Maybe the show was making a few points. Firstly that there may be financial options available to some when they suffer from long term illness. The show also highlighted the real human and financial costs of being ill. Secondly, Irish people who worked in the UK can claim a UK state pension. That seems like big news to many. There are surely 10s of thousands of people who worked in the UK and never knew this.
So maybe . . . if you stop to think about it, they were the points being raised in tonight's show.
Tonights episode...pointless
Not great this season, has run its course I would say. Tonight show wasn't great, single man in his 50s 65 K a year 2 houses a couple of pensions, OK he has his story to tell and fair play for stepping out and telling his story and I wish him well.
What's the sob story got to do about the show!?
He loves his fcuking buffers 🙄
Another poor episode has to be said.
The money box thing he has set up where people go in and ask questions..."Maurese" going on a big spiel about gender wage gap and smaller pension pot because of maternity leave etc. 🙄🙄🙄
Eoin gave out very poor financial advice tonight. He estimated pension growth based on average returns in the market but someone approaching retirement should be moving their money out of high risk positions and into more low risk positions such as bonds and cash. If the market goes tits up near retirement her pension could be cut by tens, if not hundreds, of thousands.
I'm not a big fan of pensions anyways. The state pension is 250 odd a week. Pensions likely give you maybe 300 a month extra. Hardly massive difference like...He said "you'll be able to live your current lifestyle up to the age of 85. Why would someone plan to live the same quality of life until they're 85? You'll probably be dead. If not, you'll probably be immobile and not care about nice cars or fancy holidays.
I used an online calculator. I do have a pension. Overall 10% of salary. It tells me when I retire it'll give me 7k per year. State pension is 13k per year.
Where does he find these people? Their short term goal was to buy a rental property yet they didn't even know they were paying the higher rate of tax.
Then when Eoin tells them if they wanted an investment property the interest rate is higher and they'd need a higher deposit, they were completely shocked again. A check on mortgages.ie for an investment property would tell them that ffs!
I'm also wondering when this show was recorded because usually it's in August but how did they apply for a mortgage, find a house, go sale agree and move in all within the time period of recording. The application for participants only went out at the end of May 2021.
The shows name should be changed to "How Not To Be Idiotic With Money". With each passing week, I'm seeing more and more reasons why 2008 happened with the poor level of understanding many seem to have about money.
Pretty poor episode again last night. Having watched it Im still not sure what financial advice he actually gave the couple.
They were a young couple who appeared to be doing quite well for their age. They had a deposit saved for a house and then were able to buy a house. Their long term goal was to set up a food business - he advised them to set up a stall first and see how that goes - fair enough advice - hardly need a financial advisor though to tell them this. Did I miss where he advised them what they could do to improve their finances?
Im a bit confused on last nigths episode, first of all fair play to the couple for chasing their dreams and saving so hard to achieve it.
When Eoin says a combined salary was that before or after-tax? I usually assumed before... however later in the episode he said it would take a lot of 6 euros to make up the 85k... 6 euros is what goes into the back pocket for every 100 into the till in a restaurant.
For the mortgage repayments of 1200, doesn't add up with savings, financial independence at 45 and the price of the house.
Suppose it just goes to show that anyone can have an unhealthy association with spending! I think there was a lot more detail hidden than shown on the show on.... so the true extent of the spending did not come across. Sure it was even an interest only mortgage for years. I think it was said it was a salary of 52k, that's a decent salary! then child benefit and whatever the ex was contributing. So there was good cash flow. Its the same story on the show each week now... people just have to take more responsibility for their money! Its getting a bit repetitive
but it was de banks. de banks lent dem de money so it was de banks. dat was why dey are no gud wit money.
Or so the story sometimes goes when it comes to people taking responsibility for their finances. Unfortunately there's a whole plethora of cheerleaders to egg people on with this as a defense for a lack of common sense and personal responsibility.
I wouldnt normally comment as such on these types of comments but yes you're right, for sure!
If an accountant struggles so much that they need to go on national tv to get someone to look at their finances and tell them what they need to cut out, I wouldn't want them doing my accounting!
Seriously, all Eoin does is get them to track their spending and then identify where their spending is too much.
If yer wan can't see that she was spending 400 euros on clothes and that it's too much, it doesn't look good.
Like...do people not even think anymore? They struggle financially yet don't think about that when they're wasting money?
I know that if I was struggling for money, I wouldn't be freely spending money on takeaways multiple times per week.
No wonder people lost the **** run of themselves during 08. Can you imagine the type of attitudes the accountants in the last few weeks would have had?
Yeah but there's been 2 accountants on in 3 weeks 😂
Agree, not everyone is sensible in their spending & not everyone earns high wages. I know many people in my age group, early 50s who are living with consequences of 2008 recession, job losses, etc. Trying to move forward can be difficult if you've had to start at entry level job in your 40s and have a relatively short time left till retirement (which they may not be able to do anyway, it may just mean moving to another job).
I think it's only common sense for some people though, not everyone is sensible with their spending.
I was really good with money many years ago, a few difficult years threw everything off balance. Watching a few episodes of HTBGWM really helped me in 2020.
14 years and only 12k paid off the principal. They've basically been living there for free!
Always found this a strange show.
Would you be comfortable going on national TV to tell the country what your salary is, how much savings you have, how much debt you owe, how much you spend on X,Y,Z? I know I wouldn't.
And in the end, so much of the advice is common sense. Just stop being so wasteful with your money is what a lot of it boils down to.
It seems like they were on an interest only arrangement for awhile, which would suggest she wasn't earning €52k at that time. But they didn't give us the finer detail.
Really 50k a year and he can not afford to save. Its simple make some sacrifices and save. That us what you have to do if you want to buy a house or anything big in this life.
He should be saving at least 30k a year and living on 20k. It's doable. I have done it and still do.
Last nights was a bit of an easy one too.
The ex I believe was paying off some of the mortgage too yet they only had 12k cleared off the principal in 14 years and they are on a rate of 1.1%! To still have 188k left on the mortgage after 14 years on a tracker rate of 1.1%....she must have been paying like 80 or 100 euro a month for the mortgage.
She's also earning 52k which is take home 3.2k a month. I know she has 3 kids but the ex seems to be supporting her with them too.
Most of the country would kill to be in her "terrible financial state". 52k a year, basically 0 rental/mortgage costs for last 14 years, new mortgage payment of 880 which is the minimum what someone would be paying now if they took out a 200k mortgage.
I think this show has run its course. We had another lady on last night who was an accountant who needed help with her finances - now an accountant should be able to sort her own finances. It just appears a bit staged or something - he has had two people who work as accountants on this series.
I love the parts where Eoin gets into his nice expensive big Audi - just to really rub it in how good he is with money.
In terms of the finances....WOW.
She bought the house in 2007 with her ex for 200k.
14 years later there's 188k left on the mortgage! And it sounds like her ex is still paying some of the mortgage too! She must be paying absolutely nothing each month.
I put in a mortgage repayment calculator for a 200k mortgage at 3% and at the beginning of year the opening balance is 188,900 euro.
Even with an interest rate of 5%, at the beginning of year 4 you'd have less than 188k left on the mortgage.
OMG they just said she has a tracker at a rate of 1.1%! Holy shieeeet!
Damnnn this one is hot! Daughter is hot too!
What a great body.
Tonights episode looks decent.
There's a preview on the RTE facebook page. Single guy wants to buy in D7. Eoin tells him, it's just facts that as a care worker in the HSE, on the salary he's on, he wants to live in a place he can't afford to live.
Straight facts.
She definitely is a clever lady - I doubt she hadn't planned already for the future given she had such a young family and her illness
I think perhaps her agenda to appear on the show may have been to sell the business - it seemed a fair enough business for a 1 woman show so I think she may receive offers. She definitely won't be getting more customers after the show!
was wondering the same myself, had always thought pension funds invest in safer asset classes like property to generate slow but steady returns but this crowd loosing two thirds of her money sound like they were into riskier stuff
What kind of pension did she invest in if she put in 6 and it's worth 2 now? You'd be better off putting it in Bitcoin. 😂
Thought the same given here line of work and moreso when I see she is recording tax advice videos.
With here illness though, there was a different slant to it..... How to transform the business into one less dependent on herself and prepare for an unknown future.
Nice woman, but given her line of work, I would have thought she'd be fairly clued in about pensions and increasing profit margins etc, in any case. But it's a TV show....
