New RTE programme "How to be Good with Money"

Discussion in 'Money makeover' started by Brendan Burgess, 5 Jan 2019.

  1. RETIRED2017

    RETIRED2017 Frequent Poster

    Posts:
    643
    Last edited: 11 Jan 2019
    according to the presenter they will be able to borrow 350K for a home with there salaries The wife is hoping they will get a home with a sea view which is no harm in aspiring to, It took me 3 house moves to get to the house I aspired to, With the job the both have should allow them to achieve there goal but may take more than one house move,

    In ten years time I can see them starting to make plans to retire early to the Sun ,
    They are doing ok career wise they will be better off than most of the people criticising them today in ten/20 years time
     
    Last edited: 11 Jan 2019
    galwaypat likes this.
  2. michaelm

    michaelm Frequent Poster

    Posts:
    1,574
    I read one time that most people will buy three houses in their lifetime. I'm in house three and can't foresee moving again. Perhaps seeing themselves on the show, more so than participating, will give them the jolt they need.
     
  3. noproblem

    noproblem Frequent Poster

    Posts:
    1,400
    Some jolt they'll need, probably get an inheritance soon and be laughing at all of us worrying about them :)
     
    Audi_Driver and mugsymugsy like this.
  4. mugsymugsy

    mugsymugsy Frequent Poster

    Posts:
    63
    My wife and I sometimes say to ourselves we are doing things wrong...in that we don't pay tv, make our own lunches, run cars that are old but reliable etc etc

    That said because of this we can take a career break or if work changes then we are not in crises mode because of the choices we have made.

    The people on the show are very much living for now and unless circumstances dramatically change either positive or negative then they will probably continue very much in this mode for the forseeable future.

    Does worry me a business studies teacher can't budget...
     
    Buddyboy and Audi_Driver like this.
  5. RETIRED2017

    RETIRED2017 Frequent Poster

    Posts:
    643
    Last edited: 11 Jan 2019
    They were going to be ok long term anyway once the did not suffer from gambling or have an addiction,

    The central banks limiting mortgages to 3.5 times salary and people/banks needing to show the have a track record showing the can pay back Mortgage will cure a lot of the problems Banks are working through at the moment,
     
    Last edited: 11 Jan 2019
  6. RichInSpirit

    RichInSpirit Frequent Poster

    Posts:
    769
    I didn't see the program but a couple of things from reading this thread.
    1). I'm doing the snowball thing at the moment.
    2). As humans we seem to behave like Lemmings a lot of the time. There is an awful lot of debt built up "keeping up with the neighbours." And I include house buying and mortgages in that statement.
    A lot of the financial industry is built on the fact that we behave like Lemmings.
     
  7. 2Clueless

    2Clueless Registered User

    Posts:
    43
    Heard the Presenter on the Sean O’ Rourke Show a couple of times. He always comes across really well
     
  8. RETIRED2017

    RETIRED2017 Frequent Poster

    Posts:
    643
    Last edited: 11 Jan 2019
    If you are worrying about them stop there are very few as well off at they are ,they will have good pensions and lump sum coming there way in there own right from there chosen careers,
    Both will have the summer to chill out by the sea or go to the sun if the sun fails to come to them,;)

    Unlike lots of others around there age the Did not go mad and take out one of the Mortgages on offer at up to 14 times there salaries and have the stress trying to pay it back now trapped in a high interest rate Mortgage,

    More luck to them if they finish up getting an inheritance along with a good chunk of there parents tax free lump sum,
     
    Last edited: 11 Jan 2019
    2Clueless likes this.
  9. elcato

    elcato Moderator

    Posts:
    2,958
    I didn't see the program but I would think that the smiley/laugh reaction to hearing home truths is a natural reaction for some people so I would not take much from that. I know lots of people who have this reaction and I'd say the couple in question are cringing at looking at themselves doing it.
     
    Coldwarrior and RETIRED2017 like this.
  10. lb12345

    lb12345 New Member

    Posts:
    7
    I often have the same thought!! I always wonder how others on similar salaries manage to afford new fancy cars, amazing travel, lavish dinners etc but I suppose the show last night highlights are people might be just piling up debt to afford these lifestyles!
     
    mugsymugsy likes this.
  11. odyssey06

    odyssey06 Frequent Poster

    Posts:
    1,465
    You can get a new fancy car on PCP without incurring debt but you'll pay for it in the long run.
     
  12. HollowKnight

    HollowKnight Frequent Poster

    Posts:
    68
    I watched the show last night and was really shocked at how little the couple seemed to understand how their debt was so bad!

    Was also surprised that the presenter didn't tell them to forego their holiday wedding. (But maybe RTE paid for that for their appearance on the show?)

    And another thing that surprised me was the presenter not telling them to close their overdraft facility!
     
  13. elcato

    elcato Moderator

    Posts:
    2,958
    He probably did but was edited out as the top brass want entertainment and are probably even more clueless about money than the participants.
     
    WaterWater and HollowKnight like this.
  14. PMU

    PMU Frequent Poster

    Posts:
    924
    Cervelo likes this.
  15. Daddy Ireland

    Daddy Ireland Frequent Poster

    Posts:
    190
    I saw the program. I was very surprised that a business teacher was so poor with money. Eye opener in credit card refusal and yet credit card offer of 14k to spouse. I am not surprised that the credit card co offered such an amount as they have great income and low rent. Shocking though how they managed that big enough monthly income.
     
    Miakk and Audi_Driver like this.
  16. MangoJoe

    MangoJoe Registered User

    Posts:
    39
    Last edited: 14 Jan 2019
    Just watched the programme - I think the main thing for me is that while these two individuals have no idea what they are at financially they also have no idea how lucky they are to be paid so well by the Irish State when clearly they have a very limited capacity to return value for this payment.

    This site boasts some very capable mathematicians - Can anyone tot up an estimated total cost to the State of these two from graduation to retirement age inclusive of teachers wages, increments and pension?
     
    Last edited: 14 Jan 2019
  17. tallpaul

    tallpaul Frequent Poster

    Posts:
    1,027
    Naturally the user with the public service chip on their shoulder had to arrive at some stage. I thought the purpose of the thread was to talk about a TV programme and people who are not that good with money... public or private sector, who gives a toss??...
     
    Markel, Threadser, 2Clueless and 2 others like this.
  18. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    36,529
    I set my Box to record the series and there is another one on it now.

    I had assumed it was a weekly programme?

    Brendan
     
  19. RedOnion

    RedOnion Frequent Poster

    Posts:
    2,329
    It was repeated yesterday at 17:10 so probably picked that up?
     
  20. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    36,529
    That must be it, but it actually said Series 1, Programme 3

    Brendan