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How much savings do you have and what age are you?

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    #62
    blade1
    Registered Users Posts: 12,129 ✭✭✭✭blade1


    FHFM50 wrote: »
    F**king hell these kind of threads depress me so much.
    Try running 3 houses,it's no joke I tell ya!


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    #63
    Padre_Pio
    Registered Users Posts: 4,916 ✭✭✭Padre_Pio


    blade1 wrote: »
    Try running 3 houses,it's no joke I tell ya!

    Calm down Padraig! :D:D


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    #64
    Viscount Aggro
    Registered Users Posts: 1,166 ✭✭✭Viscount Aggro


    Age 50
    700,000 in cash, and near cash assets (bond ladder)
    Life tenancy of a property
    No debt
    Never inherited anything
    Annually, a very low spend / high savings rate
    Saving 100% of salary since 2016
    Investment income covers living expenses and throws off extra
    Small pension fund of 80K


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    #65
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    Viscount Aggro wrote: »
    Age 50
    700,000 in cash, and near cash assets (bond ladder)
    Life tenancy of a property
    No debt
    Never inherited anything
    Annually, a very low spend / high savings rate
    Saving 100% of salary since 2016
    Investment income covers living expenses and throws off extra
    Small pension fund of 80K

    I think with a savings pot of 700K at 50, the pension thing isn't that big a deal :)

    Well done, it's a serious achievement.

    Anybody have any stories where they kinda bumbled by til their mid 30s, had a family and somehow by 50 ended up with a decent chunk?? Inspire me!


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    #66
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Viscount Aggro wrote: »
    Age 50
    700,000 in cash, and near cash assets (bond ladder)
    Life tenancy of a property
    No debt
    Never inherited anything
    Annually, a very low spend / high savings rate
    Saving 100% of salary since 2016
    Investment income covers living expenses and throws off extra
    Small pension fund of 80K

    May we ask how did you manage that? Very impressive!


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    #67
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    Rightly or wrongly, I get the feeling that those who bought houses pre, say, 1995 have had a great chance to build some wealth.

    Take my father. Now 60. Bought house in early 80s for 23,000. Huge interest, about 14%.by early 90s he had acquired a wife and 3 children, and his wages had shot up, and by 1998 house paid off. Would sell for 250K now at a conservative pricing. He's built up comfortable savings and a good pension, lives a nice life.

    I don't feel that wages will shoot up that much in the next 20 years to make mortgage payments feel small by 2040 income standards like they did 20-30 years ago.


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    #68
    893bet
    Registered Users Posts: 8,762 ✭✭✭893bet


    Ah a thread to make most people feel like they ain’t doing enough and a small few to feel elite.

    No point doing a comparison from person to person.

    I have more than some and less than plenty.


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    #69
    Cobalt17
    Banned (with Prison Access) Posts: 135 ✭✭Cobalt17


    893bet wrote: »
    Ah a thread to make most people feel like they ain’t doing enough and a small few to feel elite.

    No point doing a comparison from person to person.

    I have more than some and less than plenty.

    Not really, it’s a good measuring stick, especially for young people, to see what their peers are saving.


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    #70
    Padre_Pio
    Registered Users Posts: 4,916 ✭✭✭Padre_Pio


    Cobalt17 wrote: »
    Not really, it’s a good measuring stick, especially for young people, to see what their peers are saving.

    I think it's interesting to see how people got there.

    I was basically broke until 27, then got a decent job and massively cut down on drinking. No house, no kids. Maxed pension, maxed share scheme, spent money frugally enough, but I'm not scrimping.

    Nights out are a curse, easily 100 down by the end of the night. Coffees, lunches out and all the "sure it's only a fiver" purchases really add up too.
    Technology is another killer. A new samsung is much the same as a 2 year old samsung, and much the same as a huawei that's half the price.

    You can buy ten year old cars that are in brilliant condition for little money if you've the inclination to fix them when they break.

    Putting money in places where you can't get it is the best way to save.


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    #71
    Mister Vain
    Registered Users Posts: 6,041 ✭✭✭Mister Vain


    Anyone got any gold or silver?


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    #72
    blade1
    Registered Users Posts: 12,129 ✭✭✭✭blade1


    Padre_Pio wrote: »
    Calm down Padraig! :D:D

    Ok Padre :eek:


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    #73
    BorneTobyWilde
    Registered Users Posts: 35,705 ✭✭✭✭BorneTobyWilde


    15 years old, 4 billion in savings. 10 yachts and a 20 year old lover named Natasha


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    #74
    Geuze
    Registered Users Posts: 13,098 ✭✭✭✭Geuze


    The Mighty Quinn wrote: »
    Rightly or wrongly, I get the feeling that those who bought houses pre, say, 1995 have had a great chance to build some wealth.

    I don't feel that wages will shoot up that much in the next 20 years to make mortgage payments feel small by 2040 income standards like they did 20-30 years ago.

    Yes, very true.

    Although mortgage interest rates were high in the 1980s, and quite high until EMU in 1999, house prices were much lower.

    Now, rents and house prices in cities are way too high, and real wage growth is slow.


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    #75
    Geuze
    Registered Users Posts: 13,098 ✭✭✭✭Geuze


    Here is some Household Wealth data:

    https://www.cso.ie/en/releasesandpublications/ep/p-hfcs/householdfinanceandconsumptionsurvey2018/

    PR_500989_-Household_Finance_&_Consumption_Survey_2018_Infographic_1875x1095px.png


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    #76
    Geuze
    Registered Users Posts: 13,098 ✭✭✭✭Geuze


    The median value of cash savings is 5,000, in the 2018 HFCS, see table 3.4.

    Lower than I expected.


    Median net wealth is 185k.


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    #77
    TallGlass2
    Registered Users Posts: 683 ✭✭✭TallGlass2


    I'd consider what I have saved at the moment, fairly reasonable and sizeable. Rather than share the value, I will share some tips on what I done to get there.

    Start small
    Build on that foundation
    If you can save more one month then save that little bit extra
    Don't beat yourself up if you don't save your target amount
    Life has hidden events, you'll see the balance drop at times
    Have a goal, when you reach that goal consider if it's worth saving more or getting what you wanted
    Mathematically work out what is realistic, if you find it's too high or too little adjust it
    Most of all savings takes time

    Mines for a deposit for a house, it will be a sad day for me too see my balance hit zero and a minus appear on my account, but I will just start again using the knowledge I got from saving previously.


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    #78
    Arghus
    Registered Users Posts: 14,357 ✭✭✭✭Arghus


    FHFM50 wrote: »
    F**king hell these kind of threads depress me so much.

    I wouldn't worry about it to much bro. Pretty confident 90% of what's written in these type of threads is bullshyte. Seen a few "how much do you get paid threads" and they're usually laughable, with all the clearly made-up salaries people claim to be on.


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    #79
    Padre_Pio
    Registered Users Posts: 4,916 ✭✭✭Padre_Pio


    Arghus wrote: »
    I wouldn't worry about it to much bro. Pretty confident 90% of what's written in these type of threads is bullshyte. Seen a few "how much do you get paid threads" and they're usually laughable, with all the clearly made-up salaries people claim to be on.

    Dunno. If you're single and on 60k plus it's quite easy to save.
    Plenty working in tech or finance who get pension, bonus and share benefits too which can add a fair bit over time.

    Starting wages out of college can be low to mid 30s if you're lucky.


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    #80
    TallGlass2
    Registered Users Posts: 683 ✭✭✭TallGlass2


    Arghus wrote: »
    I wouldn't worry about it to much bro. Pretty confident 90% of what's written in these type of threads is bullshyte. Seen a few "how much do you get paid threads" and they're usually laughable, with all the clearly made-up salaries people claim to be on.

    Very true, I always find it funny how flustered people get when they tell you there salary or earnings, yet they completely snooker themselves once you start asking how much tax they pay, always funny when people telling you there take home pay seemingly cannot remember what the tax bill was along with it/and or it doesn't add up.

    Pinch of salt and move at your own pace


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    #81
    yabadabado
    Registered Users Posts: 16,522 ✭✭✭✭yabadabado


    TallGlass2 wrote: »
    Very true, I always find it funny how flustered people get when they tell you there salary or earnings, yet they completely snooker themselves once you start asking how much tax they pay, always funny when people telling you there take home pay seemingly cannot remember what the tax bill was along with it/and or it doesn't add up.

    Pinch of salt and move at your own pace

    I dont know how much tax I pay tbh.I know my tax credit and I'm in 40% bracket but that's about it.
    I rarely look at it unless my wage is different than usual.


    Do most people know exactly what tax they pay?
    I wouldn't have a clue how much tax I paid last year .


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    #82
    snoopboggybog
    Closed Accounts Posts: 454 ✭✭snoopboggybog


    yabadabado wrote: »
    I dont know how much tax I pay tbh.I know my tax credit and I'm in 40% bracket but that's about it.
    I rarely look at it unless my wage is different than usual.


    Do most people know exactly what tax they pay?
    I wouldn't have a clue how much tax I paid last year .

    Well I just look at my monthly wage multiply it by 12 and take it away from my yearly salary unless I'm missing something completely different here.


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    #83
    TallGlass2
    Registered Users Posts: 683 ✭✭✭TallGlass2


    yabadabado wrote: »
    I dont know how much tax I pay tbh.I know my tax credit and I'm in 40% bracket but that's about it.
    I rarely look at it unless my wage is different than usual.


    Do most people know exactly what tax they pay?
    I wouldn't have a clue how much tax I paid last year .

    I'd have a fair idea, maybe it's just me!

    It's good to know what tax you usually pay, cause you can eyeball the figure Revenue give you and decide if its a good or bad idea to claim. However that system has changed and they tell you know if your under or over payed for the previous year before you hit the trigger.


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    #84
    snoopboggybog
    Closed Accounts Posts: 454 ✭✭snoopboggybog


    Mister Vain wrote: »
    Anyone got any gold or silver?

    I have expensive Gold and Silver goblets with emeralds which I drink my 5,000 euro bottle of wine from.


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    #85
    TallGlass2
    Registered Users Posts: 683 ✭✭✭TallGlass2


    Folks, if you want real advise. YouTube/Watch 'Extreme Cheapskates', them lads know the deal.


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    #86
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭dartboardio


    22, no savings.

    Earned about 20k last year, didn't save any of it, well, what I did save i spent.

    I like spending money. When I have it, I want to spend it basically, on things like going away travelling for a month in the summer, or putting it into new ventures etc

    Run music events every few months and also run my own online business so hoping that money will come from both of those, over the next few months! (not the events for a while anyway!)


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    #87
    snoopboggybog
    Closed Accounts Posts: 454 ✭✭snoopboggybog


    dartboardio wrote: »
    22, no savings.

    Earned about 20k last year, didn't save any of it, well, what I did save i spent.

    I like spending money. When I have it, I want to spend it basically, on things like going away travelling for a month in the summer, or putting it into new ventures etc

    Run music events every few months and also run my own online business so hoping that money will come from both of those, over the next few months! (not the events for a while anyway!)

    Your 22, spend everything you can on what you want and enjoy. Plenty of time to get a few bob together but a lot of people with huge saving have it for a reason. They'll die on their death bed with it and will never spend it.

    Enjoying life comes first.


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    #88
    TallGlass2
    Registered Users Posts: 683 ✭✭✭TallGlass2


    If I was looking back at 22, I would put 20€ away a week, by the time your 27 and need to get stuff moving you'll have about 5k banked at that stage. I say that looking back now at 30, at a career I had for 7 years, part time (since I was 17!). I made around 120k over them 7 years. I hadn't anything banked from it at all, that annoyed me more than anything. I made changes after that realisation.


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    #89
    An Ri rua
    Registered Users Posts: 4,475 ✭✭✭An Ri rua


    Mister Vain wrote: »
    Anyone got any gold or silver?

    I got the gold bug about 11 years ago. Then bought antique Georgian and Victorian silver on eBay at scrap silver prices (or close enough). Never sold it (even when things were bleak). Started using Bullionvault in 2009 and made 400 on a 1300 investment around that time. Gave it away to Syria at the time.
    Late February I took a punt on silver bullion and hoovered up about 3k of coins. That will do very well.
    Since April, have put 20k into gold via Bullionvault and will take profits as they come and re-invest. I've been studying gold and silver for 12 years now so I'm happy to have converted 400 savings pm into 500 pm loan repayment and reduced savings.
    To me, it's an educated punt in highly surreal times and it's a market I study and know.

    I wouldn't be leaving too much money in cash right now. Savings will die on their feet. I'd convert it into assets as inflation will hit hard from early 2021.


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    #90
    NSAman
    Registered Users Posts: 3,388 ✭✭✭NSAman


    When I was in my 20s I saved a huge amount. Had nothing to spend it on. lost that with a business venture... left with nothing.

    Started saving again once I got started again.

    now in my 50s I am comfortable and will not invest in anything apart from what I am interested in and have control over. I save between 3 and 5000 a month currently.


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    #91
    BohsCeltic
    Registered Users Posts: 1,574 ✭✭✭BohsCeltic


    Nothing lol.
    Been out sick from work doesn't help.

    But i have always been a spender. I understand everyone is different. I had a deposit for a house in 2008 but ended up buying a new car and going to New York plus a few other holiday's instead.
    If i had of gone for the house i would have lost it as i was made redundant from my old job.

    I don't begrudge people who are good at saving.

    In the last 4 years i have been to many countries travelling. I've been to Thailand 6 times, Germany 3 times, France, Portugal,Turkey, Vietnam, UAE and uk.

    Of course if i added up what i spent it would be quite a lot, but i enjoyed it and have really good memories so i am happy with that.

    I don't have children or a mortgage so it's a bit easier to do things like that(well not now being out sick and also this stupid virus) but once i get back to work i will do it all again.

    I do have money in a pension but cannot touch that. If i could i would take it out now lol.


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