My husband and I are in our early 40s with 3 children aged from 4-9 years old. We are financially secure but I am looking for advice on where we go from here - relevant data:
1. UB offset tracker with €120k mortgage outstanding and €100k approx (varies with pay day) in the offset current account so paying v little mortgage interest but have access to the cash. We repay €10k pa - so due to be repaid in 12 years time
2. Investment property with tracker rate of 1.15% - €108k outstanding - property worth about €170k, monthly rental income exceeds monthly repayments, but there is a tax liability of approx. €200/month. Mortgage due to be fully repaid in 2032.
3. Other savings/childrens allowance/short term account of €40k
4. My dc pension has €180k in it, between my employer and I, €10k pa into it
5. Husband has db pension (currently at €9k pa pension if he left service )and AVC top up fund of €100k
6. A variety of US MN shares - currently worth €120k - €90k of which can be sold now (remainder in APSS scheme over next 3 years)
7.We both currently work FT with monthly net income of €7k after all pension, share purchase deductions etc and childcare and mortgage is €2.2k pm - no car loans
So we are at a big of a crossroads - we are time poor as my husband also works the family farm and employs someone to do the work while he works - for a better work life balance he is going to resign in about 9 months time, but we feel that we have no real financial plan and we are in a position to have. My goal was to have €50k in todays money per child as savings for college but the hope would be that they would earn some money working on the farm which would fund some of the costs and with reduced childcare we should be able to fund out of my net pay (currently €4.4kpm)
So - what would you advise based on the above - sell the shares and put on LT deposit/other investment options?, invest in farm?, buy a new car and go to Lapland?, increase my pension contributions (even though I see the inv ppty as the asset to fund the younger child's education and then our retirement)
1. UB offset tracker with €120k mortgage outstanding and €100k approx (varies with pay day) in the offset current account so paying v little mortgage interest but have access to the cash. We repay €10k pa - so due to be repaid in 12 years time
2. Investment property with tracker rate of 1.15% - €108k outstanding - property worth about €170k, monthly rental income exceeds monthly repayments, but there is a tax liability of approx. €200/month. Mortgage due to be fully repaid in 2032.
3. Other savings/childrens allowance/short term account of €40k
4. My dc pension has €180k in it, between my employer and I, €10k pa into it
5. Husband has db pension (currently at €9k pa pension if he left service )and AVC top up fund of €100k
6. A variety of US MN shares - currently worth €120k - €90k of which can be sold now (remainder in APSS scheme over next 3 years)
7.We both currently work FT with monthly net income of €7k after all pension, share purchase deductions etc and childcare and mortgage is €2.2k pm - no car loans
So we are at a big of a crossroads - we are time poor as my husband also works the family farm and employs someone to do the work while he works - for a better work life balance he is going to resign in about 9 months time, but we feel that we have no real financial plan and we are in a position to have. My goal was to have €50k in todays money per child as savings for college but the hope would be that they would earn some money working on the farm which would fund some of the costs and with reduced childcare we should be able to fund out of my net pay (currently €4.4kpm)
So - what would you advise based on the above - sell the shares and put on LT deposit/other investment options?, invest in farm?, buy a new car and go to Lapland?, increase my pension contributions (even though I see the inv ppty as the asset to fund the younger child's education and then our retirement)