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How much money have you?

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    #182
    bfa1509
    Registered Users Posts: 1,022 ✭✭✭bfa1509


    the whole year inn wrote: »
    Call bull**** on this. How could it increase 24k in 12 months what did you spend anything at all?

    You are all very silly. He says:

    "I rent and have a salary of 45k for the last 12 months and my account has increased by 24k in the last 12 months."

    Meaning he has a house that he rents out to a tenant


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    #183
    MadYaker
    Registered Users Posts: 12,158 ✭✭✭✭MadYaker


    lawred2 wrote: »
    Savings accounts offer way below inflation rate in terms of interest.

    Chuck it into equities

    Not the one I have and im just saving for a deposit on a house in a few years, im not trying to get rich.


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    #184
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭Squall Leonhart


    I'm always baffled at how I cannot seem to save money, as on paper I have a moderate income, then I realise

    - I've a modest mortgage, house insurance, mortgage protection insurance
    - electricity, gas, bins
    - mobile phone bill (when this contract expires.... no more!!)
    - TV and internet (i don't smoke, drink infrequently, need something to do at night! )
    - car (pre 2008, tax at 800 yr is mad, fuel and insurance costs also silly.. Cars are such an expense)
    - 2 dogs (love them.. But don't let anybody tell you well looked after dogs don't cost much! Between grooming, decent food, vet trips, pet insurance, somewhere to mind them when we are away a night at family in other counties)
    - pension contribution (12%)
    - a wife (part time working while studying)

    And there are other bits and pieces.

    I believe the OP does have the savings he claims (why wouldn't he?) but he must also be single, mortgage free, not running a car, never eat out, not take holidays, not pay into a pension, have no children, etc. And if he's happy with the simple life, more power to him, long may it continue.

    I have approx 430eur in savings and a small pension pot. I am just about 33 years old. I've a friend my age who has over 100K in savings, he ticks most of the boxes in the previous paragraph.


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    #185
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    Ruraldweller56 wrote: »
    ... no one seems to be able to tell me where this magic hole is where I can just leave it and it doubles in 5 years.

    You just hand it over to some of the experts here who'll happily make it go 'poof' and then you don't have to worry about it anymore.
    MadYaker wrote: »
    Use a savings account instead like all sensible people. Having that much money in your current account is stupid for many reasons.

    What, for 0.01% interest or something like that. You'd be better off leaving it where it is, spending a bit less and saving more - that is in terms of seeing your savings increase.

    We managed to save for a good few years in a row when the children were smaller (one income family), but when they hit the teens and later third level, that's kinda gone out the window and our savings are being eroded. But in time I'm sure that will reverse for a while, that is until they come looking for 'loans' to buy somewhere more permanent to live.


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    #186
    Alpha_zero
    Banned (with Prison Access) Posts: 907 ✭✭✭Alpha_zero


    Squall Leonhart wrote: »
    I'm always baffled at how I cannot seem to save money, as on paper I have a moderate income, then I realise

    - I've a modest mortgage, house insurance, mortgage protection insurance
    - electricity, gas, bins
    - mobile phone bill (when this contract expires.... no more!!)
    - TV and internet (i don't smoke, drink infrequently, need something to do at night! )
    - car (pre 2008, tax at 800 yr is mad, fuel and insurance costs also silly.. Cars are such an expense)
    - 2 dogs (love them.. But don't let anybody tell you well looked after dogs don't cost much! Between grooming, decent food, vet trips, pet insurance, somewhere to mind them when we are away a night at family in other counties)
    - pension contribution (12%)
    - a wife (part time working while studying)

    And there are other bits and pieces.

    I believe the OP does have the savings he claims (why wouldn't he?) but he must also be single, mortgage free, not running a car, never eat out, not take holidays, not pay into a pension, have no children, etc. And if he's happy with the simple life, more power to him, long may it continue.

    I have approx 430eur in savings and a small pension pot. I am just about 33 years old. I've a friend my age who has over 100K in savings, he ticks most of the boxes in the previous paragraph.

    Wow feel depressed after reading that.


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    #187
    Tiddlypeeps
    Closed Accounts Posts: 2,103 ✭✭✭Tiddlypeeps


    Ruraldweller56 wrote: »
    Exactly. I see lots of folk on here seem to be making a thing of the fact it's 'sitting in a current account' or whatever. I have similar amounts and listen to the same thing but no one seems to be able to tell me where this magic hole is where I can just leave it and it doubles in 5 years.

    If you are saving for something in the short term like buying a house in the next couple of years then keeping it in the bank is the way to go unless you are a fan of gambling.

    If, like the OP, you just have money accumulating with no real plan for it, then keeping it in the bank is essentially just tossing 2% of it into the wind every year.

    If you are talking about those kinds of sums of money then you'd be best talking to a financial advisor (pay for an impartial one, as any at banks or other institutions will just try to sell you their products).

    I invest in ETF's which have been returning about 10% a year, but realistically I know that isn't sustainable and I'd expect closer to 5% in the long term as there will likely be wild swings up and down in the future. I'm saving long term tho so I have the freedom to ride out any dips. Investing in bonds is much safer but will often only just barely beat inflation, but it's a hell of lot better than leaving it in cash.

    Where you park your money should depend on when you plan to spend it and your appetite for risk. Leaving large sums in cash for any more than a short amount of time is a fairly poor idea.

    Compound interest works both ways, losing 2% of the value of your money every year means that if you have 100k in the bank today, after 10 years it will essentially only have the buying power of what 81k has today.


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    #188
    pgj2015
    Registered Users Posts: 8,955 ✭✭✭pgj2015


    MadYaker wrote: »
    The money is still accessible if I give a few days notice, but ive no intention of touching it for a few years yet. I can't imagine what sort of situation id end up in where that would't be ok to be honest. I add more to the savings every time I get paid and I keep enough in my current account at all times to deal with unexpected expenses and if I'm really stuck I've a credit card with a big limit on it that I almost never use.

    Seriously, don't keep all your money in your current account. Its losing value and if someone were to get your visa debit card or get access to your account some other way they could clean you out.



    what account should you have your money in so it can not be cleaned out by a scammer?


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    #189
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 75,489 Admin ✭✭✭✭✭Beasty


    Most of mine is tied up in property, stock market investments, pensions, savings plans, precious medals, football memorabilia, limited edition books, artwork and bikes. Keep a bit in the current account simply because there's next to no interest to be had with bank deposits at present


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    #190
    [Deleted User]
    Posts: 17,381 ✭ [Deleted User]


    pgj2015 wrote: »
    what account should you have your money in so it can not be cleaned out by a scammer?

    Anything that isn't your current account. It's insanity to leave significant sums of money in it since only credit cards are protected. (I think)

    When I used my bank more, I just had an online savings account that I could transfer back and forth from if I needed money available on my Debit card.


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    #191
    poisonated
    Registered Users Posts: 2,277 ✭✭✭poisonated


    are You one of these people? https://www.irishmirror.ie/news/irish-news/money-laundering-students-bankaccounts-garda-14578558 Not smart to boast about if so.


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    #192
    jimbobaloobob
    Registered Users Posts: 5,153 ✭✭✭jimbobaloobob


    I had nothing 20 years ago. Through self employment and investments had 120k saved and invested. Recession time wiped it all away. Just checked my balance €4.33.


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    #193
    Gimme A Pound
    Closed Accounts Posts: 3,482 ✭✭✭Gimme A Pound


    Keyzer wrote: »
    Jaysis lads, lay off old Jimmy... poor son of a bitch is only looking for a bit of advice.
    Think people could go easy by now all right (on the assumption that he's genuine) but "How am I doing? Is it common to have this much saved when on this salary?" - very naive if he genuinely thought that wouldn't rile people. And he knows the answers to both questions so not sure what advice he was looking for.

    Plus the title...


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    #194
    iamwhoiam
    Registered Users Posts: 16,078 ✭✭✭✭iamwhoiam


    Moises Tight Brick wrote: »
    Think people could go easy by now all right (on the assumption that he's genuine) but "How am I doing? Is it common to have this much saved when on this salary?" - very naive if he genuinely thought that wouldn't rile people. And he knows the answers to both questions so not sure what advice he was looking for.

    Plus the title...

    Of course he knew it would


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    #195
    Jimmy_oc1998
    Site Banned Posts: 73 ✭✭Jimmy_oc1998


    Moises Tight Brick wrote: »
    Think people could go easy by now all right (on the assumption that he's genuine) but "How am I doing? Is it common to have this much saved when on this salary?" - very naive if he genuinely thought that wouldn't rile people. And he knows the answers to both questions so not sure what advice he was looking for.

    Plus the title...

    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.


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    #196
    mariaalice
    Registered Users Posts: 12,378 ✭✭✭✭mariaalice


    It a weird one, rereg?, and their only topic is money.

    It could be an anxiety issue, they have to have x amount of money to feel secure but if they have any insight they know no amount of money will make them secure.

    They might be a miser, that comes from somewhere some experience.


    They get some sort of satisfaction from thinking about how much money they have and how little others of their age have.


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    #197
    magic_murph
    Registered Users Posts: 1,521 ✭✭✭magic_murph


    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.

    I think Eddie Hobbs has joined Boards. Welcome Eddie. Just follow the guidelines and you'll be fine.


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    #198
    robarmstrong
    Registered Users Posts: 1,598 ✭✭✭robarmstrong


    Beasty wrote: »
    Most of mine is tied up in property, stock market investments, pensions, savings plans, precious medals, football memorabilia, limited edition books, artwork and bikes. Keep a bit in the current account simply because there's next to no interest to be had with bank deposits at present

    I have authentic framed Roy Keane spittle from his bollocking of Mick McCarthy if you're interested. PM me.

    Totally genuine, I swear.


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    #199
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Bond ETF: EUR 121,912
    Stock ETFs: EUR 302,871
    Individual stocks: EUR 12,543
    Cash receivable: EUR 41,358
    Cash: EUR 14,483

    Total: apprx EUR 493,280

    36, married, 2 kids. No debts, no mortgage, no property. Single income household.

    Saving around EUR 90,000 per annum currently.

    I left Ireland in 2012 and made / make good money abroad. I shudder to think how little I'd have if I had stayed in Ireland!


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    #200
    Ruraldweller56
    Registered Users Posts: 938 ✭✭✭Ruraldweller56


    Honestly lads the lot of ye (especially-but not only-the OP) are really

    https://youtu.be/KzNyv6OdZuo


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    #201
    Jimmy_oc1998
    Site Banned Posts: 73 ✭✭Jimmy_oc1998


    Deleted User wrote: »
    Bond ETF: EUR 121,912
    Stock ETFs: EUR 302,871
    Individual stocks: EUR 12,543
    Cash receivable: EUR 41,358
    Cash: EUR 14,483

    Total: apprx EUR 493,280

    36, married, 2 kids. No debts, no mortgage, no property. Single income household.

    Saving around EUR 90,000 per annum currently.

    I left Ireland in 2012 and made / make good money abroad. I shudder to think how little I'd have if I had stayed in Ireland!

    Wow nice!

    How much of it was good timing regarding the stocks and their boom in the last 10 years? What are your thoughts on the market in future? I don't want to enter right now as I'd like to buy a house if there was a downturn.


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    #202
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jimmy_oc1998 wrote: »
    Wow nice!

    How much of it was good timing regarding the stocks and their boom in the last 10 years? What are your thoughts on the market in future? I don't want to enter right now as I'd like to buy a house if there was a downturn.

    Around 75k comes from stock market gains since 2014. The lion’s share comes from salary savings. I’ve changed jobs a few times to grow my earnings, but stayed in the same company (customer-facing role at a large multinational).

    I intend to stay invested. I have no insight on the market’s future.


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    #203
    ILikeBoats
    Registered Users Posts: 2,442 ✭✭✭ILikeBoats


    Deleted User wrote: »

    I left Ireland in 2012 and made / make good money abroad. I shudder to think how little I'd have if I had stayed in Ireland!

    Where do you live?


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    #204
    Geuze
    Registered Users Posts: 13,105 ✭✭✭✭Geuze


    Deleted User wrote: »
    Around 75k comes from stock market gains since 2014. The lion’s share comes from salary savings. I’ve changed jobs a few times to grow my earnings, but stayed in the same company (customer-facing role at a large multinational).

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


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    #205
    FFred
    Closed Accounts Posts: 772 ✭✭✭FFred


    51d0glYGw%2BL._SY445_.jpg


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    #206
    suicide_circus
    Registered Users Posts: 19,802 ✭✭✭✭suicide_circus


    220px-Biggiemomoneymoproblems.jpg


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    #207
    touts
    Registered Users Posts: 6,437 ✭✭✭touts


    I work for a living so I don't have any money as the government take most of it in taxes, levies, and charges. But I have so much more than money. I have the satisfaction of driving home late in the evening to my massively mortgaged house after a long hard day in the office and I get to look at members of the welfare class strolling back to their free houses from the off licence and takeaway while still dressed in their pajamas. As I see that I remember that while I will never see the majority if the money I earn and will never be free from crippling debt at least I know my money is making a real and meaningful difference to the lives of so so many others....


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    #208
    Plumbthedepths
    Closed Accounts Posts: 12,653 ✭✭✭✭Plumbthedepths


    Your post amuses me, if their life is so great and desireable surely it's achievable for you too. Quit your job, go on the dole and apply for your free house. Off you go.


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    #209
    Ruraldweller56
    Registered Users Posts: 938 ✭✭✭Ruraldweller56


    Plumbthedepths wrote: »
    Your post amuses me, if their life is so great and desireable surely it's achievable for you too. Quit your job, go on the sole and apply for your free house. Off you go.

    The usual lazy liberal arguments as you'd expect.

    Chances are the guys going to means tested, he's paying a mortgage on his own house so that's a non runner. If there's a partner in the house earning he'll be getting SFA.

    I'd like to see too how they'd look at him in the 'sole' office when he explains to them that on the advice of a guy on boards.ie he decided to jack his job and become a welfare merchant.

    We all know the type of scroungers he's referring to who feel the rest of us owe them a living. Guys with rolex watches and in the pub. Scarcely able to pull themselves out of the cot.


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    #210
    Plumbthedepths
    Closed Accounts Posts: 12,653 ✭✭✭✭Plumbthedepths


    Ruraldweller56 wrote:
    The usual lazy liberal arguments as you'd expect.


    Point stands, if the dole and free house lifestyle is so desirable it's amazing so many are in employment.


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    #211
    JeffKenna
    Registered Users Posts: 4,518 ✭✭✭JeffKenna


    Plumbthedepths wrote: »
    Point stands, if the dole and free house lifestyle is so desirable it's amazing so many are in employment.

    Because some people want to work, contribute to society and make a difference.


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