S
softie
Guest
Age: 33
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: avg 70k (tax exempt due to artists exemption) Artist - well established
Annual gross income spouse: 45k - sales
Type of employment: e.g. both self-employed
Expenditure pattern: In general are you spending more than you earn or are you saving? We are saving
Rough estimate of value of home 580k
Mortgage on home 500k
Mortgage provider: INBS
Type of mortgage: Variable
Interest rate 5.73 (hanging in for possible demut)
Other borrowings – car loans/personal loans etc 35k but paid through spouses company
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: 30k Rabo, 30k AIB online demand, 15k AIB online demand (spouse) 25k UB esavings, 5k prize bonds, 10k AIB current a/c
Do you have a pension scheme? No - truly believe they are a gimmick and no tax benefits due to my tax-emempt staus anyway
Do you own any investment or other property? Yes
Value: 620k
Mortgage 260k INBS 5.9% Int only
REntal Income from this property 2800 per month
Ages of children: None
Life insurance: 1000 per year mortgage protection
VHI 1500 per year
What specific question do you have or what issues are of concern to you?
Just a general healthcheck please. Would be interested to know the views of AAM members in terms of our borrowings compared to our savings and income. We plan to pay 60k off PPR mortgage soon to bring overall mortgage borrwoings down to 700k. Does this sound like a good idea or due to the credit crisis is it better to hang on to savings?
Wondered also if anyone had any other recommendations in terms of better management of our finances other than starting a pension as I truly don't have any faith in them.
Thank you
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: avg 70k (tax exempt due to artists exemption) Artist - well established
Annual gross income spouse: 45k - sales
Type of employment: e.g. both self-employed
Expenditure pattern: In general are you spending more than you earn or are you saving? We are saving
Rough estimate of value of home 580k
Mortgage on home 500k
Mortgage provider: INBS
Type of mortgage: Variable
Interest rate 5.73 (hanging in for possible demut)
Other borrowings – car loans/personal loans etc 35k but paid through spouses company
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: 30k Rabo, 30k AIB online demand, 15k AIB online demand (spouse) 25k UB esavings, 5k prize bonds, 10k AIB current a/c
Do you have a pension scheme? No - truly believe they are a gimmick and no tax benefits due to my tax-emempt staus anyway
Do you own any investment or other property? Yes
Value: 620k
Mortgage 260k INBS 5.9% Int only
REntal Income from this property 2800 per month
Ages of children: None
Life insurance: 1000 per year mortgage protection
VHI 1500 per year
What specific question do you have or what issues are of concern to you?
Just a general healthcheck please. Would be interested to know the views of AAM members in terms of our borrowings compared to our savings and income. We plan to pay 60k off PPR mortgage soon to bring overall mortgage borrwoings down to 700k. Does this sound like a good idea or due to the credit crisis is it better to hang on to savings?
Wondered also if anyone had any other recommendations in terms of better management of our finances other than starting a pension as I truly don't have any faith in them.
Thank you