Reformatted Question: Review of Financial Situation - New Arrival on the way
Sorry, this is my second time to post this. Didn't realise the question had to be in a specific format.
Age: 35
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 48k
Annual gross income of spouse: 40k
Type of employment: IT Contractor and Office Manager
In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home 310k
Amount outstanding on your mortgage: 115k
What interest rate are you paying? 4.75% NIB Tracker
Other borrowings – none
Do you pay off your full credit card balance each month? yes
Savings: 3.5k Northern Rock. (paying 250 per month)
Investments: (a) 10k ISEQETF (Lump Sum) bought in Mar. 2007 now worth 3k.
(b) 10k Global REIT Fund (Lump Sum) bought in Mar 2007 now worth 4k.
(c) Quinn Life: Total Contributions: 12,540. Current Value: 7, 667.
Do you have a pension scheme? Yes
Do you own any investment or other property? no
Ages of children: none
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
As I am due to be a dad for the first time next May. I'm reviewing our financial situation at the moment (I think I'm too heavily weighted in Equities), but am open to suggestions. I've tried to give as much info as possible above.
Should I continue drip feeding the 840 per month into Quinn Freeway as I feel over time this will smooth out the volatility.
By the way, my wife will have paid maternity leave.
Sorry for the long email, just not sure whether this is a time to sit tight and tough it out, or just run for cover and move from Equities to Cash.
Any suggestions most welcome. Also I'd welcome any info from current Dads about how their finanical situation was adapted when kids arrived.
I'm thinking of starting opening an investment for junior when he/she arrives.