Hi all,
I enjoy learning from advice on this forum, slowly starting to understand how I can get better at managing finances. Would appreciate thoughts on controlling debt and maximising investments following purchase of our (hopefully) forever home.
Age: 41
Partner's age: 40
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: 90000
Annual gross income of spouse: 85000
Monthly take-home pay
Me: ~4500
Partner: ~4000
Type of employment
Me: permanent PAYE
Partner: Self-employed
Both in large multinational companies
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving more on average, but lot of recent large expenditure
Summary of Assets and Liabilities
Family home worth €600k with a €420k mortgage (purchased and renovated in last 2 years)
Cash of €5k (took big hit in renovations)
Defined Contribution pension fund: Me, €160k (monthly contributions 5% EE, 12% ER)
Company shares : €25k (mix of RSUs and fully owned shares in company I work for)
Family home mortgage information
Lender: PTSB
Interest rate: 2.5%
If fixed, what is the term remaining of the fixed rate? 3
Other borrowings
Car loan: ~8k remaining
Do you pay off your full credit card balance each month? Yes
Life insurance: company provide 4X annual salary
What specific question do you have or what issues are of concern to you?
We've purchased our forever home in last 2 years, and undertaken some (expensive!) renovations on it. We would like to now use our (hopefully increasing) wages and bonuses to the best use possible.
We would like to focus on two things; actively decreasing mortgage through some overpayments and actively increasing overall wealth to allow potential transition out of multinationals in our mid-late 50s, before full retirement early 60s.
Plan is to switch mortgages as often as makes sense to avail of either cashback offers and/or preferential rates as our LTV decreases.
What are opinions on maximising annual bonuses (expected to be in region of 15K a year for me) for either investments/lump sums off mortgage/AVC contributions?
I enjoy learning from advice on this forum, slowly starting to understand how I can get better at managing finances. Would appreciate thoughts on controlling debt and maximising investments following purchase of our (hopefully) forever home.
Age: 41
Partner's age: 40
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: 90000
Annual gross income of spouse: 85000
Monthly take-home pay
Me: ~4500
Partner: ~4000
Type of employment
Me: permanent PAYE
Partner: Self-employed
Both in large multinational companies
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving more on average, but lot of recent large expenditure
Summary of Assets and Liabilities
Family home worth €600k with a €420k mortgage (purchased and renovated in last 2 years)
Cash of €5k (took big hit in renovations)
Defined Contribution pension fund: Me, €160k (monthly contributions 5% EE, 12% ER)
Company shares : €25k (mix of RSUs and fully owned shares in company I work for)
Family home mortgage information
Lender: PTSB
Interest rate: 2.5%
If fixed, what is the term remaining of the fixed rate? 3
Other borrowings
Car loan: ~8k remaining
Do you pay off your full credit card balance each month? Yes
Life insurance: company provide 4X annual salary
What specific question do you have or what issues are of concern to you?
We've purchased our forever home in last 2 years, and undertaken some (expensive!) renovations on it. We would like to now use our (hopefully increasing) wages and bonuses to the best use possible.
We would like to focus on two things; actively decreasing mortgage through some overpayments and actively increasing overall wealth to allow potential transition out of multinationals in our mid-late 50s, before full retirement early 60s.
Plan is to switch mortgages as often as makes sense to avail of either cashback offers and/or preferential rates as our LTV decreases.
What are opinions on maximising annual bonuses (expected to be in region of 15K a year for me) for either investments/lump sums off mortgage/AVC contributions?