Age: 29
Spouse’s/Partner's age: Single
Annual gross income from employment or profession: c€200,000
Type of employment: Self employed professional
In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home : 650,000
Amount outstanding on your mortgage: 490,000
What interest rate are you paying? 4.75% (Tracker ECB+0.75%)
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
Savings/investments: €50,000 in very low deposit account c3%
£50,000 in sterling in UK account c6%
€12,000 in Halifax saver account 4.5% (was 7%)
€1,500 in First Active regular saver 7%(just opened)
€150,000 in Current account
Do you have a pension scheme? Have been putting max 15% of income into pension since starting work 4 years ago.
Do you own any investment or other property? No
Ages of children: None
What specific question do you have or what issues are of concern to you?
I am currently earning a lot more than I spend or need. I have been reluctant to tie up any money in last couple of years due to the possibility of needing capital for my own business. This need has reduced somewhat. The bank have advised me that my business is very strong and would not have any problems getting any finances for capital expenditure. This has left me with a sizeable amount in my current account. I have considered an offset mortgage, but if there are better longer term strategies out there (considering I do expect to keep my earning at least where they are and hopefully increase) I am not adverse to some fairly high risk investments.
I suppose my main question is: should I stop being a conservative hoarder and put my current account balance somewhere useful or should I build up a large capital ready to 'pounce' if the right opportunity to make a huge gain comes along?
Thanks for any replies and the time you put into them.
Thanks, I think! Was considering seeing an authorised adviser but I have an issue over doing something active with my money for my own business or whether to keep taking money from it and investing. I've figured after a long expensive meeting he would say "I can't help you 'till you decide if you want this money invested or to use it for the business".
Alternatively of course, just find yourself a nice, expensive girl to maintain
I'd agree, the point of investment isn't tax...
Have you considered setting any goals or aims for your money? Like I suggested a budget to be adventurous with would be a safe but perhaps beneficial first approach for you. But other than that, have you sat down and listed out
Short term goals (within the next year)
Medium term goals (within the next five years)
Long term goals (with the next 15 years)
and looked at how you can best use your money for these while keeping yourself in the style to which you've become accustomed?
What you want to achieve is a mix of higher risk investment with a view to maximum return and lower risk savings perhaps with a view to generating a guaranteed income from them.
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