Leg End Reject wrote: » What if you're unable to maintain your garden as you get older?
Leg End Reject wrote: » You'd need more than a million to stop working.
Mad_maxx wrote: » Instinct tells me buying two luxury apartments in the centre of Dublin would be the best option, cater to the executive type high earning tenant, three grand per month type client
Mad_maxx wrote: » Let's say a great aunt died and left you a million euro, could you retire and having put the money to work, live off it? If so, what would you do with the money - where would you invest it? Idea stems from stories you read about people who either build up enough of a nest egg to retire early, replace great aunt with won it on the 3.10 @ Cheltenham if you prefer.
Santino Chubby Munchies wrote: » If your great-aunt left you the money, the first €32,500 would be tax-free, and then you would pay Capital Acquisitions Tax of 33% on the remainder. So your million euro would be down to €680,725 straightaway. One of the implications of the current Irish taxation system.
AndrewJRenko wrote: » Mad_maxx wrote: » Instinct tells me buying two luxury apartments in the centre of Dublin would be the best option, cater to the executive type high earning tenant, three grand per month type client Putting all your investment eggs into one basket (Dublin executive property) breaks the golden rule of investment - diversify, diversify, diversify. If you time your investment badly and the market drops, you could find yourself in very hot water.
AndrewJRenko wrote: » Putting all your investment eggs into one basket (Dublin executive property) breaks the golden rule of investment - diversify, diversify, diversify.
JohnnyFlash wrote: » Mad_maxx wrote: » Instinct tells me buying two luxury apartments in the centre of Dublin would be the best option, cater to the executive type high earning tenant, three grand per month type client That’s what I did. Bought 3 apartments in Ringsend in 2012 when prices had almost hit their lowest. Kitted them out with really decent furnishings, kitchen, beds etc, and rent them at a premium to Italians working in tech in places like Google and Airbnb.
Santino Chubby Munchies wrote: » AndrewJRenko wrote: » Putting all your investment eggs into one basket (Dublin executive property) breaks the golden rule of investment - diversify, diversify, diversify. To quote Buffett again, "Diversification is protection against ignorance. It makes little sense if you know what you are doing." If one actually knows and understands the market for Dublin executive property, investing in it could make more sense than investing in multiple things one doesn't understand just for the sake of being diversified. Plus, we now see a higher degree of correlation across investment classes. If property crashes, stocks and other investments are likely to tank as well. Like it or not, most people who have got really wealthy have done so by putting all of their eggs in one basket.
dxhound2005 wrote: » He must be a close friend. I wouldn't tell that sort of information to strangers.
Santino Chubby Munchies wrote: » Like it or not, most people who have got really wealthy have done so by putting all of their eggs in one basket.
Uncle Charlie wrote: » Its best to deal in cash then you wouldn't have that problem.
Mad_maxx wrote: » If you aim for equity diversification in Ireland, that means having to sell your fund after seven years with a 40% exit tax, U. S etfs are no longer available to be bought and even when they were a few years ago, you had no choice but to take the dividend cash pay out, reinvesting the dividend wasn't an option
Mad_maxx wrote: » That's text book orthodox investment advice, doesn't always apply, this country penalises equity investment in the way it does not with property, a market drop is not a problem unless you are carrying a lot of debt. Most major cities nowadays have areas which have growing exclusivity
AndrewJRenko wrote: » That may well be correct - and if it is, it is a very good indication that they took some serious financial risks on their journey - risks that should not be taken lightly.
AndrewJRenko wrote: » Mad_maxx wrote: » If you aim for equity diversification in Ireland, that means having to sell your fund after seven years with a 40% exit tax, U. S etfs are no longer available to be bought and even when they were a few years ago, you had no choice but to take the dividend cash pay out, reinvesting the dividend wasn't an option There are ways of diversifying without doing ETFs or even funds. But anyway, why would you HAVE to cash out of your fund after seven years?
AndrewJRenko wrote: » Mad_maxx wrote: » That's text book orthodox investment advice, doesn't always apply, this country penalises equity investment in the way it does not with property, a market drop is not a problem unless you are carrying a lot of debt. Most major cities nowadays have areas which have growing exclusivity What is the penalty on equity investment that you mention?
AndrewJRenko wrote: » Tell that to lads getting visits from the CAB to seize their assets each week. If your lifestyle does not match your declared income, Revenue will find you, sooner or later.
Uncle Charlie wrote: » AndrewJRenko wrote: » Tell that to lads getting visits from the CAB to seize their assets each week. If your lifestyle does not match your declared income, Revenue will find you, sooner or later. Why would CAB come after me ? I'm not a criminal. Plus even if I did have a lot of money I would not splash it around. I would be happy driving a 10 year old car etc. The only reason I would like to have a lot of money is for the security it would bring and not so I can waste it on stuff I don't need.
Mad_maxx wrote: » You hardly think people receive sums of a million euro in cash?
dxhound2005 wrote: » Apart from watching out for those with a vested interest pushing certain assets, someone with a spare million should ignore any "legal" advice here. And advice to use cash only, and to indulge in tax avoidance. Life will be simpler in the long term.
Mad_maxx wrote: » Is that a serious question?
Uncle Charlie wrote: » Why would CAB come after me ? I'm not a criminal. Plus even if I did have a lot of money I would not splash it around. I would be happy driving a 10 year old car etc. The only reason I would like to have a lot of money is for the security it would bring and not so I can waste it on stuff I don't need.
Uncle Charlie wrote: » Its not tax avoidance its more like "tax efficiency" because tax would have already been paid on the money if someone has earned it.
Uncle Charlie wrote: » On a side note CAB goes against the constitution and is technically Illegal. Under CAB somebody is guilty until they can prove they are innocent. Even Vincent Browne pointed out how CAB goes against the law.
AndrewJRenko wrote: » What security does it bring if you can never spend it? You might as well stack the notes beside your toilet if you're never going to be able to spend them.
And yes, if you're dealing in cash to evade tax, you are actually a criminal.
