Johnnyinthesky
Registered User
- Messages
- 18
Age: 48
Spouse’s/Partner's age: 49
Annual gross income from employment or profession: New Business since last year - 40k approx
Annual gross income of spouse: 50k approx
Monthly take-home pay - Depends - both self employed/ freelance.
Type of employment: e.g. Civil Servant, self-employed - Both Self employed
In general are you:
(a) spending more than you earn, or
(b) saving?
We are breaking even, not saving but not having that much debt.
Rough estimate of value of home 1 million + (see below)
Amount outstanding on your mortgage: 140k. Costing us about 890€ per month (covered by rental below) 12 years outstanding.
What interest rate are you paying? Tracker from EBS
Other borrowings – car loans/personal loans etc
I have a car loan of €13,000 paying €350 per month.
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? Neither of us have credit cards.
Savings and investments: €3000 in savings. Kids education fund invested via financial advisor. About 45k in that right now.
Do you have a pension scheme? We both have pensions which we fund. My wifes is €190K value. Mine €60K
Do you own any investment or other property? Yes. An adjoining apartment which we let under rent a room for €1100 per month. Good area so rent will be stable.
Ages of children: 14 & 12
Life insurance: Yes as per advice from our financial advisor.
What specific question do you have or what issues are of concern to you?
We are both very much not into flashy cars, big spending etc. We are in the lucky position of my wife and I sharing a good outlook on money - we dont get into debt, keep living life with small pleasures, holidays in ireland, eating out a little etc. neither of us very much into 'things'.
We are in our forever home which we have refurbished fully and which my wife will inherit once her parents pass on. My wife is an only child and will inherit this house, two more small rental houses on our site, land and cash assets. My parents in law are very progressive and we have had lots of discussions about tax efficient ways to pass on wealth to us etc. Have a goodish finanical advisor who also looks after their cash & assests etc. They are very wealthy but very sensible (sold a second home in Dublin for 1.4 million etc) So very much asset and cash rich.
I had a long period of being unable to work full time due to depression which I am now managing well. Being self employed allows me to pick & choose and be less stressed. Our kids get to see us more and we live in the country so good quality of life.
My main question is that neither of us have great incomes or big pensions. Tracker is great - as is rent a room paying for it. We dont have much savings. Is this an issue? Should we be working harder? We appreciate this is an unusual situation and not the norm.
Our financial guy is good and knows my parents in law finances so has insight on value etc and says to us to enjoy life, tick along and put a bit more into our pensions. He is not at all pushy as he says that inheritance even after CGT etc will provide for us. Thats grand but I get a little anxious about not earning enough or having a big pension. He points out that our lifestyle is low cost, our debt is low, kids have some college provision (grandparents have some for them too) and that once tracker is paid our rental will add to our income. Interested to hear others opinions and apologies for the long post.
Spouse’s/Partner's age: 49
Annual gross income from employment or profession: New Business since last year - 40k approx
Annual gross income of spouse: 50k approx
Monthly take-home pay - Depends - both self employed/ freelance.
Type of employment: e.g. Civil Servant, self-employed - Both Self employed
In general are you:
(a) spending more than you earn, or
(b) saving?
We are breaking even, not saving but not having that much debt.
Rough estimate of value of home 1 million + (see below)
Amount outstanding on your mortgage: 140k. Costing us about 890€ per month (covered by rental below) 12 years outstanding.
What interest rate are you paying? Tracker from EBS
Other borrowings – car loans/personal loans etc
I have a car loan of €13,000 paying €350 per month.
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? Neither of us have credit cards.
Savings and investments: €3000 in savings. Kids education fund invested via financial advisor. About 45k in that right now.
Do you have a pension scheme? We both have pensions which we fund. My wifes is €190K value. Mine €60K
Do you own any investment or other property? Yes. An adjoining apartment which we let under rent a room for €1100 per month. Good area so rent will be stable.
Ages of children: 14 & 12
Life insurance: Yes as per advice from our financial advisor.
What specific question do you have or what issues are of concern to you?
We are both very much not into flashy cars, big spending etc. We are in the lucky position of my wife and I sharing a good outlook on money - we dont get into debt, keep living life with small pleasures, holidays in ireland, eating out a little etc. neither of us very much into 'things'.
We are in our forever home which we have refurbished fully and which my wife will inherit once her parents pass on. My wife is an only child and will inherit this house, two more small rental houses on our site, land and cash assets. My parents in law are very progressive and we have had lots of discussions about tax efficient ways to pass on wealth to us etc. Have a goodish finanical advisor who also looks after their cash & assests etc. They are very wealthy but very sensible (sold a second home in Dublin for 1.4 million etc) So very much asset and cash rich.
I had a long period of being unable to work full time due to depression which I am now managing well. Being self employed allows me to pick & choose and be less stressed. Our kids get to see us more and we live in the country so good quality of life.
My main question is that neither of us have great incomes or big pensions. Tracker is great - as is rent a room paying for it. We dont have much savings. Is this an issue? Should we be working harder? We appreciate this is an unusual situation and not the norm.
Our financial guy is good and knows my parents in law finances so has insight on value etc and says to us to enjoy life, tick along and put a bit more into our pensions. He is not at all pushy as he says that inheritance even after CGT etc will provide for us. Thats grand but I get a little anxious about not earning enough or having a big pension. He points out that our lifestyle is low cost, our debt is low, kids have some college provision (grandparents have some for them too) and that once tracker is paid our rental will add to our income. Interested to hear others opinions and apologies for the long post.
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