money is and to give your opinion on the moderators, there are a lot of people fed up with this site.
I didnt believe it until today however i do now.
I have copied all your responses to my time consuming posts as evidence.
I wil not be be psoting to this site again. You are a joke.

Good Luck this is the Fianna Fail of "discussion" forums.
 
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