rcnt_acqtion
Registered User
- Messages
- 5
Age: 41
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 225,000 (+ 50% guaranteed yearly bonus for next 3 years)
Annual gross income of spouse: 65,000
Monthly take-home pay: €13,000 combined (excluding bonuses). Mortgage payments of €2,065/month lions share of monthly spend.
Type of employment: e.g. Civil Servant, self-employed: Both company employees
Savings: Currently saving approximately €8k-8.5k/month into demand savings a/c (7 days notice).
Rough estimate of value of home: €450,000 (down significantly from original purchase price in 2007)
Amount outstanding on your mortgage: €363,000
What interest rate are you paying? 0.5% tracker
Other borrowings – car loans/personal loans etc: No loans or borrowings.
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
No credit card(s).
Savings and investments:
From company sale: €4,200,000 currently in low interest demand deposit a/c. Amount reflects after CGT paid on Dec 15 recently.
Further lump sums are due in 12 and 18 months of a little over €1,000,000 in total (before CGT) as part of phased acquisition payments.
Do you have a pension scheme?
Yes, contribute €1,000/month + spouse contributes €500/month (after tax relief)
Do you own any investment or other property? No. And not a fan of owning more property directly; although okay via a wider investment plan.
Ages of children: No children.
Life insurance: Only what mortgage requires + death in service plans from employers
What specific question do you have or what issues are of concern to you?
Had recent (last 6 months) change in circumstances (sold company, staying on with new combined entity with much increased pay) and want to start putting lump sum to work + setup some sensible use of available cash from monthly income.
I have gifted (legally and tax paid) some lump sum payments to family to help them out and the lump sum amount above reflects this.
Job is demanding and I also don’t want to be a martyr to the cause in the sense of locking every penny up for decades in the future.
Over the hard years of growing the company, I promised myself an expensive sports car on company sale and have now ordered that. This was not an impulse purchase. Lump sum above reflects post purchase of car and my current spreadsheet estimates of monthly running costs (tax, fuel, specialised insurance, extended warranty cover (eventually) and servicing) will consume €900/month when annualised over the year.
I don’t plan on moving/selling home (I like where I live) and have been comfortable with repayments over the last 15 years – not really looking to pay it off early.
I don’t plan on massively increasing my monthly minimum commitments from a lifestyle perspective – no fancy watches or bags for us – I value staying grounded – but also when going on trips (plan on taking new car on long road trips), I also want to “enjoy” nice hotels and the like along the way.
I consider myself lucky to be in this position – I spent the last decade while building up the business – in near poverty after bills were paid – but would like to be able to generate extra income (before retirement) from the lump sum and cash that current job is throwing off.
I am starting the process of seeking independent financial advice and am interested in what this communities thought process would be w.r.t. what I should be looking out for when I receive said advice.
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 225,000 (+ 50% guaranteed yearly bonus for next 3 years)
Annual gross income of spouse: 65,000
Monthly take-home pay: €13,000 combined (excluding bonuses). Mortgage payments of €2,065/month lions share of monthly spend.
Type of employment: e.g. Civil Servant, self-employed: Both company employees
Savings: Currently saving approximately €8k-8.5k/month into demand savings a/c (7 days notice).
Rough estimate of value of home: €450,000 (down significantly from original purchase price in 2007)
Amount outstanding on your mortgage: €363,000
What interest rate are you paying? 0.5% tracker
Other borrowings – car loans/personal loans etc: No loans or borrowings.
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
No credit card(s).
Savings and investments:
From company sale: €4,200,000 currently in low interest demand deposit a/c. Amount reflects after CGT paid on Dec 15 recently.
Further lump sums are due in 12 and 18 months of a little over €1,000,000 in total (before CGT) as part of phased acquisition payments.
Do you have a pension scheme?
Yes, contribute €1,000/month + spouse contributes €500/month (after tax relief)
Do you own any investment or other property? No. And not a fan of owning more property directly; although okay via a wider investment plan.
Ages of children: No children.
Life insurance: Only what mortgage requires + death in service plans from employers
What specific question do you have or what issues are of concern to you?
Had recent (last 6 months) change in circumstances (sold company, staying on with new combined entity with much increased pay) and want to start putting lump sum to work + setup some sensible use of available cash from monthly income.
I have gifted (legally and tax paid) some lump sum payments to family to help them out and the lump sum amount above reflects this.
Job is demanding and I also don’t want to be a martyr to the cause in the sense of locking every penny up for decades in the future.
Over the hard years of growing the company, I promised myself an expensive sports car on company sale and have now ordered that. This was not an impulse purchase. Lump sum above reflects post purchase of car and my current spreadsheet estimates of monthly running costs (tax, fuel, specialised insurance, extended warranty cover (eventually) and servicing) will consume €900/month when annualised over the year.
I don’t plan on moving/selling home (I like where I live) and have been comfortable with repayments over the last 15 years – not really looking to pay it off early.
I don’t plan on massively increasing my monthly minimum commitments from a lifestyle perspective – no fancy watches or bags for us – I value staying grounded – but also when going on trips (plan on taking new car on long road trips), I also want to “enjoy” nice hotels and the like along the way.
I consider myself lucky to be in this position – I spent the last decade while building up the business – in near poverty after bills were paid – but would like to be able to generate extra income (before retirement) from the lump sum and cash that current job is throwing off.
I am starting the process of seeking independent financial advice and am interested in what this communities thought process would be w.r.t. what I should be looking out for when I receive said advice.