Advertisement
If you have a new account but are having problems posting or verifying your account, please email Niamh on [email protected] for help. Thanks :)
New AMA with a US police officer (he's back!). You can ask your questions here

Investment newbie - Looking to offload some savings

  • 25-07-2021 2:02pm
    #1
    Registered Users Posts: 327 ✭✭ DaveByDavid


    Hello - I'm looking for some help in terms of investing.

    This will begin with a pension but also looking at index funds. Will try and keep things brief.

    I am currently self employed, I take all of my earnings direct and put 51% into a savings account for the tax man, and keep the rest for myself, putting what I can into a savings account. I think I earned around 100,000 last year and am expecting to do the same if not more this year, with very little outgoings for the business.

    I have around 60,000 euro saved.

    I used to have a pension when I worked for a company, I think my best bet is to put whatever I can tax free into that? Will I be better off switching to a limited company?

    Once the pension is maxed, I'm looking to invest to get a potentially (I know it's not guaranteed) rate on my money rather than sitting in a standard bank savings account.

    I was thinking about index funds as they look to be fairly straightforward. Is it worth putting in a big lump sum say 5-10k? Or should I just look to invest x amount every month. What's the easiest way to do this in Ireland, and when do I need to start paying the tax on that? I'd like to keep things as simple as possible really, although I do already have an accountant if needed.

    Thanks!



Advertisement