Age: 48
Spouse’s/Partner's age: 51
Annual gross income from employment or profession: €45,000
Annual gross income of spouse:None
Monthly take-home pay €3,750
Type of employment: Self-employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending a little more than we earn.
Rough estimate of value of home €260,000
Amount outstanding on your mortgage: €170,000
What interest rate are you paying?
ECB plus 1.15% (€10,344 pa)
Other borrowings – car loans/personal loans etc.
€9,000 UB unsecured 3.5%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Deposit ac €190,000
Short term deposit €20,000
Do you have a pension scheme?
PRSA €114,000 no contributions currently
Do you own any investment or other property?
BLT 1
Value €125,000
Mortgage None
Rent €9,000 pa
BLT 2
Value €160,000
Mortgage €200k ECB + 0.75% IO for 18 more years (€2,000 pa)
Rent €8,400
BLT 3
Value €95,000
Mortgage €208k ECB + 0.75% IO for 18 more years (€2,079 pa)
Rent €8,400
BLT 4
Value €170,000
Mortgage €175,000 ECB + 1.15% Cap & Int (€13,944 pa)
Rent €15,000 pa
Ages of children: 16,14,12,9
Life insurance:Sufficient to clear mortgages
What specific question do you have or what issues are of concern to you?
Mostly I am looking for perspective on my situation, I worry that as I am getting older my earning power is not going to improve. My kids are coming to the going to college stage. At present we are spending above our earnings, including BLT profits.
Specifically advice about how I should use the cash savings. As you will see from other threads I don't believe that investing in more property is the way to go, but I am not familiar with anything else.
Any suggestions welcome.
Spouse’s/Partner's age: 51
Annual gross income from employment or profession: €45,000
Annual gross income of spouse:None
Monthly take-home pay €3,750
Type of employment: Self-employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending a little more than we earn.
Rough estimate of value of home €260,000
Amount outstanding on your mortgage: €170,000
What interest rate are you paying?
ECB plus 1.15% (€10,344 pa)
Other borrowings – car loans/personal loans etc.
€9,000 UB unsecured 3.5%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Deposit ac €190,000
Short term deposit €20,000
Do you have a pension scheme?
PRSA €114,000 no contributions currently
Do you own any investment or other property?
BLT 1
Value €125,000
Mortgage None
Rent €9,000 pa
BLT 2
Value €160,000
Mortgage €200k ECB + 0.75% IO for 18 more years (€2,000 pa)
Rent €8,400
BLT 3
Value €95,000
Mortgage €208k ECB + 0.75% IO for 18 more years (€2,079 pa)
Rent €8,400
BLT 4
Value €170,000
Mortgage €175,000 ECB + 1.15% Cap & Int (€13,944 pa)
Rent €15,000 pa
Ages of children: 16,14,12,9
Life insurance:Sufficient to clear mortgages
What specific question do you have or what issues are of concern to you?
Mostly I am looking for perspective on my situation, I worry that as I am getting older my earning power is not going to improve. My kids are coming to the going to college stage. At present we are spending above our earnings, including BLT profits.
Specifically advice about how I should use the cash savings. As you will see from other threads I don't believe that investing in more property is the way to go, but I am not familiar with anything else.
Any suggestions welcome.