How To Be Good With Money

Pussyhands

https://www.boards.ie/discussion/comment/118521091#Comment_118521091

14 years and only 12k paid off the principal. They've basically been living there for free!

The Princess Bride

https://www.boards.ie/discussion/comment/118522795#Comment_118522795

I think it's only common sense for some people though, not everyone is sensible with their spending.

I was really good with money many years ago, a few difficult years threw everything off balance. Watching a few episodes of HTBGWM really helped me in 2020.

Radio5

Agree, not everyone is sensible in their spending & not everyone earns high wages. I know many people in my age group, early 50s who are living with consequences of 2008 recession, job losses, etc. Trying to move forward can be difficult if you've had to start at entry level job in your 40s and have a relatively short time left till retirement (which they may not be able to do anyway, it may just mean moving to another job).

Pussyhands

https://www.boards.ie/discussion/comment/118524295#Comment_118524295

Yeah but there's been 2 accountants on in 3 weeks 😂

Pussyhands

https://www.boards.ie/discussion/comment/118523513#Comment_118523513

If an accountant struggles so much that they need to go on national tv to get someone to look at their finances and tell them what they need to cut out, I wouldn't want them doing my accounting!

Seriously, all Eoin does is get them to track their spending and then identify where their spending is too much.

If yer wan can't see that she was spending 400 euros on clothes and that it's too much, it doesn't look good.

Like...do people not even think anymore? They struggle financially yet don't think about that when they're wasting money?

I know that if I was struggling for money, I wouldn't be freely spending money on takeaways multiple times per week.

No wonder people lost the **** run of themselves during 08. Can you imagine the type of attitudes the accountants in the last few weeks would have had?

ELM327

https://www.boards.ie/discussion/comment/118508299#Comment_118508299

I wouldnt normally comment as such on these types of comments but yes you're right, for sure!

Blackjack

https://www.boards.ie/discussion/comment/118524402#Comment_118524402

but it was de banks. de banks lent dem de money so it was de banks. dat was why dey are no gud wit money.

Or so the story sometimes goes when it comes to people taking responsibility for their finances. Unfortunately there's a whole plethora of cheerleaders to egg people on with this as a defense for a lack of common sense and personal responsibility.

styer

Suppose it just goes to show that anyone can have an unhealthy association with spending! I think there was a lot more detail hidden than shown on the show on.... so the true extent of the spending did not come across. Sure it was even an interest only mortgage for years. I think it was said it was a salary of 52k, that's a decent salary! then child benefit and whatever the ex was contributing. So there was good cash flow. Its the same story on the show each week now... people just have to take more responsibility for their money! Its getting a bit repetitive

styer

Im a bit confused on last nigths episode, first of all fair play to the couple for chasing their dreams and saving so hard to achieve it.

When Eoin says a combined salary was that before or after-tax? I usually assumed before... however later in the episode he said it would take a lot of 6 euros to make up the 85k... 6 euros is what goes into the back pocket for every 100 into the till in a restaurant.

For the mortgage repayments of 1200, doesn't add up with savings, financial independence at 45 and the price of the house.

Deeec

Pretty poor episode again last night. Having watched it Im still not sure what financial advice he actually gave the couple.

They were a young couple who appeared to be doing quite well for their age. They had a deposit saved for a house and then were able to buy a house. Their long term goal was to set up a food business - he advised them to set up a stall first and see how that goes - fair enough advice - hardly need a financial advisor though to tell them this. Did I miss where he advised them what they could do to improve their finances?

Pussyhands

Where does he find these people? Their short term goal was to buy a rental property yet they didn't even know they were paying the higher rate of tax.

Then when Eoin tells them if they wanted an investment property the interest rate is higher and they'd need a higher deposit, they were completely shocked again. A check on mortgages.ie for an investment property would tell them that ffs!

I'm also wondering when this show was recorded because usually it's in August but how did they apply for a mortgage, find a house, go sale agree and move in all within the time period of recording. The application for participants only went out at the end of May 2021.

The shows name should be changed to "How Not To Be Idiotic With Money". With each passing week, I'm seeing more and more reasons why 2008 happened with the poor level of understanding many seem to have about money.

Pussyhands

Another poor episode has to be said.

The money box thing he has set up where people go in and ask questions..."Maurese" going on a big spiel about gender wage gap and smaller pension pot because of maternity leave etc. 🙄🙄🙄

Eoin gave out very poor financial advice tonight. He estimated pension growth based on average returns in the market but someone approaching retirement should be moving their money out of high risk positions and into more low risk positions such as bonds and cash. If the market goes tits up near retirement her pension could be cut by tens, if not hundreds, of thousands.

I'm not a big fan of pensions anyways. The state pension is 250 odd a week. Pensions likely give you maybe 300 a month extra. Hardly massive difference like...He said "you'll be able to live your current lifestyle up to the age of 85. Why would someone plan to live the same quality of life until they're 85? You'll probably be dead. If not, you'll probably be immobile and not care about nice cars or fancy holidays.

I used an online calculator. I do have a pension. Overall 10% of salary. It tells me when I retire it'll give me 7k per year. State pension is 13k per year.

Pussyhands

He loves his fcuking buffers 🙄

Pussyhands

What's the sob story got to do about the show!?

kerryjack

Not great this season, has run its course I would say. Tonight show wasn't great, single man in his 50s 65 K a year 2 houses a couple of pensions, OK he has his story to tell and fair play for stepping out and telling his story and I wish him well.

StevenToast

Tonights episode...pointless

dnme

Maybe the show was making a few points. Firstly that there may be financial options available to some when they suffer from long term illness. The show also highlighted the real human and financial costs of being ill. Secondly, Irish people who worked in the UK can claim a UK state pension. That seems like big news to many. There are surely 10s of thousands of people who worked in the UK and never knew this.

So maybe . . . if you stop to think about it, they were the points being raised in tonight's show.