I am a high earner but im modest enough to relaise that could really do with some good advice
Age: 42
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: Private Sector - Sales - 135K Base ( Plus ~50K commission) Take home €5850 pm after pensions excl Commission
Annual gross income of spouse:Job Sharing Cicil servant - 22K - take home 350 per week - no pension, working on and off over the years
In general are you:
(a) spending more than you earn, or
(b) saving?
Trying to save bonus, more or less spending everything else but not living lavishly
Rough estimate of value of home 500K
Amount outstanding on your mortgage: 300K
What interest rate are you paying? EBS Tracker 1.9% €2650 pm
Other borrowings – car loans/personal loans etc
None
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:120K in various deposit accounts
EBS, INBS, AIB
Do you have a pension scheme? Yes, i contribute 10% (started late and left the country for a few years, returned about 3 years ago and what i have invested has been more or less depleted in the last 18 months)
Do you own any investment or other property? NO
Ages of children: 9, 7, 5
Life insurance:
Yes, standard mortgage protection, Death in service (Company benefit)
What specific question do you have or what issues are of concern to you?
While i cant deny that gross income is high and my overall financial position is good compared to many, i still seem to struggle to make ends meet month to month without regularly dipping into my commission. I dont have an extravagent lifestyle other than a nice holiday once per year, we run 2 cars, one is 14 years old, the other is 7.
I feel im not getting much return on my deposits (~2-3%) and i would like to figure out how to make the money work better for me, while also thinking to the future and how i can plan now were something to go wrong with my job. I have 3 kids to put through college and a written off pension fund. Its unlikely i will be able to maintain this level income and this role after 50, so ill probably looking at a new reality at that stage and significnatly lower salary.
Any advice on how to to manage my financial position more effectively, are there other financial instruments that i should consider that would provide a better return on my income and any tips on how to manage my monthly income more effectively?
Thanks for any advice in advance.
Age: 42
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: Private Sector - Sales - 135K Base ( Plus ~50K commission) Take home €5850 pm after pensions excl Commission
Annual gross income of spouse:Job Sharing Cicil servant - 22K - take home 350 per week - no pension, working on and off over the years
In general are you:
(a) spending more than you earn, or
(b) saving?
Trying to save bonus, more or less spending everything else but not living lavishly
Rough estimate of value of home 500K
Amount outstanding on your mortgage: 300K
What interest rate are you paying? EBS Tracker 1.9% €2650 pm
Other borrowings – car loans/personal loans etc
None
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:120K in various deposit accounts
EBS, INBS, AIB
Do you have a pension scheme? Yes, i contribute 10% (started late and left the country for a few years, returned about 3 years ago and what i have invested has been more or less depleted in the last 18 months)
Do you own any investment or other property? NO
Ages of children: 9, 7, 5
Life insurance:
Yes, standard mortgage protection, Death in service (Company benefit)
What specific question do you have or what issues are of concern to you?
While i cant deny that gross income is high and my overall financial position is good compared to many, i still seem to struggle to make ends meet month to month without regularly dipping into my commission. I dont have an extravagent lifestyle other than a nice holiday once per year, we run 2 cars, one is 14 years old, the other is 7.
I feel im not getting much return on my deposits (~2-3%) and i would like to figure out how to make the money work better for me, while also thinking to the future and how i can plan now were something to go wrong with my job. I have 3 kids to put through college and a written off pension fund. Its unlikely i will be able to maintain this level income and this role after 50, so ill probably looking at a new reality at that stage and significnatly lower salary.
Any advice on how to to manage my financial position more effectively, are there other financial instruments that i should consider that would provide a better return on my income and any tips on how to manage my monthly income more effectively?
Thanks for any advice in advance.