A little advice please

Voltex

Im just looking for a little advice on what I should be getting my head around in terms of my family's future here in Ireland.
My wife has a good job, relativley secure in a large legal practice. she has been there for a number of years.
Im part of family business within the food sector..things are going ok, havent witnessed any massive fall in trade, although we are always working hard to build on what we do have.
I have 2 very young children due to start school next year and a mortgage thats about 6 years old..we checked with the bank and we are ok in terms of equity in our home.

I suppose what im asking is, given what i have and what I could possibly stand to loose if I emigrate with my family, would I be offering my family a better future?
I mean, it looks like Ireland is pretty well shagged, that it will take generations to get the country back to any sense of normality...so would moving away be a better option in order to give my sons a better futuer.
BTW Im in my early 30's.

Zynks

I was in a similar situation until recently, only that with three kids. I say almost because I lost my job so we lost our main source of income recently - my wife still has a reasonably well paid job, though not enough to cover our costs - not going silly on loans and saving money paid off!

I wasn't caught by surprise, and had considered the "what-ifs", so for the time being we are ok, and we have some plans in mind to handle any possible worsening of the situation.

My advice would be to study carefully all your options and the risks that you may be exposed to. Ask yourself what is the worst case scenario (eventual negative equity, loss of one or both sources of income, brutal increases in taxes, drop in business, higher interest rates on mortgage, etc) and how each of them would impact you and what you can do to avoid them or reduce the impact. Sometimes a good reality check is the best thing to put things in perspective. Stay in control of what you can control, and prepare for sudden changes in what is out of your control.

Basically you will be writing your personal/family business plan, with emphasis on risk management.

As for moving abroad, I think it is a great experience for kids and adults to be exposed to different cultures. It has its risks, but can provide plenty rewards also. If you can do it while you are in control rather than in desperation it can be far more pleasant also.

You are right about Ireland not looking good for the foreseeable future, and it is likely to get worse, unfortunately.

Fentdog84

The things is the we dont need to lose good people who contribute to society, people who are qualified/skilled and those of entrpreanurial skills. But these are the people this harebrained govt seem intent in getting rid of.But it is tough living in a country where theres no future. From my experience in Australia, you could make a good life & living but you may need to start at the bottom, for a single person its easier, with a family it could be more difficult, but if you have money and a definite plan you should be ok. You have two choices, stick it out here in Ireland in the hope that things turn around after a few years but it the meantime chance to lose everything when the country goes bankrupt, or get out now while you can

Just to something to be wary of: if you emigrate and it dosent work out for whatever reason and you need to come back you will not be entitled to any govt assistance for at least two years if any at all. just another latest desperation act from this failure of a Govt

Nonoperational

So your basically saying that you and your wife have good jobs and that they are pretty secure and have not been badly hit by the downturn. Then your asking on an Internet forum if you should pack up everything and move to another country. Seems a no brainer to me.

We are in a difficult spot but we are not "shagged". We can and will get out of it.

gurramok

The OP speaks of scaremongering. If you and your family are doing well as a result of yearly financial checkups to your lifestyle, there is no need to emigrate. The people that are emigrating have no hope for a future here(mainly job orientated).

If however we will be taxed to the hilt 80's style(we can't be as it will kill the economy), then weigh your options if you will be better off abroad. Remember, alot of countries have a higher income tax burden than ourselves and have the dreaded water & property taxes too.

jester77

I wouldn't move if I was in your position. You are in a good situation from a financial and work pov. If you were solely relying on one income and struggling to meet your costs then it would be worth considering.

The grass is not always greener. I live in Germany and I am amused when Irish people complain about the tax they pay. I would have an extra 1k in my pocket every month if I was on the same salary in Ireland. You have to take these things into consideration plus there are visa issues if you emigrate outside the EU. It's not so easy to just give things up and expect to easily integrate into a different culture and find jobs you would be happy with.