Racoonhands28
New Member
- Messages
- 1
Hi there,
Apologies if I am in the wring thread!
First time poster here but have been browsing this forum over the last few months (without taking action).
Basically, I'm looking for advice on what I should do next
Full Breakdown:
- I am 28 years old
- I live at home (minimal expenses)
- I have a 2 year old LTD company
- €42k p/a salary
- I have a cash side hustle/hobbie that brings in approx 2-3k cash a month on top of my salary (Don't jump to conclusions)
- €10k current account
- €55k savings account (Deposit 1k in per month)
- €6k emergency fund in credit union
-€20k Cash under my mattress
- No Loans/Debt
I followed a savings plan each month last year to specifically bring me to these figures which helped me stay focused. Now that these goals have been hit, I don't know what else I should be aiming for, or if I am missing something important that other people would be doing in my situation.
From what I gather, the main things I should be looking at this year is starting a pension, and purchasing a house. Both topics I have very little knowledge in!
Pension:
Should I be setting up a director's pension through the company? If so, when, how, and how much? Should I also be paying into it myself or does that make no difference since I am my employer?
Property:
As I am the owner of my business, I have chosen my €42k annual salary to avoid the higher tax bracket and mainly because I don't 'need' to pay myself more. As far as I understand, the con to this is that my salary leaves me out of reach to get a sufficient enough mortgage to purchase a property on my own. Does me owning a company help when looking for a mortgage on my own or do I just need to up my salary?
What else am I missing? I'm currently feeling a bit stuck as to what I should do which is not ideal to begin the New Year.
I will be seeking a financial advisor soon but would appreciate any advice in the meantime. Thanks in advance!
Apologies if I am in the wring thread!
First time poster here but have been browsing this forum over the last few months (without taking action).
Basically, I'm looking for advice on what I should do next
Full Breakdown:
- I am 28 years old
- I live at home (minimal expenses)
- I have a 2 year old LTD company
- €42k p/a salary
- I have a cash side hustle/hobbie that brings in approx 2-3k cash a month on top of my salary (Don't jump to conclusions)
- €10k current account
- €55k savings account (Deposit 1k in per month)
- €6k emergency fund in credit union
-€20k Cash under my mattress
- No Loans/Debt
I followed a savings plan each month last year to specifically bring me to these figures which helped me stay focused. Now that these goals have been hit, I don't know what else I should be aiming for, or if I am missing something important that other people would be doing in my situation.
From what I gather, the main things I should be looking at this year is starting a pension, and purchasing a house. Both topics I have very little knowledge in!
Pension:
Should I be setting up a director's pension through the company? If so, when, how, and how much? Should I also be paying into it myself or does that make no difference since I am my employer?
Property:
As I am the owner of my business, I have chosen my €42k annual salary to avoid the higher tax bracket and mainly because I don't 'need' to pay myself more. As far as I understand, the con to this is that my salary leaves me out of reach to get a sufficient enough mortgage to purchase a property on my own. Does me owning a company help when looking for a mortgage on my own or do I just need to up my salary?
What else am I missing? I'm currently feeling a bit stuck as to what I should do which is not ideal to begin the New Year.
I will be seeking a financial advisor soon but would appreciate any advice in the meantime. Thanks in advance!