lonelyplanet
Registered User
- Messages
- 65
Basics
Age: 40
Spouse’s/Partner's age:37
Annual gross income from employment or profession: 85K + bonuses (private sector)
Annual gross income of spouse: 5K (private sector, part-time)
Rough estimate of value of home: 350K
Amount outstanding on your mortgage: zero
What interest rate are you paying? zero
Other borrowings – zero
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Yes but not many contributions and estimate approx value around €20K. I looked at property as a pension
Do you own any investment or other property? Yes
Investment Property
Property 1:
Current Value (Approx): €165,000 Mortgage: €121,000 Rent : 700
Interest Rate: Tracker 2.5%
Property 2:
Current Value (Approx): €165,000 Mortgage: €61,000 Rent: 650
Interest Rate: Tracker 2.05%
Property 3:
Current Value (Approx): €185,000 Mortgage: €154,000 Rent :750
17 years left on above mortgages
Interest Rate: Tracker 2.5%
Ages of children: 4, 7
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I am very cautious about the future and a natural worrier. Having grown up with very little I studied and worked hard to pay off my home and financial security is a big thing for me/family. I am growing through a tough time in my current job and want to leave it. Naturally my wife and I are worried about this decision due to the difficulty to get work. My situation my sound pathetic but both my wife and I have cried at my current situation as I want to leave my job but want to ensure that we can eek some living and hopefully find something that I am happy doing.
I would like to hear recommendations with respect to what is the best thing to do with the investment property and our cash saving. My wife suggests that I leave current position and use the savings to tide us over for a certain period.
At this stage I dont want to sell any of the properties as I think/hope that we are at the bottom of the current property cycle and prepared to wait for the next 5 to 10 years for these properties to appreciate and get closer to being paid off.
We are in a lucky position to have our own home paid off but due to the dire dissatisfaction in my current career I am trying to figure a way to minimise our outgoings and look at another job to assist in paying off the investment mortgages and hopefully manage to live on the rent in the future.
I am interested in how much an individual requires with respect to cash/property to be independently wealthy ( be able to sustain a regular standard of living without having to work your life in a job you detest)
Thanks
lonelyplanet
Age: 40
Spouse’s/Partner's age:37
Annual gross income from employment or profession: 85K + bonuses (private sector)
Annual gross income of spouse: 5K (private sector, part-time)
Rough estimate of value of home: 350K
Amount outstanding on your mortgage: zero
What interest rate are you paying? zero
Other borrowings – zero
Do you pay off your full credit card balance each month? Yes
Savings and investments:
- 45K cash.
- 10K in shares
Yes but not many contributions and estimate approx value around €20K. I looked at property as a pension
- Spouse zero pension (income too low).
Do you own any investment or other property? Yes
Investment Property
Property 1:
Current Value (Approx): €165,000 Mortgage: €121,000 Rent : 700
Interest Rate: Tracker 2.5%
Property 2:
Current Value (Approx): €165,000 Mortgage: €61,000 Rent: 650
Interest Rate: Tracker 2.05%
Property 3:
Current Value (Approx): €185,000 Mortgage: €154,000 Rent :750
17 years left on above mortgages
Interest Rate: Tracker 2.5%
Ages of children: 4, 7
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I am very cautious about the future and a natural worrier. Having grown up with very little I studied and worked hard to pay off my home and financial security is a big thing for me/family. I am growing through a tough time in my current job and want to leave it. Naturally my wife and I are worried about this decision due to the difficulty to get work. My situation my sound pathetic but both my wife and I have cried at my current situation as I want to leave my job but want to ensure that we can eek some living and hopefully find something that I am happy doing.
I would like to hear recommendations with respect to what is the best thing to do with the investment property and our cash saving. My wife suggests that I leave current position and use the savings to tide us over for a certain period.
At this stage I dont want to sell any of the properties as I think/hope that we are at the bottom of the current property cycle and prepared to wait for the next 5 to 10 years for these properties to appreciate and get closer to being paid off.
We are in a lucky position to have our own home paid off but due to the dire dissatisfaction in my current career I am trying to figure a way to minimise our outgoings and look at another job to assist in paying off the investment mortgages and hopefully manage to live on the rent in the future.
I am interested in how much an individual requires with respect to cash/property to be independently wealthy ( be able to sustain a regular standard of living without having to work your life in a job you detest)
Thanks
lonelyplanet