Age: 32
Spouse’s/Partner's age:
30
Annual gross income from employment or profession:
Mine: 36,000
Annual gross income of spouse:
Spouses: 46,000
Type of employment: e.g. Civil Servant, self-employed
Public sector
In general are you:
Saving somewhat.
After paying all my bills I normally have about 300 left a month. I use this for socialising, buying treats etc!
Rough estimate of value of home
EUR220,000
Amount outstanding on your mortgage:
EUR260,000 over 30 years
What interest rate are you paying?
ECB =0.75. Payments are around EUR940
Other borrowings – car loans/personal loans etc
Home improvement loan. Year two of three. I took this out for EUR8,500 and have about EUR5,000 left. The interest rate is 3.75%
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
EUR200
Savings and investments:
I have a Quinn Life investment fund since 2006. The principle is EUR5800 but it's only worth 4,900. I've had it for five years and pay in EUR65 a month.
I also have a thousand euro in savings in a Rabo Savings account.
Do you have a pension scheme?
Public sector
Do you own any investment or other property?
No
Ages of children:
1 and 6
Life insurance:
No
What specific question do you have or what issues are of concern to you?
Up until last month I also worked as a contractor for another company and received a total gross income of EUR40000 a year. This has now come to an end (I reflected this in my gross income above) and I also have to pay child minding and face a possible increase in my mortgage over the next few months.
I am concerned that if I cash in my policy I will have no rainy day funds left and will realise a loss of nearly 20%. I am considering
a) Cashing in half and buying EUR2,000 shares in Microsoft and Petrochemical. I think the former is undervalued and represents a good avenue for savings. I also expect the latter to grow over the next 24 months. I know there are no guarantees but the Quinn Life funds have performed so poorly for me that I'd rather take a more hands on approach.
or
b) Cash it in in its entirety and pay off my home improvement loan and finding another place to invest. This would mean starting again with a blank slate. Any ideas on a good way to do this?
Spouse’s/Partner's age:
30
Annual gross income from employment or profession:
Mine: 36,000
Annual gross income of spouse:
Spouses: 46,000
Type of employment: e.g. Civil Servant, self-employed
Public sector
In general are you:
Saving somewhat.
After paying all my bills I normally have about 300 left a month. I use this for socialising, buying treats etc!
Rough estimate of value of home
EUR220,000
Amount outstanding on your mortgage:
EUR260,000 over 30 years
What interest rate are you paying?
ECB =0.75. Payments are around EUR940
Other borrowings – car loans/personal loans etc
Home improvement loan. Year two of three. I took this out for EUR8,500 and have about EUR5,000 left. The interest rate is 3.75%
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
EUR200
Savings and investments:
I have a Quinn Life investment fund since 2006. The principle is EUR5800 but it's only worth 4,900. I've had it for five years and pay in EUR65 a month.
I also have a thousand euro in savings in a Rabo Savings account.
Do you have a pension scheme?
Public sector
Do you own any investment or other property?
No
Ages of children:
1 and 6
Life insurance:
No
What specific question do you have or what issues are of concern to you?
Up until last month I also worked as a contractor for another company and received a total gross income of EUR40000 a year. This has now come to an end (I reflected this in my gross income above) and I also have to pay child minding and face a possible increase in my mortgage over the next few months.
I am concerned that if I cash in my policy I will have no rainy day funds left and will realise a loss of nearly 20%. I am considering
a) Cashing in half and buying EUR2,000 shares in Microsoft and Petrochemical. I think the former is undervalued and represents a good avenue for savings. I also expect the latter to grow over the next 24 months. I know there are no guarantees but the Quinn Life funds have performed so poorly for me that I'd rather take a more hands on approach.
or
b) Cash it in in its entirety and pay off my home improvement loan and finding another place to invest. This would mean starting again with a blank slate. Any ideas on a good way to do this?