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How much money have you?

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    #272
    nthclare
    Banned (with Prison Access) Posts: 3,316 ✭✭✭nthclare


    Nikki Sixx wrote: »
    The bank must ring him once a month offering “financial advice.”

    The bank are moving his money around left right and center.

    They're making nice handsome interest that's for sure.


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    #273
    Yermande
    Closed Accounts Posts: 115 ✭✭Yermande


    I'm living week to week at the moment with zero savings. I was a qualified tradesman but I took a chance during the recession and switched careers. I work in a legal and finance firm now in a junior position on very low wages. Things were going well until about two years ago when my health started to deteriorate. That put everything on hold, which means my ambitious masterplan hasn't worked out. Yet!

    I'm in a long term relationship and we'll keep soldiering on, hopefully we'll 'get there' in the end. I'll tell you though, being unwell really focuses the mind. I've been feeling good lately and last weekend I even managed to go for a run with my dog. Tipping around the woods, listening to a podcast, the sun coming through the trees and my labrador's big ridiculous tongue bouncing around in his head. I felt absolutely great. If you guaranteed me that feeling every weekend for the rest of my life, instead of a big fat bank account, I'd take the arm off you


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    #274
    Galwayguy35
    Registered Users Posts: 16,312 ✭✭✭✭Galwayguy35


    When I was 32 I had over 80 k in savings by doing jobs that paid a lot of OT and rents weren't that high where I was living so it's possible for someone like the OP to have that much money.

    Built a house during the boom and it ate all of the 80 k but you can't bring the money with you and I'm still able to save a bit every week.


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    #275
    Blueshoe
    Banned (with Prison Access) Posts: 3,964 ✭✭✭Blueshoe


    Yermande wrote: »
    I'm living week to week at the moment with zero savings. I was a qualified tradesman but I took a chance during the recession and switched careers. I work in a legal and finance firm now in a junior position on very low wages. Things were going well until about two years ago when my health started to deteriorate. That put everything on hold, which means my ambitious masterplan hasn't worked out. Yet!

    I'm in a long term relationship and we'll keep soldiering on, hopefully we'll 'get there' in the end. I'll tell you though, being unwell really focuses the mind. I've been feeling good lately and last weekend I even managed to go for a run with my dog. Tipping around the woods, listening to a podcast, the sun coming through the trees and my labrador's big ridiculous tongue bouncing around in his head. I felt absolutely great. If you guaranteed me that feeling every weekend for the rest of my life, instead of a big fat bank account, I'd take the arm off you

    I have a long term health issue which has affected me both physically and mentally. It has stopped me doing the things I want to do and has changed my personality.
    I have about 80 k in the bank at 34 years of age .

    I would pay every cent I have to swap my illness/injury

    Health both physical and mental are the top prize
    Money in the bank is barely a consolation


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    #276
    Galwayguy35
    Registered Users Posts: 16,312 ✭✭✭✭Galwayguy35


    FFred wrote: »
    46 ... lovely wife. 4 children. No mortgage.
    But........ zero cash/money.
    Living month to month.

    But I have wealth beyond measure......

    Do you not worry about keeping the bills paid with no savings?


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    #277
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Geuze wrote: »
    Given that you can save 90k pa, you must be earning well in excess of 150k pa?

    Not much more than that. I live in a very low tax country.
    I spend around 70k per year. This gives me and my family a very comfortable life with no deprivations. I invest around 90k.


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    #278
    Gimme A Pound
    Closed Accounts Posts: 3,482 ✭✭✭Gimme A Pound


    Jimmy_oc1998 wrote: »
    Why would it rile people?

    I asked because people are always making out they're scraping by. Even my friends the same age and salary as me, they go on their one holiday a year or whatever and don't seem to be spending insane money on anything.

    I could spend 6k a year on holidays, cars or high tech gadgets and I'd still have over 14k a year surplus.
    Ah you know it's a relatively high amount of money when you're quite young and not on a high salary. One of the personal finance forums would be a better place to post if you're looking for advice.


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    #279
    [Deleted User]
    Posts: 26,052 ✭✭✭✭ [Deleted User]


    Cash rich and asset poor is probably not the way to do it to sustain the value of your money, OP.


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    #280
    OldMrBrennan83
    Closed Accounts Posts: 26,658 ✭✭✭✭OldMrBrennan83


    Candie wrote: »
    Cash rich and asset poor is probably not the way to do it to sustain the value of your money, OP.

    Won't end up losing it all for nothing though.


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    #281
    padd b1975
    Registered Users Posts: 10,704 ✭✭✭✭padd b1975


    I'm worth about a million dead, considerably less while breathing.


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    #282
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    nthclare wrote: »
    The bank are moving his money around left right and center.

    They're making nice handsome interest that's for sure.

    The banks don't want deposits. They have to pay the ECB to hold them. There is no money being made by banks on the balances in accounts.


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    #283
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    4ensic15 wrote: »
    The banks don't want deposits. They have to pay the ECB to hold them. There is no money being made by banks on the balances in accounts.

    Eh no. Banks have rules about how much they can lend. It's 1000% of deposits usually.

    The logic is they only need a tenth of the money in cash because a bank run is unlikely.


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    #284
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Deleted User wrote: »
    Eh no. Banks have rules about how much they can lend. It's 1000% of deposits usually.

    The logic is they only need a tenth of the money in cash because a bank run is unlikely.

    They have to pay the ECB for the deposits they lodge. They have enough in the current accounts as is. there is not much they can do with it. Certainly not obtain interest on it.


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    #285
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    4ensic15 wrote: »
    They have to pay the ECB for the deposits they lodge. They have enough in the current accounts as is. there is not much they can do with it. Certainly not obtain interest on it.

    Are you telling me that banks don't want our money?

    Can you point to a bank that doesn't offer term deposits? Cause if they do, they want your money, as if allows them to lend more.


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    #286
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Deleted User wrote: »
    Are you telling me that banks don't want our money?

    Can you point to a bank that doesn't offer term deposits? Cause if they do, they want your money, as if allows them to lend more.

    The banks offer term deposits at pitifully low interest rates. They already have enough money to lend. They would be quite happy for people who are not turning over 100k a year closing their accounts and going to the Post Office or Credit Union.


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    #287
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    4ensic15 wrote: »
    The banks offer term deposits at pitifully low interest rates. They already have enough money to lend. They would be quite happy for people who are not turning over 100k a year closing their accounts and going to the Post Office or Credit Union.

    This is honestly bizarre.

    You seem to be arguing that banks that literally incentive saving in order to lend 10x that amount would rather they didn't incentivise saving.

    Bank of Ireland's website says the current average loan APR is 6.8%. That means the banks can make 68% (not this number but I'm too lazy to work it out. Probably 55% or something) interest on your money. I highly doubt the fee is higher than that.


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    #288
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Deleted User wrote: »
    This is honestly bizarre.

    You seem to be arguing that banks that literally incentive saving in order to lend 10x that amount would rather they didn't incentivise saving.

    Bank of Ireland's website says the current average loan APR is 6.8%. That means the banks can make 68% (not this number but I'm too lazy to work it out. Probably 55% or something) interest on your money. I highly doubt the fee is higher than that.

    The banks don't want small deposits. They are charging for holding big deposits.
    The banks are risk averse in Ireland. they have to reduce their percentage exposure to property. Unless you are buying a BMW on a PCP, or are turning over 100k the banks don't want to know you in present day Ireland.


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    #289
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    OldMrBrennan83 wrote: »
    Won't end up losing it all for nothing though.

    Burying the talent in the ground! The way to have money is to turn your capital into income and your income into capital.


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    #290
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    4ensic15 wrote: »
    The banks don't want small deposits. They are charging for holding big deposits.
    The banks are risk averse in Ireland. they have to reduce their percentage exposure to property. Unless you are buying a BMW on a PCP, or are turning over 100k the banks don't want to know you in present day Ireland.

    I'm not really following and it's 1am where I am so it's even harder.

    Can't be bothered but I'll check tomorrow and see if you've elaborated more with other posters.


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    #291
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Deleted User wrote: »
    I'm not really following and it's 1am where I am so it's even harder.

    Can't be bothered but I'll check tomorrow and see if you've elaborated more with other posters.

    That explains things. You are not in Ireland. The banks here are unrecognizable from what they were 11 years ago, physically and customer service and attitude.


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    #292
    Geuze
    Registered Users Posts: 13,104 ✭✭✭✭Geuze


    Deleted User wrote: »
    This is honestly bizarre.

    You seem to be arguing that banks that literally incentive saving in order to lend 10x that amount would rather they didn't incentivise saving.

    Bank of Ireland's website says the current average loan APR is 6.8%. That means the banks can make 68% (not this number but I'm too lazy to work it out. Probably 55% or something) interest on your money. I highly doubt the fee is higher than that.

    The net interest margin earned by Irish banks is typically 1.5 - 2.5%.


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