siofrahd93
Registered User
- Messages
- 3
What information would be relevant to give recommendations?You haven't provided enough information to make any kind of recommendations around investment types suitable for you.
What information would be relevant to give recommendations?
I'm 27 and in my final year of college, looking to work in an industry where I will likely be freelance, and probably not earning loads. My work is heavily affected by covid and will be the last to open up so I want to focus on making the best financial decisions now so that I can hopefully not worry too much about house prices and pension in the future.
1) I have 10 thousand and I'm looking to invest - I'm okay with this being long term as I'd like it to go for a deposit for a house. I'm looking at putting it into a savings investment with a bank. Is there any banks that do this better than others or would a different option be better again? So far I've looked at Bank of Ireland and EBS. I'm happy to go with 15 year investment - the projections for a bad return on BoI are not too bad, but I'm aware that the banks would want to advertise themselves as being relatively reliable so I don't know to what extent I can trust them.
I am focusing on my career. This is my number one priority, but due to the pandemic and low funding, the pay may not be amazing, as I have said.In your situation, you should focus on:
- Career stability & income growth - not always easy depending on the industry as you have said
- Building a deposit for a property in cash - the sooner you are not renting the better
- Planning for a mortgage - as a freelancer/self employed person, it can be much harder to get a mortgage. You need to be more financially prudent than the average person because you need to supply a lot more documentation to show affordability
- Find a spouse/partner if you don't have one already - everything is easier to afford when there is a joint income and the cost of living is split. It opens up more possibilities, for example, a €200k property for a single person may be out of reach but a €300k property might be achievable as a couple.
Is this all of the cash you have? If it is, I would suggest keeping it readily available to you for at least the next 12-24 months until you are finished in college and normal life has resumed & you are earning consistently. I would not put any of it in a life product as there can be significant setup and early withdrawal fees so if you need it for any reason, you will almost certainly have lost money on itIn that case what should I do with 10 thousand?
It is good that you are focusing on your career but €25k/yr is low. Do you see this growing much into your 30's? Or can you explore ways to increase your earnings, e.g can you further your education in an area that is connected or related to your current industry but is more stable? Using the €10k now to improve you potential income is a far better investment than putting the €10k away for 10-15 yearsI am focusing on my career. This is my number one priority, but due to the pandemic and low funding, the pay may not be amazing, as I have said.
I would be happy to earn 25k per year. I'm working in theatre, so not the most stable
Never a truer word said and you certainly shouldn't settle for the incomeBelieve me, I know it's easier with two salaries, but I'm not going to settle for someone just for the extra income.
I have 10 thousand and I'm looking to invest -
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?