A
abc1
Guest
Hi
I have been reading some of the threads and I am asking people's views on our own money makeover/restructuring.
Age: 41
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 58k
Annual gross income of spouse: 70k
Type of employment: Both Civil Servants
In general are you:
(a) spending more than you earn, or
(b) saving? We do not spend more than we earn and saving as much as we can. We are not big spenders and saved hard via the SSIA to build up a lump sum to invest for our family’s future.
Rough estimate of value of home: Our home is valued at 350k approx
Amount outstanding on your mortgage: 203k (20 yrs. Remaining)
What interest rate are you paying? Tracker ECB + .75%
Rough estimate of value of home: Second Property value approx 160k
Amount outstanding on your mortgage: 200k paying interest only but up in 10 months.
Other borrowings – We have a 5k car loan (12mts remaining)
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Savings of 20k and saving 400 pm into bank savings account
We made the following investments in 2007 with the advice from a financial advisor
Hibernian Spectrum Saver Plus: Paying €250 pm with €10250 paid in but now valued at €9614.
We have the following investments with New Ireland
And an Irish Life Property Fund (Signature Bond)- valued at €15k down 48% since 2007
Do you have a pension scheme? Yes, both in Occupational Schemes
Do you own any investment or other property? As above - investment property, value approx 160k, but it has been vacant for the last three months but I am working to rent it out by room if need be.
Ages of children: 8,6,4
Life insurance: None other than mortgage life cover and death in service benefits provided by our employers.
What specific question do you have or what issues are of concern to you?
We realize we are lucky in the times we are in that we have permanent and pensionable jobs but we would like advice on how to reverse our investment fortunes. We are not big spenders even in the ‘good times’ we worked and saved hard for our family’s future. I have lost faith in our ‘financial Advisor’ as all he advises is to wait as you have plenty of time for your investment to come good. This maybe true and we accept that investments may go up as well as down but I do not think we are in the best position to make use of any improvement in the world’s economy and any reading I have done seems to have my mind in a daze so any advice would be welcome.
Many Thanks.
I have been reading some of the threads and I am asking people's views on our own money makeover/restructuring.
Age: 41
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 58k
Annual gross income of spouse: 70k
Type of employment: Both Civil Servants
In general are you:
(a) spending more than you earn, or
(b) saving? We do not spend more than we earn and saving as much as we can. We are not big spenders and saved hard via the SSIA to build up a lump sum to invest for our family’s future.
Rough estimate of value of home: Our home is valued at 350k approx
Amount outstanding on your mortgage: 203k (20 yrs. Remaining)
What interest rate are you paying? Tracker ECB + .75%
Rough estimate of value of home: Second Property value approx 160k
Amount outstanding on your mortgage: 200k paying interest only but up in 10 months.
Other borrowings – We have a 5k car loan (12mts remaining)
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Savings of 20k and saving 400 pm into bank savings account
We made the following investments in 2007 with the advice from a financial advisor
Hibernian Spectrum Saver Plus: Paying €250 pm with €10250 paid in but now valued at €9614.
We have the following investments with New Ireland
- Euroland equity S9 –valued at €3.5k down 27% since 2007
- Geared High Yield S9 fund - valued at €8k down 45% since 2007
- Innovator Fund S9 - valued at €7.5k down 24% since 2007
And an Irish Life Property Fund (Signature Bond)- valued at €15k down 48% since 2007
Do you have a pension scheme? Yes, both in Occupational Schemes
Do you own any investment or other property? As above - investment property, value approx 160k, but it has been vacant for the last three months but I am working to rent it out by room if need be.
Ages of children: 8,6,4
Life insurance: None other than mortgage life cover and death in service benefits provided by our employers.
What specific question do you have or what issues are of concern to you?
We realize we are lucky in the times we are in that we have permanent and pensionable jobs but we would like advice on how to reverse our investment fortunes. We are not big spenders even in the ‘good times’ we worked and saved hard for our family’s future. I have lost faith in our ‘financial Advisor’ as all he advises is to wait as you have plenty of time for your investment to come good. This maybe true and we accept that investments may go up as well as down but I do not think we are in the best position to make use of any improvement in the world’s economy and any reading I have done seems to have my mind in a daze so any advice would be welcome.
Many Thanks.