Age: 49
Spouse’s/Partner's age: 50
Number and age of children: 2 (12) & (15)
Income and expenditure
Annual gross income from employment or profession: €45K
Annual gross income of spouse: €40k
Monthly take-home pay - Self-employed/ project based so changes – roughly €3k month.
Type of employment: e.g. Civil Servant, self-employed - Both Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Neither. Just spending as required. No saving, no extra cash.
Summary of Assets and Liabilities
Family home worth €500K with no mortgage
€90K in Irish Life Fund, €70K in Davy Fund both for kids’ education.
Pension fund: €60K for me and €250K for my wife.
Company shares: None
Buy to Let Property – None. But we do utilise rent a room in our home with a college student to the max of €12k per year tax free.
Family home mortgage information – Paid off earlier this year.
Lender N/A
Interest rate N/A
If fixed, what is the term remaining of the fixed rate? N/A
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? No credit card.
If not, what is the balance on your credit card? None.
Car Loan - €350 per month. Two more years.
Buy to let properties
Value: None
Rental income per year: None – see Rent a Room income above for €12k per year tax free.
Rough annual expenses other than mortgage interest : N/A
Lender N/A
Interest rate N/A
If fixed, what is the term remaining of the fixed rate? N/A
Other savings and investments:
Do you have a pension scheme? Just two small schemes as both self-employed. €60K for me and €250K for my wife.
Cash of €90K in Irish Life Fund
€70K in Davy Fund for kids’ education.
It is anticipated both funds are towards kids’ education.
Do you own any investment or other property? No but rent a room can continue indefinitely as it’s a high demand rental area.
Other information which might be relevant
Life insurance: Covered via policy with Irish Life.
What specific question do you have or what issues are of concern to you?
We are both self-employed. My wife works 4 days a week and I work 3 – 4 days a week. I have suffered from chronic pain for several years and due to medication side effects etc I am limited in what I can do hence modest income. We both have a similar philosophy to money – life comes first and no borrowings is good and we have a low key life. We don’t really spend very much as we don’t earn very much – but quality of life is good and now mortgage free.
My wife will inherit a lot of money when parents in law pass in time – cash of over a million and rental properties etc. There is succession planning in place for this and we have met financial planner from their end etc. My parents in law have also saved for kids and will contribute towards college if required. We know this is coming but that’s hopefully way down the line and we are happy ticking along now. We see this as our pension – rentals etc. There are 3 rentals in total plus assets and cash.
We are both happy to tick along. I have no real career aspiration other than to do what I do, I could earn more but the impact on my chronic pain is not great.
Sometimes think we should be really working to make more money, but I see our friends around us with pressured quality of life commuting etc and wonder why?
Should we try to put more into pensions? My feeling is that rent a room is ticking along and pays its way, and we are both earning enough to have a nice quality of life. More cash would be nice but I guess living with chronic pain has made me realise money is not everything.
I welcome any thoughts on the above.
Thank you
Spouse’s/Partner's age: 50
Number and age of children: 2 (12) & (15)
Income and expenditure
Annual gross income from employment or profession: €45K
Annual gross income of spouse: €40k
Monthly take-home pay - Self-employed/ project based so changes – roughly €3k month.
Type of employment: e.g. Civil Servant, self-employed - Both Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Neither. Just spending as required. No saving, no extra cash.
Summary of Assets and Liabilities
Family home worth €500K with no mortgage
€90K in Irish Life Fund, €70K in Davy Fund both for kids’ education.
Pension fund: €60K for me and €250K for my wife.
Company shares: None
Buy to Let Property – None. But we do utilise rent a room in our home with a college student to the max of €12k per year tax free.
Family home mortgage information – Paid off earlier this year.
Lender N/A
Interest rate N/A
If fixed, what is the term remaining of the fixed rate? N/A
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? No credit card.
If not, what is the balance on your credit card? None.
Car Loan - €350 per month. Two more years.
Buy to let properties
Value: None
Rental income per year: None – see Rent a Room income above for €12k per year tax free.
Rough annual expenses other than mortgage interest : N/A
Lender N/A
Interest rate N/A
If fixed, what is the term remaining of the fixed rate? N/A
Other savings and investments:
Do you have a pension scheme? Just two small schemes as both self-employed. €60K for me and €250K for my wife.
Cash of €90K in Irish Life Fund
€70K in Davy Fund for kids’ education.
It is anticipated both funds are towards kids’ education.
Do you own any investment or other property? No but rent a room can continue indefinitely as it’s a high demand rental area.
Other information which might be relevant
Life insurance: Covered via policy with Irish Life.
What specific question do you have or what issues are of concern to you?
We are both self-employed. My wife works 4 days a week and I work 3 – 4 days a week. I have suffered from chronic pain for several years and due to medication side effects etc I am limited in what I can do hence modest income. We both have a similar philosophy to money – life comes first and no borrowings is good and we have a low key life. We don’t really spend very much as we don’t earn very much – but quality of life is good and now mortgage free.
My wife will inherit a lot of money when parents in law pass in time – cash of over a million and rental properties etc. There is succession planning in place for this and we have met financial planner from their end etc. My parents in law have also saved for kids and will contribute towards college if required. We know this is coming but that’s hopefully way down the line and we are happy ticking along now. We see this as our pension – rentals etc. There are 3 rentals in total plus assets and cash.
We are both happy to tick along. I have no real career aspiration other than to do what I do, I could earn more but the impact on my chronic pain is not great.
Sometimes think we should be really working to make more money, but I see our friends around us with pressured quality of life commuting etc and wonder why?
Should we try to put more into pensions? My feeling is that rent a room is ticking along and pays its way, and we are both earning enough to have a nice quality of life. More cash would be nice but I guess living with chronic pain has made me realise money is not everything.
I welcome any thoughts on the above.
Thank you
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