Personal details
Age: 43
Spouse’s/Partner's age: 44
Number and age of children: 3 Children, 17, 16 and 10
Income and expenditure
Annual gross income from employment or profession: €82,000 basic
Annual gross income of spouse: €70,000
Monthly take-home pay €3,800 and €3,200 approx
Type of employment: e.g. Civil Servant, self-employed both private sector
In general are you:
(a) spending more than you earn, or Spending - always run out before the next pay day
(b) saving? we dont' save anything from our monthly wages.
Summary of Assets and Liabilities
Family home worth €300k with a €108k mortgage Tacker with AIB now paying 5%
Cash of €380k - sold a business recently
Defined Contribution pension fund: €170k (me ) paying in €2,000 per month including 8% from employer. Himself started later. fund worth maybe $50k and he pays in around €1000 per month.
Family home mortgage information
Lender AIB
Interest rate 5%
If fixed, what is the term remaining of the fixed rate? Tracker €107 left on it, repayment now €960 per month
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes limit of €500 so keep this under control
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes my fund is around €170K, himself around €50K
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: €300k joint cover we took out at time of buying the house, costs around €36 per month
What specific question do you have or what issues are of concern to you?
1. Should we pay off the mortgage ? If we do, I would like to save the money or invest it in a Davy account for something similiar.
2. I would like to buy an investment property in a nearby coastal town with a view to renting it out for a few years and eventually retiring there. What would be the best way of financing this.
3. I find we are running out of money every month and constantly dipping into the savings so I dont' want to see them dwindle away over the next few years. We live fairly frugally ourselves but are always treating the kids or paying for their hobbies etc.
Thanks for any advice folks.
Age: 43
Spouse’s/Partner's age: 44
Number and age of children: 3 Children, 17, 16 and 10
Income and expenditure
Annual gross income from employment or profession: €82,000 basic
Annual gross income of spouse: €70,000
Monthly take-home pay €3,800 and €3,200 approx
Type of employment: e.g. Civil Servant, self-employed both private sector
In general are you:
(a) spending more than you earn, or Spending - always run out before the next pay day
(b) saving? we dont' save anything from our monthly wages.
Summary of Assets and Liabilities
Family home worth €300k with a €108k mortgage Tacker with AIB now paying 5%
Cash of €380k - sold a business recently
Defined Contribution pension fund: €170k (me ) paying in €2,000 per month including 8% from employer. Himself started later. fund worth maybe $50k and he pays in around €1000 per month.
Family home mortgage information
Lender AIB
Interest rate 5%
If fixed, what is the term remaining of the fixed rate? Tracker €107 left on it, repayment now €960 per month
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes limit of €500 so keep this under control
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes my fund is around €170K, himself around €50K
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: €300k joint cover we took out at time of buying the house, costs around €36 per month
What specific question do you have or what issues are of concern to you?
1. Should we pay off the mortgage ? If we do, I would like to save the money or invest it in a Davy account for something similiar.
2. I would like to buy an investment property in a nearby coastal town with a view to renting it out for a few years and eventually retiring there. What would be the best way of financing this.
3. I find we are running out of money every month and constantly dipping into the savings so I dont' want to see them dwindle away over the next few years. We live fairly frugally ourselves but are always treating the kids or paying for their hobbies etc.
Thanks for any advice folks.