Advertisement
We've partnered up with Nixers.com to offer a space where you can talk directly to Peter from Nixers.com and get an exclusive Boards.ie discount code for a free job listing. If you are recruiting or know anyone else who is please check out the forum here.
If you have a new account but can't post, please email Niamh on [email protected] for help to verify your email address. Thanks :)

How To Be Good With Money

  • 07-04-2021 1:48pm
    #1
    Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Can't see a thread but if I missed it, merge with that.

    Are the people on this show common? Just on now is a girl making 34k who doesn't save any money and spends it all every month.


«1

Comments

  • Registered Users Posts: 9,455 ✭✭✭ mloc123


    No idea where she lives, but 34k is hardly a lot of money.. I assume a lot of it goes on rent and living?


  • Closed Accounts Posts: 40,086 ✭✭✭✭ Harry Palmr


    34/12 = 2.8k a month. Take off 1400 a month for rent, 1,4k left/4.2 weeks 325 euro a week


  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    34/12 = 2.8k a month. Take off 1400 a month for rent, 1,4k left/4.2 weeks 325 euro a week

    She's house sharing which is the normal situation in 20's...so 600 a month max on rent.

    Leaves 525 per week.


  • Closed Accounts Posts: 40,086 ✭✭✭✭ Harry Palmr


    I hadn't seen it so was just going on a single renter in Dublin (I presume as RTE would never bother with someone in "the regions") as an example.


  • Registered Users Posts: 11,696 ✭✭✭✭ siblers


    34/12 = 2.8k a month. Take off 1400 a month for rent, 1,4k left/4.2 weeks 325 euro a week

    You don't make 2.8 net. Would be between 2.3 and 2.4


  • Advertisement
  • Registered Users Posts: 11,696 ✭✭✭✭ siblers


    Pussyhands wrote: »
    Can't see a thread but if I missed it, merge with that.

    Are the people on this show common? Just on now is a girl making 34k who doesn't save any money and spends it all every month.

    The whole point of the show is having people who are bad with their money. Not much point having people on who know how to save


  • Registered Users Posts: 1,812 ✭✭✭ Wesser


    Yes..... that situation is common.... very very common!��������


  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    siblers wrote: »
    The whole point of the show is having people who are bad with their money. Not much point having people on who know how to save

    I was asking if people on the show are common or not? Or are they special cases who are just horrendously bad with money?

    No point having a show hoping to teach people something if they're just the outliers.


  • Registered Users Posts: 433 ✭✭ MintyMagnum


    I saw an episode where he advised the downsizing couple that for every 100k invested they would get €450 return per month. Is that normal?


  • Registered Users Posts: 9,455 ✭✭✭ mloc123


    Pussyhands wrote: »
    She's house sharing which is the normal situation in 20's...so 600 a month max on rent.

    Leaves 525 per week.

    Eh... 600 a month house share in Dublin? Maybe 10 years ago.


  • Advertisement
  • Registered Users Posts: 18,530 ✭✭✭✭ Muahahaha


    Pussyhands wrote: »
    I was asking if people on the show are common or not? Or are they special cases who are just horrendously bad with money?

    No point having a show hoping to teach people something if they're just the outliers.

    A lot of the participants seem to be people with decent enough jobs but they fall into credit card/credit union/car loan debt and then find they cant save for a deposit on a house and wouldnt get approved by the banks for a mortgage anyway.

    Id say it is common enough as people see shiny new things that they can have right now by taking on debt. Neighbour of mine was just complaining to me last week about how hard it is to save up for a house deposit while renting but earlier this year they went from a 2009 Fiat Punto to a 2021 SUV, presumably by taking on PCP finance of several hundred euro a month. Sometimes you've to put up with driving a clattered out old car for a couple of years as a sacrifice to buying a house but some people just see the monthly payments a few hundred in return for a brand new car and they go for it.

    Wedding debt is another one, people spending 20k or 30k on a single day is madness. Some people going ahead with their weddings during Covid are smart cookies, theres huge savings to be made. They can throw a party later with close friends and family but they avoid having to buy dinner for tons on cousins they rarely ever see anyway.


  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Was watching this afternoons episode (I'm aware it's a repeat), but the family got a loan from family and were paying back 1k a month. They were also putting 250 per month into a post office account for childrens college in the future.

    Eoin pointed out that this was actually stupid because inflation was going to eat into this.

    When it came to changing things around, Eoin said they should pay back the family loan at 400 a month! So 600 euro less per month and it would take another 9 years to pay off the loan! Eoin didn't seem to care that the family that gave the loan would be losing massive value to inflation.


  • Registered Users Posts: 3,071 ✭✭✭ ford fiesta


    Muahahaha wrote: »
    A lot of the participants seem to be people with decent enough jobs but they fall into credit card/credit union/car loan debt and then find they cant save for a deposit on a house and wouldnt get approved by the banks for a mortgage anyway.

    Id say it is common enough as people see shiny new things that they can have right now by taking on debt. Neighbour of mine was just complaining to me last week about how hard it is to save up for a house deposit while renting but earlier this year they went from a 2009 Fiat Punto to a 2021 SUV, presumably by taking on PCP finance of several hundred euro a month. Sometimes you've to put up with driving a clattered out old car for a couple of years as a sacrifice to buying a house but some people just see the monthly payments a few hundred in return for a brand new car and they go for it.

    Wedding debt is another one, people spending 20k or 30k on a single day is madness. Some people going ahead with their weddings during Covid are smart cookies, theres huge savings to be made. They can throw a party later with close friends and family but they avoid having to buy dinner for tons on cousins they rarely ever see anyway.

    These people you describe are plain stupid when it comes to money - we all know them and they are in the majority and have not learned since the post celtic tiger recession.
    They 100% deserve to be refused for important credit such as a Mortgage


  • Registered Users Posts: 161 ✭✭ Conqueror




  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Show is running out of steam. Every result is either clear debt, consolidate loans to cheapest rate or invest in a pension or a combo of all 3.

    Makes me feel good about myself though that there's many people out there who haven't a clue how to manage money. It's common sense for the most part.



  • Registered Users Posts: 26,810 ✭✭✭✭ gmisk


    Are Mr salt and Mrs pepper still in debt? Zzz

    It's a terrific idea for a show but I have to agree it's old hat and repetitive



  • Registered Users Posts: 2,425 ✭✭✭ Xander10


    Nice woman, but given her line of work, I would have thought she'd be fairly clued in about pensions and increasing profit margins etc, in any case. But it's a TV show....



  • Registered Users Posts: 21,701 ✭✭✭✭ mickdw


    Thought the same given here line of work and moreso when I see she is recording tax advice videos.

    With here illness though, there was a different slant to it..... How to transform the business into one less dependent on herself and prepare for an unknown future.



  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    What kind of pension did she invest in if she put in 6 and it's worth 2 now? You'd be better off putting it in Bitcoin. 😂



  • Advertisement
  • Registered Users Posts: 18,530 ✭✭✭✭ Muahahaha


    was wondering the same myself, had always thought pension funds invest in safer asset classes like property to generate slow but steady returns but this crowd loosing two thirds of her money sound like they were into riskier stuff



  • Registered Users Posts: 2,347 ✭✭✭ Deeec


    She definitely is a clever lady - I doubt she hadn't planned already for the future given she had such a young family and her illness

    I think perhaps her agenda to appear on the show may have been to sell the business - it seemed a fair enough business for a 1 woman show so I think she may receive offers. She definitely won't be getting more customers after the show!



  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Tonights episode looks decent.

    There's a preview on the RTE facebook page. Single guy wants to buy in D7. Eoin tells him, it's just facts that as a care worker in the HSE, on the salary he's on, he wants to live in a place he can't afford to live.

    Straight facts.



  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Damnnn this one is hot! Daughter is hot too!

    What a great body.



  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    In terms of the finances....WOW.

    She bought the house in 2007 with her ex for 200k.

    14 years later there's 188k left on the mortgage! And it sounds like her ex is still paying some of the mortgage too! She must be paying absolutely nothing each month.

    I put in a mortgage repayment calculator for a 200k mortgage at 3% and at the beginning of year the opening balance is 188,900 euro.

    Even with an interest rate of 5%, at the beginning of year 4 you'd have less than 188k left on the mortgage.

    OMG they just said she has a tracker at a rate of 1.1%! Holy shieeeet!



  • Registered Users Posts: 2,347 ✭✭✭ Deeec


    I think this show has run its course. We had another lady on last night who was an accountant who needed help with her finances - now an accountant should be able to sort her own finances. It just appears a bit staged or something - he has had two people who work as accountants on this series.

    I love the parts where Eoin gets into his nice expensive big Audi - just to really rub it in how good he is with money.



  • Registered Users Posts: 7,978 ✭✭✭ Pussyhands


    Last nights was a bit of an easy one too.

    The ex I believe was paying off some of the mortgage too yet they only had 12k cleared off the principal in 14 years and they are on a rate of 1.1%! To still have 188k left on the mortgage after 14 years on a tracker rate of 1.1%....she must have been paying like 80 or 100 euro a month for the mortgage.

    She's also earning 52k which is take home 3.2k a month. I know she has 3 kids but the ex seems to be supporting her with them too.

    Most of the country would kill to be in her "terrible financial state". 52k a year, basically 0 rental/mortgage costs for last 14 years, new mortgage payment of 880 which is the minimum what someone would be paying now if they took out a 200k mortgage.



  • Registered Users Posts: 11,384 ✭✭✭✭ AMKC


    Really 50k a year and he can not afford to save. Its simple make some sacrifices and save. That us what you have to do if you want to buy a house or anything big in this life.

    He should be saving at least 30k a year and living on 20k. It's doable. I have done it and still do.



  • Registered Users Posts: 2,425 ✭✭✭ Xander10


    It seems like they were on an interest only arrangement for awhile, which would suggest she wasn't earning €52k at that time. But they didn't give us the finer detail.



  • Advertisement
  • Registered Users Posts: 29,162 ✭✭✭✭ NIMAN


    Always found this a strange show.

    Would you be comfortable going on national TV to tell the country what your salary is, how much savings you have, how much debt you owe, how much you spend on X,Y,Z? I know I wouldn't.

    And in the end, so much of the advice is common sense. Just stop being so wasteful with your money is what a lot of it boils down to.



Advertisement