Hi guys, usually I feel I am on top of my finances but I just feel I lack direction going into the next 5+ years and I was looking for a bit of advice to get me thinking.
I am 23 and am a civil servant. Gross salary €28,000 rising to €41,000 in February. I am saving approx. €1,000 p.m. +/- 10%. I don’t have any liabilities and asset wise have €6,500 on deposit €5,500 (€1000 loss) in Quinn/Rabo funds.
I don’t have any major expenses bar my monthly phone bill but I am enjoying the rest of my paycheck over the course of the month! The only major monthly expense I can foresee is rent and I will not have to start paying that for the next year/year and a half.
Short term: I hope to buy a car in January, and have budgeted up to €10,000 (car, tax insurance). Medium term: I would also like to get on the property ladder before the end of the slump so I have given myself a two year time frame by which time I hope to have €20-30,000 in funds available to me. My ability to borrow in the short term seems to be limited so I may have to have a larger sum than this to get started. Long term: I would like to go into business either buying a business or starting one, I would like to have a financial basis for that.
As for additionals, I have a DB pension scheme which I will be able to access at age 50 (AFAIK it is index linked but will it be a significant amount in 2035? I don’t know). I can see myself changing careers in 15+ years so I realise that starting a new pension late 30's is not ideal, do I need to address this issue now? I plan to up my savings rate to €1,700 p.m. from next year which should yield €20,000 p.a. while being able to finance my lifestyle at the same time. I plan to grow my portfolio (!) in the New Year by investing directly in the market and other diversification.
I realise these figures are rough but I feel they are realistic for the next year or so. I suppose I am asking; if you were starting out again what would you do different?
I am 23 and am a civil servant. Gross salary €28,000 rising to €41,000 in February. I am saving approx. €1,000 p.m. +/- 10%. I don’t have any liabilities and asset wise have €6,500 on deposit €5,500 (€1000 loss) in Quinn/Rabo funds.
I don’t have any major expenses bar my monthly phone bill but I am enjoying the rest of my paycheck over the course of the month! The only major monthly expense I can foresee is rent and I will not have to start paying that for the next year/year and a half.
Short term: I hope to buy a car in January, and have budgeted up to €10,000 (car, tax insurance). Medium term: I would also like to get on the property ladder before the end of the slump so I have given myself a two year time frame by which time I hope to have €20-30,000 in funds available to me. My ability to borrow in the short term seems to be limited so I may have to have a larger sum than this to get started. Long term: I would like to go into business either buying a business or starting one, I would like to have a financial basis for that.
As for additionals, I have a DB pension scheme which I will be able to access at age 50 (AFAIK it is index linked but will it be a significant amount in 2035? I don’t know). I can see myself changing careers in 15+ years so I realise that starting a new pension late 30's is not ideal, do I need to address this issue now? I plan to up my savings rate to €1,700 p.m. from next year which should yield €20,000 p.a. while being able to finance my lifestyle at the same time. I plan to grow my portfolio (!) in the New Year by investing directly in the market and other diversification.
I realise these figures are rough but I feel they are realistic for the next year or so. I suppose I am asking; if you were starting out again what would you do different?