What advice would you give a 25 year old making €300k+ per year

Congrats on your success to date!

Get an accountant or tax advisor.

Maximise your pension contributions, you'll get a tax break, and be getting an excellet start on your retirement planning. You can also max out last year's contributions, and get tax relief, if you haven't already done so.

Running alongside that, I'd be thinking about trying to buy a home. Regardless of your view of property prices, you'll need somewhere to live, for your entire life, so better to buy off you can (than rent).

Personally, I think you are mad to be that heavily invested in crypto, they are way too volatile.

I think you'd be better off buying a nice car with some of the money in crypto, if given the choice.

How sustainable are your earnings, both personally, and within the company?

Do you have any family members that aren't earning, that you could employ - hence giving them the chance to earn and use their tax allowances etc?

Right or wrong, I took it to be €300k gross, so the €60k in cryptos is more like 33% of a year's net income.

We're not sure how sustainable the income is, original poster doesn't have a house, or an investment property etc.

Personally, I wouldn't risk €60k in cryptos (which could quickly become €30k), in those circumstances, but each to their own :)

I agree with you 100% on getting advice from an independent advisor, who is paid by a fee, so not conflicted when recommending certain investments (that pay him / her a commission etc.)

If you can 100% remote anywhere then that brings more possibilities.

Off to Malta with you so... For a few years anyway.

To paraphrase the late, great George Best, you could ' spend 99% of your money on booze, fast cars and fast women..... and then you can just squander the rest....' ;)

P.s. otherwise get yourself two good financial advisors, a tax advisor (to limit tax & so save business & personal monies), & an investment advisor (to grow personal funds optimally for you).

P.p.s. GillenMarkets are a good investment advisor imho (no relation to me whatsoever)

Get professional advice on your exit strategy. You'll find some fool to give you more money than you could ever earn from it, and they'll probably keep you on at a large salary for a few years anyway.

Hi,

Thanks for the reply.

Given the business doesn't need a property, why buy one within the business (and particularly, when prices are high, and property investment yields are low / possibly risky) ?

If I were you, I'd be looking to extract as much from the business as I could - without leaving the business under cashflow pressure, obviously.

Tax considerations come to mind, as do other personal priorities (hence I've mentioned pensions, and perhaps a home).

If I were you, my first stop would be to get a decent accountant / tax consultant, to help you look at how you can minimise your tax position.

Then, it's down to you putting togeather a few priorities, in terms of what you want from the future etc. Do you want a home, to provide for early retirement, to travel, to help a family member financially etc?

A good independent financial planner might be the way to go (but get an independent, who charges an hourly fee, and only makes recommendations, but doesn't sell investment products).

Well done again, on your success to date - it's a super start to life!

At the end of the day there was no clear way for me to avoid that 45-50% tax really. Even if you invest it, first of all that might not go well, and second of all, isn't there a 33% tax on profits made over a nominal amount, and when you go to draw down at any stage in the future, you will be hit with the tax. So the incentive wasn't there for me to invest.

Definitely make sure you're maxing out your expenses. Computers/Printers/Screens/Desks/Chairs. There was also a cool tax incentive to buy a new electric car on the company funds VAT/Income tax free. If you were interested in buying a new electric car, I would certainly look into that.

I love the advice to buy a car rather than crypto. The car is guaranteed to lose all its value over time. Crypto assuming you're not buying memecoins or using leverage has been the best performing asset class in the last 10 years. Property is at an ATH now as well I bought some in 2006 when I was young terrible timing. With the chronic supply shortage I think it's wise avoid for a while till the markets more realistic instead of paying 3x what something is worth.

Getting a good accountant is the main thing I'd say. Is the company limited? You seem to be doing plenty enough right to me you've got sound instincts if you're making that much.