New RTE programme "How to be Good with Money"

I was very like these people in the show..."was"..
It's a lack of financial maturity in my opinion. People need to get honest with themselves and realise that they are broke if they have to resort to credit cards and loans to finance their lifestyle.

Adults must act responsibly and devise a plan to protect their family financially and follow the plan. Children do what feels good. "Dave Ramsey"
These people are still acting like children.

Stop taking on consumer debt. (save for what you need)
Pay off consumer debt smallest to largest (snowball it as quick as possible)
Build 3-6 months of cash
Contribute to pension - at least 15% of income
Save for childrens college education
Pay off mortgage
Invest/build wealth
 
surely people are free to get married wherever they want, if anything it helps thin out the crowd coming so you get people who really want to be there as opposed to people coming because they think they should.

You get the people who can afford to go or the people who feel pressured to go into debt to go. You will also have people who want to go but cannot afford to go.
 
I expect to have to decide at some point whether to retire early or to continue earning in order to help out my adult children. Tricky.

If you teach your children to be responsible with money you will never have to help your adult children out financially. By all means pay for their education but after that the next time I would give them money would be through an inheritance.
 
I would only consider helping out the responsible ones, perhaps towards a house deposit or some such.
 
If you teach your children to be responsible with money you will never have to help your adult children out financially. By all means pay for their education but after that the next time I would give them money would be through an inheritance.

What if your child decides they want to be a nurse, starting on a salary of €23,000 or they want to work in child care and don't earn much over minimum wage? No matter how responsible they are with their money, they will struggle with getting on the property market. I am all for teaching your kids to be financially independent and not enabling them but if it does not put a parent's future happiness at risk, it is ok to help them out. As Michael said, for the responsible ones.

I would also question not giving your kids money until you die. First of all, you get no enjoyment from being able to help your kids out financially. After all, you're dead at that stage. Being able to help your kids buy their first home would bring a huge amount of joy to a parent. And second, your kids are likely to be in their 50s/60s by the time they get the inheritance. Their need for money is decades before then when they are trying to get a deposit for a home and/or paying for child care as well as all the new costs that have come with having a kid.

If you are happy that your kids have the right work ethic and appreciate the help, I don't see any problem with helping them out with a deposit. Not the kids who want their parents to subsidise their lifestyle (in a lot of these cases, it's the parents consumption lifestyle that has lead to this, see earlier post).

Steven
www.bluewaterfp.ie
 
If you are happy that your kids have the right work ethic and appreciate the help, I don't see any problem with helping them out with a deposit.

I agree 100% with this. The way things are going it will be almost impossible for anyone leaving 3rd level to save enough (whilst paying high rents) to buy somewhere. At least with a deposit they can start paying down the mortgage straight away
 
If you teach your children to be responsible with money you will never have to help your adult children out financially. By all means pay for their education but after that the next time I would give them money would be through an inheritance.

That just isn’t true.

If one of my kids wants to do something that is of value to society but underpaid relative to other roles (e.g. nurse or primary school teacher), on their own they will struggle to buy a nice house in a decent area.

Like some of Steven’s clients, we hope to be there to help in such circumstances.

Hard to see how that suggests them not being responsible with money.
 
If you teach your children to be responsible with money you will never have to help your adult children out financially. By all means pay for their education but after that the next time I would give them money would be through an inheritance.
At the time you are retiring It may be worth looking to see if you have Inheritance money tied up in your pension ,Worth looking at taking extra out at 20% rate and feeding it into kids pension pot while there are good tax breaks Inheritance left in an ARF will be taxed at 30% I suspect long term it will not go lower and tax breaks may be gone or lowered I suspect in the future,

It can be invested into funds with a higher return seeing any drop will have plenty of time to recover,

As far as i am concerned Helping/giving kids money In Ireland at present to buy a home is a fools game
in most cases Only pushing up prices cancelling out any advantage by doing so in a rising market,

It may make some sense To do so for a starter home once you move up into higher priced houses I suspect it gets cancelled out and wasted,
 
Last edited:
I agree 100% with this. The way things are going it will be almost impossible for anyone leaving 3rd level to save enough (whilst paying high rents) to buy somewhere. At least with a deposit they can start paying down the mortgage straight away
If they are able to start paying down there mortgage straight away the may not need it as much as you think, I suspect making sure the start a pension would be a better investment of Inheritance money,

Sooner than later we are going to see people questioning how some young people have an advantage over others being helped out with tax free money held in pension schemes,

Buying a house is something achieved over many years of gradual paying it off , Likewise a pension in retirement is something most will achieved gradually over your working life,

In Ireland some think you should be able to do the above almost overnight,;)

If we are honest with our self that is how it is done in other EU Countries why do some Irish people expect to be able to achieve the above almost overnight there has to be a mismatch going on some where in the Irish system,

Do you remember Leo assertion that it is commonplace for middle Ireland's first-time house buyers to take there deposit from the Bank of Mom and Dad and the reaction it generated,
 
Last edited:
What if your child decides they want to be a nurse, starting on a salary of €23,000 or they want to work in child care and don't earn much over minimum wage? No matter how responsible they are with their money, they will struggle with getting on the property market.
No offence but this is the root of the oirish psych now. Do you think we all started off on 50k a year before now and managed to buy houses before we were 25 ?
Retired2017 above has written it a bit more eloquently than me though
 
I see that the CCPC are sponsoring it. They really use our taxpayers' money very well. It must be marginally better than chasing restaurants who confiscate the booking fees of people who book but don't show up.

FINE TUNE YOUR FINANCES IN 2019



· CCPC announces new sponsorship of RTÉ Show ‘How to be Good with Money’

· Series features six real-life households dealing with different financial challenges



10 January 2019 For many of us, the new year brings new resolutions and this year, TV viewers have the opportunity to learn how to transform their finances, as RTÉ airs a new personal finance show ‘How to be Good with Money.’ This new series, which is sponsored by the Competition and Consumer Protection Commission (CCPC), will provide a real-life insight into the financial challenges of six households across Ireland, all of who have different financial goals. Each week, financial planner Eoin McGee will help a household get to grips with their financial situation, whether it’s tackling credit card debt or getting mortgage ready.


Speaking at the commencement of this new financial education programme, Isolde Goggin, Chair of the Competition and Consumer Protection Commission said, “Recently, we published Ireland’s first ever financial well-being survey, which gave extensive insights on how people are managing their day to day and long term finances. It was encouraging to see that as a whole, people in Ireland are doing reasonably well in terms of general financial well-being. But life is inherently unpredictable and our research also showed that many people have low levels of resilience for the future, including in retirement.”


“As the New Year begins it is a great opportunity for us all to take stock of our finances and identify where we can make some changes, both now and over time, to improve our financial well-being. We are delighted to have the opportunity to partner with RTÉ, to sponsor this new programme which, through real life situations, will provide viewers with practical tips and advice on how they can fine tune their finances in 2019. Through our website, ccpc.ie, we provide a range of independent information and tools to help people chose financial products and manage their money. Our comparison tools are of particular help, as they allow consumers to compare the rates, charges and features of financial products available on the market, including mortgages, loans, credit cards, current accounts and savings accounts. Consumers can then use this information to get the product that best suits their needs and often save themselves some money too.”


How to be Good with Money will air Thursdays on RTÉ One at 8:30pm from 10 January.
 
No offence but this is the root of the oirish psych now. Do you think we all started off on 50k a year before now and managed to buy houses before we were 25 ?
Retired2017 above has written it a bit more eloquently than me though

I don’t think hyperbole serves any purpose here. Many of these people don’t start on €50k, they finish on it, if they’re lucky.

And I wouldn’t propose helping to buy a sub-25 year old a house; 30ish perhaps.
 
If one of my kids wants to do something that is of value to society but underpaid relative to other roles (e.g. nurse or primary school teacher), on their own they will struggle to buy a nice house in a decent area.
Where does this stuff come from about teachers/nurses/guards being underpaid! The average nurse's salary in Ireland is €57k. Teachers aren't far off that when they reach top of the scale also and have tremendous holidays/work hours.
And lets not even start on the pensions which somehow always seem to be forgotten about!
 
Where does this stuff come from about teachers/nurses/guards being underpaid! The average nurse's salary in Ireland is €57k. Teachers aren't far off that when they reach top of the scale also and have tremendous holidays/work hours.
And lets not even start on the pensions which somehow always seem to be forgotten about!

Where did I say that they’re underpaid?

Note my use of the term “relative”.
 
Where does this stuff come from about teachers/nurses/guards being underpaid! The average nurse's salary in Ireland is €57k. Teachers aren't far off that when they reach top of the scale also and have tremendous holidays/work hours.
And lets not even start on the pensions which somehow always seem to be forgotten about!

its not that they are underpaid, but they are underpaid to live in Dublin. For most people id say live elsewhere but for people that we need i.e. nurses, teachers, police, ambulance workers etc i have a different view. Actually thats where i think social housing should be targetted, or at least the social houses that form part of private estates.
 
Who looks after the aircraft leasing, finance, legal, or tech person when they fall ill? Who teaches their kids?

In urban areas with substandard public transport, we have major issues with affordability for people who pursue noble but lowly paid careers.

It’s a long time before a teacher/nurse/guard is on €57k a year.
 
its not that they are underpaid, but they are underpaid to live in Dublin. For most people id say live elsewhere but for people that we need i.e. nurses, teachers, police, ambulance workers etc i have a different view. Actually thats where i think social housing should be targetted, or at least the social houses that form part of private estates.
Excellent idea. Could this be worked into a policy and is there any group across the political spectrum that would oppose it?
 
Back
Top