What's your job & salary

HillCloudHop

Why are people investing in ETFs in Ireland outside a pension? Deemed disposal every 8 years destroys compound gains. No other country on earth has this ridiculous rule.

Investment trusts are the way to go. Taxed as stocks. You can buy regularly and hold for decades without selling.

twowheelsonly

TheAnalyst_ wrote: »

Data 220k

Nice drop from the 245 you used to be on.

anplaya27

Paul_Mc1988 wrote: »

A social type degree not particularly social care.


No if you read her post she has a level 6. A lot of colleges will allow you to skip the first 2 years of level
7 and allow you to do the final year if you have a full credit L6

Example an electrical who get a level 6 when they complete their apprenticeship can do 1 year get a L7 electricial engineering degree

How is that possible? You use your level 5 or 6 credits to allow you to do a 3 year level 7 in a social/healthcare area. Plenty of the students in my class did a level 6 so they could do a level 7 and were all doing the full course.

You need to go on placement in year two and three of a level 7 social care/ healthcare area degree. I dont think you can skip those. Sure if you fail them you fail the whole year. Social care and electrical engineering are two completely different professions with different requirements so you cant compare.

You of course can do a one year add on to gain your level 8 but that's after completing the 3 years first in level 7.

tails_naf

Interested Observer wrote: »

Oversimplified but:

1) Invest in NASDAQ:
I earn 1k gross, I take home about 650. I invest it in the NASDAQ for 5 years and it grows 198%, leaving me with ~2k in total and ~1350 in gains. I pay 40% exit tax on the gains and end up with a total of 650 + 810 = 1460

2) I put it in my pension:
I earn 1k gross to go into my pension: (I think) I pay USC and PRSI at 11% so 890 goes into the pension. My employer matches it and it's already more than the above without any gains calculated...

My point is, we pay pension providers to invest, and they do it poorly. If they could even match the NASDAQ, then all of the benefits you have above, plus the better return would be great, so the providers are the scam, as we have to use them to get the govt tax breaks, etc

You also don't get the employer match on AVCs, so you only get the tax break. So the 890 you put in via AVC, and you get the 50% return, plus fees, and you make ~1300. That's below the same money into the NASDAQ you calculated, and that's free and clear of exit tax at the other side. So your numbers work because your employer matches, so do not work for AVCs, and not because anything the pension provider did.

You also pay to take money out of a pension at the end, if you want to get at it. An annunity is taxed as income tax, and only 200k is tax free as a lump sum, if you cash in more you'll pay tax. SO don't be fooled thst there is no tax to pay, and in many cases that fund will die with you.

It would be a lot better is pension providers had to give decent returns, but the system has incentivised them to not need to.

Paul_Mc1988

anplaya27 wrote: »

How is that possible? You use your level 5 or 6 credits to allow you to do a 3 year level 7 in a social/healthcare area. Plenty of the students in my class did a level 6 so they could do a level 7 and were all doing the full course.

You need to go on placement in year two and three of a level 7 social care/ healthcare area degree. I dont think you can skip those. Sure if you fail them you fail the whole year. Social care and electrical engineering are two completely different professions with different requirements so you cant compare.

You of course can do a one year add on to gain your level 8 but that's after completing the 3 years first in level 7.

I said in a previous post I was not too up to speed on the social type degree side. On the engineering side its possible as I skipped the first year of a 3 year BEng and could have skipped the majority of the second but taught the learning curve of would be too high. I was able to this as I qualified as an electrician with a 120 credit full level 6

Interested Observer

tails_naf wrote: »

My point is, we pay pension providers to invest, and they do it poorly. If they could even match the NASDAQ, then all of the benefits you have above, plus the better return would be great, so the providers are the scam, as we have to use them to get the govt tax breaks, etc

You also don't get the employer match on AVCs, so you only get the tax break. So the 890 you put in via AVC, and you get the 50% return, plus fees, and you make ~1300. That's below the same money into the NASDAQ you calculated, and that's free and clear of exit tax at the other side. So your numbers work because your employer matches, so do not work for AVCs, and not because anything the pension provider did.

You also pay to take money out of a pension at the end, if you want to get at it. An annunity is taxed as income tax, and only 200k is tax free as a lump sum, if you cash in more you'll pay tax. SO don't be fooled thst there is no tax to pay, and in many cases that fund will die with you.

It would be a lot better is pension providers had to give decent returns, but the system has incentivised them to not need to.

I think this post is a lot better than just declaring AVCs a "pure scam".

Creamy Goodness

Interested Observer wrote: »

I think this post is a lot better than just declaring AVCs a "pure scam".

That's just not rage-baity enough to derail the thread though :pac:

tails_naf

Creamy Goodness wrote: »

That's just not rage-baity enough to derail the thread though :pac:

You have to admit though there is a problem with pensions in terms of how well they are performing, if the thing that makes them worthwhile are tax breaks and employer matching. Many folks are not fortunate enough to get employer match etc. I didn't intent to bait anyone, I really do feel a bit cheated by paying into a pension when I know the return could be better, but I'm forced to buy it all the same to get the other govt/employer supplied benefits attached to it. /end-derail

skinny90

Tech Sales engineer, west of Ireland. Just hitting the 2 year mark. Started on 41000 plus bonus of about 10k. Now on 58000 with 15k bonus
Manager has already brought up the topic of a bump in salary start of 2022

AndrewJRenko

tails_naf wrote: »

My point is, we pay pension providers to invest, and they do it poorly. If they could even match the NASDAQ, then all of the benefits you have above, plus the better return would be great, so the providers are the scam, as we have to use them to get the govt tax breaks, etc

You also don't get the employer match on AVCs, so you only get the tax break. So the 890 you put in via AVC, and you get the 50% return, plus fees, and you make ~1300. That's below the same money into the NASDAQ you calculated, and that's free and clear of exit tax at the other side. So your numbers work because your employer matches, so do not work for AVCs, and not because anything the pension provider did.

You also pay to take money out of a pension at the end, if you want to get at it. An annunity is taxed as income tax, and only 200k is tax free as a lump sum, if you cash in more you'll pay tax. SO don't be fooled thst there is no tax to pay, and in many cases that fund will die with you.

It would be a lot better is pension providers had to give decent returns, but the system has incentivised them to not need to.

The trustees choose the pension provider and investment strategy.

Have you run for election as trustee so you can fix all these problem, or spoken to your own trustees?

zweton

skinny90 wrote: »

Tech Sales engineer, west of Ireland. Just hitting the 2 year mark. Started on 41000 plus bonus of about 10k. Now on 58000 with 15k bonus which is paid monthly
Manager has already brought up the topic of a bump in salary start of 2022

How did you get into this field? previous i.t experience or someone you know?

codrulz

3rd year College student - banking internship for the summer, €47,500 pro rata + the usual health, dental pension etc.

OEP

codrulz wrote: »

3rd year College student - banking internship for the summer, €47,500 pro rata + the usual health, dental pension etc.

Investment banking?

wally1990

codrulz wrote: »

3rd year College student - banking internship for the summer, €47,500 pro rata + the usual health, dental pension etc.

Very nice

HillCloudHop

Lots of people are making big money in this country. Many just don't advertise it due to frugality or wishing to avoid the ire of begrudgery. I know of people on 300-400 grand a year that drive 10 year old + cars and live very modest lifestyles.

Nermal

tails_naf wrote: »

My point is, we pay pension providers to invest, and they do it poorly. If they could even match the NASDAQ, then all of the benefits you have above, plus the better return would be great, so the providers are the scam, as we have to use them to get the govt tax breaks, etc

There are any number of providers who will happily let you pick a NASDAQ tracker as your investment at minimal cost. Stop giving advice about things you don't know anything about.

codrulz

OEP wrote: »

Investment banking?

Similar type of front-office role but not IB… no interest in going into IB given the lack of work/life balance

bilbot79

onrail wrote: »

When you break that down as an hourly rate over say 33 weeks worked, its €55/hr. Scale that up over normal working hours and weeks, it's nearly a €100k job.

Excellent gig if you're good at it!

But still worth complaining about conditions right?

bonzothedog

Own my own business, quite successful family business that has been in existence nearly 40 yrs.
€70k per annum. Pros being your own boss , cons - hard to get away

SteadyNed

bilbot79 wrote: »

But still worth complaining about conditions right?

Let's not open that can of worms...

Creamy Goodness

SteadyNed wrote: »

Let's not open that can of worms...

especially considering the post referenced is on page 4 of a 16 page thread, not only is is opening a can of worms it's a zombie post in a mega thread and probably referenced because someone has an axe to grind.

skinny90

zweton wrote: »

How did you get into this field? previous i.t experience or someone you know?

Good luck / right timing

Recruiter reached out 5 months beforehand and I wasnt interested then, I touched base again with her, 2 weeks later I had an interview.

I had experience going in and I interviewed very well.

Communication is a big plus for tech pre sales.

you need to willing to speak and present well, to small audiences , large audiences at all levels, including C level.

Lots of folks with vast tech experience unfortunately fall short here due to lack of communication/presentation skills

John Doe1

I'm in IT and make more than I have any right to.

When I think of my dad who was a baker earning a pittance and working 60 hour weeks at unsociable hours for the last 40 years, it makes me a little sick inside.

Just because you make a lot of money does not mean you are any better or a harder worker than anyone else, its sheer luck that your skills are what the market is looking for at that time.

John Doe1

John Doe1 wrote: »

I'm in IT and make more than I have any right to.

When I think of my dad who was a baker earning a pittance and working 60 hour weeks at unsociable hours for the last 40 years, it makes me a little sick inside.

Just because you make a lot of money does not mean you are any better or a harder worker than anyone else, its sheer luck that your skills are what the market is looking for at that time.

That, but your dad may have had huge job satisfaction. Put a price on that.

HillCloudHop

HillCloudHop wrote: »

Lots of people are making big money in this country. Many just don't advertise it due to frugality or wishing to avoid the ire of begrudgery. I know of people on 300-400 grand a year that drive 10 year old + cars and live very modest lifestyles.

What's the point of living a very modest lifestyle to placate the begrudgers, fcuk 'em.

Or are they Silas Mariner types, and nothing to do with begrudgers?

bilbot79

[Deleted User] wrote: »

What's the point of living a very modest lifestyle to placate the begrudgers, fcuk 'em.

Or are they Silas Mariner types, and nothing to do with begrudgers?

People at that level are generally wanting out. Probably investing every penny until they reach financial escape velocity.

iColdFusion

Deleted User wrote: »

What's the point of living a very modest lifestyle to placate the begrudgers, fcuk 'em.

Or are they Silas Mariner types, and nothing to do with begrudgers?

They could be head of a company so turning up to work in a new Lamborghini isn't going to go down so well with your staff and even worse with any clients of said company, most are smart enough to just have their giant mansion, holiday home and sports car for the weekends that no-one tied to their job sees.

bilbot79

bilbot79 wrote: »

People at that level are generally wanting out. Probably investing every penny until they reach financial escape velocity.

Exactly this

A guy I worked with recently retired at age 50. Since I've known him, nearly 20 years, he always said that was his plan and everything he did was geared towards that.

His last day or work was his 50th birthday and he walked out the door on that day

Awesome if you can do it

Deleted User

Deleted User wrote: »

Exactly this

A guy I worked with recently retired at age 50. Since I've known him, nearly 20 years, he always said that was his plan and everything he did was geared towards that.

His last day or work was his 50th birthday and he walked out the door on that day

Awesome if you can do it

Yeah, living like a pauper until your 50s. Not a strategy I'd ever think was sane. Total waste of life. And very, hard to change the habits of a lifetime. He may give up work, but he's almost certainly still frugal to a fault. *shudders*

iColdFusion

iColdFusion wrote: »

They could be head of a company so turning up to work in a new Lamborghini isn't going to go down so well with your staff and even worse with any clients of said company, most are smart enough to just have their giant mansion, holiday home and sports car for the weekends that no-one tied to their job sees.

Is this company owner in Ireland? If so, I can guarantee you his employees know what he drives, and is only dicking around. Ireland is too small for that crack.



The corollary of this thinking is that anyone driving a nice car is doing so on PCP.