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Is having €5200 in savings at 27 bad?

2»

Comments

  • #32
    the_amazing_raisin
    Registered Users, Registered Users 2 Posts: 12,914 ✭✭✭✭the_amazing_raisin


    https://www.boards.ie/discussion/comment/123526746#Comment_123526746

    Maybe that's how ChatGPT gets its answers, just posted the question under a fake account 😂

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • #33
    Allinall
    Registered Users, Registered Users 2, Paid Member Posts: 7,470 ✭✭✭Allinall


    I’d say it’s a bad house with a leaking roof.

    But, as it’s under a bridge they should stay dry, at least.



  • #34
    elperello
    Registered Users, Registered Users 2, Paid Member Posts: 17,626 ✭✭✭✭elperello


    https://www.boards.ie/discussion/comment/123526802#Comment_123526802

    Does this mean we're not all invited to the house warming ? 🙂



  • #35
    standardg60
    Registered Users, Registered Users 2 Posts: 5,874 ✭✭✭standardg60


    https://www.boards.ie/discussion/comment/123526770#Comment_123526770

    Think ye are missing the point here, starts a thread asking whether having 5.2k in savings at 27 is a bad thing, before pointing out they have a house fully paid off. Why would anyone ask the first considering the latter?

    Pure nonsense is all it is.



  • #36
    FixdePitchmark
    Registered Users, Registered Users 2 Posts: 22,089 ✭✭✭✭FixdePitchmark


    It is very poor - you must be working about 5 years at least - that is 1 K a year - 20 quid a week is a bit of a joke.



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  • #37
    Idbatterim
    Registered Users, Registered Users 2 Posts: 18,458 ✭✭✭✭Idbatterim


    https://www.boards.ie/discussion/comment/123523180#Comment_123523180

    He should get over to Hanoi, the pay there for English teachers is incredible, relative to the dirt cheap cost of living there....

    Or the middle east etc, you'll never have any life here , on that kind of money, with the cost of living here, if you are renting..



  • #38
    Timesheet
    Registered Users, Registered Users 2 Posts: 33 ✭Timesheet


    It depends on the point you started out from, I know a lad who got a big lump into his hand inheritance as a young lad and pished it all away by your age.



  • #39
    jamieon
    Registered Users, Registered Users 2 Posts: 143 ✭✭jamieon


    Dont listen to anyone here who is saying you need alot more to buy a house etc. You dont need to own a house, and you definently dont need to rush into a 30 year debt at 27



  • #40
    Geuze
    Registered Users, Registered Users 2 Posts: 14,540 ✭✭✭✭Geuze


    https://www.boards.ie/discussion/comment/123523262#Comment_123523262

    As you own a house without a mortgage by age 27, then the fact that you have just 5,200 in cash savings is put in a different light, as you also own an asset worth 200/300/400k.

    Therefore, although your cash savings are somewhat low, your net wealth is very strong for somebody aged 27.



  • #41
    dxhound2005
    Registered Users, Registered Users 2, Paid Member Posts: 23,392 ✭✭✭✭dxhound2005


    https://www.boards.ie/discussion/comment/123524519#Comment_123524519

    It's very similar to this one, which also mentions another one from before that. They both signed up to Boards to ask the question, and chose AH for their first posts. Similar user names.

    https://www.boards.ie/discussion/comment/122648411#Comment_122648411


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  • #42
    Floppybits
    Registered Users, Registered Users 2 Posts: 8,147 ✭✭✭Floppybits


    https://www.boards.ie/discussion/2058415325/is-having-5200-in-savings-at-27-bad

    It's €5200 more than I had at that age. Then again depends on your circumstances like living at home, car, rent money



  • #43
    chrissb8
    Registered Users, Registered Users 2 Posts: 1,234 ✭✭✭chrissb8


    No not really, I only started saving in my 30s, and really that has hamstrung me a bit so you are well and truly ahead.

    Look at it like this. You are only 27, a lot of people at your age would take that money and do something like travelling or get a car.

    What you lack is a good foundation, if you decide to get serious about saving right now, considering the average age of buying a house is now 36 years old. You have a good 7-8 years saving, you could easily be well over the 30- 40k mark by then.

    And that's not even taking into account you could be living at home, for a few of those years, allowing you to save even more initially. Then regular wage increases will help more again.

    There's a lot in your favour and the morons who are saying why weren't you thinking about your mortgage at 22 are dullards. Because you're 22 and that is when you live with abandon and freedom. You spend that money on experiences which is infinitely more important at that stage of life than thinking about a 3 bed semi d.

    So in short. You're grand.



  • #44
    o1s1n
    Registered Users, Registered Users 2, Paid Member Posts: 36,986 ✭✭✭✭o1s1n
    Master of the Universe


    https://www.boards.ie/discussion/comment/123527797#Comment_123527797

    That's terrible advice. If he bought a house at 27 his monthly repayments would be incredibly affordable as he could spread the loan out over a longer period.

    Don't need to own a house? Where do you plan on living yourself?



  • #45
    Rocket_GD
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Rocket_GD


    https://www.boards.ie/discussion/comment/123530474#Comment_123530474

    I don't think that you've bought a house recently, even over 35 years you're probably looking at €1600 or so a month, hardly "incredibly affordable".

    Anyway the OP is a bot who claims that they've already paid off their house at 27 so it's all irrelevant.



  • #46
    Geuze
    Registered Users, Registered Users 2 Posts: 14,540 ✭✭✭✭Geuze


    https://www.boards.ie/discussion/comment/123530461#Comment_123530461

    Note that the OP owns a house at age 27.



  • #47
    Rocket_GD
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Rocket_GD


    https://www.boards.ie/discussion/comment/123530643#Comment_123530643

    Also note that the OP is not real.



  • #48
    Wanderer78
    Registered Users, Registered Users 2 Posts: 31,546 ✭✭✭✭Wanderer78


    dont mind the bores op, do what your peers do, and blow the whole lot in a coke fueled weekend, be some craic!



  • #49
    o1s1n
    Registered Users, Registered Users 2, Paid Member Posts: 36,986 ✭✭✭✭o1s1n
    Master of the Universe


    https://www.boards.ie/discussion/comment/123530583#Comment_123530583

    How long is a piece of string? Entirely depends where you're buying, the property you're buying, the condition the property is in, if you're buying with someone etc.

    For example, a mortgage of 300k over 35 years is 1,300 or thereabouts a month. Split between two people, that's €650 a month each. If thats not 'incredibly affordable' (particularly versus rents at the moment) then I don't know what is.

    Couldn't really care less about the OP, I was responding to someone who was saying you didn't need to buy a house and it was a bad idea at 27. Which is rubbish.



  • #50
    Rocket_GD
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Rocket_GD


    https://www.boards.ie/discussion/comment/123530762#Comment_123530762

    Well I took it as the person was talking about a single person, not as a couple. To save a 30k deposit on your own isn't easy unless you've an excellent salary and very little expenses.

    Also, it's really each to their own, some people never want to buy a house and there's nothing wrong or rubbish about that. I hadn't even considered a mortgage at 27, was happy living my life travelling without a care in the world. I've friends who are still doing this in their 30's and never want to settle down in a particular place, happy with short rents and up and leave whenever they want.



  • #51
    jamieon
    Registered Users, Registered Users 2 Posts: 143 ✭✭jamieon


    https://www.boards.ie/discussion/comment/123530474#Comment_123530474

    Buy a house, get married, live in the same place until your 80, die miserable.

    Theres alot more to life then bricks and mortar. I have a roof over my head dont worry about me.



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  • #52
    o1s1n
    Registered Users, Registered Users 2, Paid Member Posts: 36,986 ✭✭✭✭o1s1n
    Master of the Universe


    https://www.boards.ie/discussion/comment/123533683#Comment_123533683

    Don't buy a house, get married, live in the same rented house you never own until you're 80, die miserable.

    See, I can do that too.



  • #53
    chrissb8
    Registered Users, Registered Users 2 Posts: 1,234 ✭✭✭chrissb8


    https://www.boards.ie/discussion/comment/123530643#Comment_123530643

    I have no idea why he's starting this thread then because that's where all his previous savings went of course he will be low after a big purchase like that.



  • #54
    Kurooi
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Kurooi


    I'd be aiming at having a slightly larger rainy day fund (car trouble, boiler breaks, job shifts from under you) maybe 10k, but you can get away with less if you have family to fall back on or your employment is relatively stable.

    You did well to have a house paid off so early, so your only qs and issue I assume is whether you have enough liquid cash to cover yourself. And I'd say yes, but you can do better. And I'm sure you will if you got this far you can save a little more to keep your mind at ease.



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