25 years old , 110 should i stay in Ireland

03-02-2015 12:10PM

If anyone can get work offshore, take it!!! Accommodation, food and travel are paid for. Usually you work a minimum of 21 days then 7 days off (sometimes paid). Depending on the job you can work 7 or 8 weeks without a day off.

With nothing to spend the money on and I'm guessing he was paid in sterling, the OP could easily have £60k saved over 2 years. That's around €80k euro on today's rate.

bucketybuck · 03-02-2015 12:11PM

kneemos wrote: »

He's a good saver...mystery?

Yes, its a mystery, because of mathematics.

the_syco · 03-02-2015 12:16PM

imitation wrote: »

He'd have to save like 11k every year, thats a tall order for an 18 year old who'd probably be on a min wage, if you could even get a job that easily in past 7 years.

He worked offshore. The jobs tend to pay well, and give you free accommodation.

daRobot · 03-02-2015 12:17PM

Sorry for the loss of your father OP.

I'd advise you to set aside 10k and go travelling for a year. You'll have a much better idea if living in Ireland appeals to you after that.

wuffly · 03-02-2015 12:29PM

Sorry about your dad OP.
I think if I were in your shoes I would head off traveling for a year with 10k. You could put the majority of the rest in a capital guaranteed bond/fixed account for a year and leave a bit in a savings account in case of emergency etc. After a year away you might have a better idea of what you want to do career wise or even where you want to live. Lots of options career wise with offshore experience, safety is always good, companies are always looking for good people. The NEBOSH cert isn't too expensive or time consuming and a good start, companies will often pay for the diploma once you are in.

jamesbere · 03-02-2015 01:16PM

I'd agree with a few of the above, go travelling. A year or 2 around the world and you would get a taste of other cultures. It's a great opportunity with the money you have and your young as well with nothing tying you down also.

m5ex9oqjawdg2i · 03-02-2015 01:35PM

OP, please... for the love of god, move.

Sorry to hear about the loss of your dad, but life will go on. Make sure you are not contemplating moving because of his passing. You might be doing it for the wrong reasons and in the end hate it.

Stick about 80-90K of that money in a notice deposit account or some other low(no) risk investment which you cannot touch for the next 12-24 months. Take the remainder and tour the world. Pick all the countries you would like to see and just do it.

Anything could happen over the next years. You could pass away (sorry for being morbid), there could be another recessions, the Euro could devalue and your money may not be worth as much. I dunno, I am not economic expert.

I just know that if I had the money you had I would travel. You don't have to travel in style either, be comfortable but don't blow it.

Don't even worry about a job, you will get one again. F it, you might even settle down abroad and be incredibly happy.

FYI, I am leaving my 50K a job, no expenses (no rent, car loan paid off) to live abroad. I don't have as much as you, but I can live comfortably for a couple of years. If all that comes of it is an experience and a second language, hell... i'll be bloody happy

sheesh · 03-02-2015 01:49PM

op you have a good amount of money behind you so you could definitely try it so long as you get a job where ever you are going you will not be loosing much and that's worse case scenario you are at good age to travel too so go for it.
pay a financial adviser to give you advice on what to do with the main part of your money while gone keep between 10-20 grand in cash in case of emergencies while away. I like Ireland but it is good to see other places too. unless your current job is offering some sort of good career track. I would go.

Cee-Jay-Cee · 03-02-2015 01:58PM

You have managed to save 82k by the age of 25 on a mediocre salary job.

You should go into banking, they'd love you.

BeerWolf · 03-02-2015 03:10PM

Fat Christy wrote: »

How the hell do you have that much money saved at 25? Living at home?

Well, my Dad gave me €300k while I was in Uni, both for pay towards and as a gift for doing well, so...

:pac:

Stench Blossoms · 03-02-2015 03:15PM

Between this and the amount of times you've mentioned your savings in the Accommodation forum I'm starting to think you're either trolling or a show off.

WoollyRedHat · 03-02-2015 03:17PM

Are you a musician? Build a cabin in the woods, come back 9 months later, and you'lll be famous, my my my.

Tasden · 03-02-2015 03:22PM

Stench Blossoms wrote: »

Between this and the amount of times you've mentioned your savings in the Accommodation forum I'm starting to think you're either trolling or a show off.

Oh it's that guy! Yeah op fair play for saving so much but you sure do like to go on about it

obsidianclock · 03-02-2015 03:29PM

elefant wrote: »

You saved 82 grand by the age of 25 :eek:

Agreed, very impressive!

ZiabR · 03-02-2015 03:31PM

BeerWolf wrote: »

Well, my Dad gave me €300k while I was in Uni, both for pay towards and as a gift for doing well, so...

:pac:

Sorry... what? Please explain more

03-02-2015 03:34PM

Travelling for over 6 months straight done me the world of good. Up until that point I was unsure of what to do with myself, but afterwards I felt refreshed and had a clear vision of what I wanted in life.

You could also emigrate temporarily to see how you get on somewhere else. A gap year to Canada/Oz etc

mad m · 03-02-2015 03:35PM

Put it all on Black!

obsidianclock · 03-02-2015 03:39PM

5starpool wrote: »

On a job less than 30k per year there is no way you would have organically saved 80k. Condolences on your father's death, but if his life savings amounted to 28k with no property, how do you have 3 times that saved by 25?

If you have managed to save that much in a few years why would you want to leave?

Is it so unbelievable?

If someone were to start working at 16 and saved an average of 800 Euros a month, they'd have roughly this amount by age 25.

Assume our friend here was living rent free with family until the death of his father and they weren't charging for food or utilities, this is entirely feasible!

This is also irrespective of any donations made by kind family and friends, and also for all we know the OP made money on the back of his savings e.g through investments or reselling.

Greenmachine · 03-02-2015 03:46PM

obsidianclock wrote: »

Is it so unbelievable?

If someone were to start working at 16 and saved an average of 800 Euros a month, they'd have roughly this amount by age 25.

Assume our friend here was living rent free with family until the death of his father and they weren't charging for food or utilities, this is entirely feasible!

This is also irrespective of any donations made by kind family and friends, and also for all we know the OP made money on the back of his savings e.g through investments or reselling.

If they started working at 16?

Young people aged under 18 are only guaranteed up to 70% of the national minimum wage which is €6.06 per hour

Just to earn that much at 16 would require working 132 hours a month. Would be highly surprised if there were many 16 years being paid much more than the statutory minimum wage for their age.
Wishful thinking on the part of a lot of posters, to think someone could save so much in such a short time, on particularly low wages. Deluded thinking really, spurred by, I would have 20% deposit now if only, I had.....

The Backwards Man · 03-02-2015 03:52PM

Some jobs pay hell of a lot more than minimum wage, even to teenagers. Some of us had to cut our teeth the hard way.

BeerWolf · 03-02-2015 03:57PM

The Backwards Man wrote: »

Some jobs pay hell of a lot more than minimum wage, even to teenagers. Some of us had to cut our teeth the hard way.

Be a pack courier for some... organisations!

dd972 · 03-02-2015 04:21PM

Give emigration a go and see if you like it, maybe after investing in property over here, hold on to your dosh in any case OP

OldNotWIse · 03-02-2015 04:23PM

Hmmmm.....25 years young....saved over 80k....Sensible head... Stay and marry me

Smidge · 03-02-2015 04:53PM

Strawberry Milkshake wrote: »

If anyone can get work offshore, take it!!! Accommodation, food and travel are paid for. Usually you work a minimum of 21 days then 7 days off (sometimes paid). Depending on the job you can work 7 or 8 weeks without a day off.

With nothing to spend the money on and I'm guessing he was paid in sterling, the OP could easily have £60k saved over 2 years. That's around €80k euro on today's rate.

People keep talking about these jobs "offshore" that are paying this kind of wage.
May I ask,
A: Which shore are these excellent jobs off and
B: Do they involve selling off your organs?

Genuinely interested btw:)

Greenmachine · 03-02-2015 04:58PM

Smidge wrote: »

People keep talking about these jobs "offshore" that are paying this kind of wage.
May I ask,
A: Which shore are these excellent jobs off and
B: Do they involve selling off your organs?

Genuinely interested btw:)

Usually take offshore to mean on a rig. Normally you would need 5-10 experience minimum to be considered for work on a rig making the OP's story even more implausible if that is what he is alluding he worked at.

johnohanlon · 03-02-2015 05:01PM

Depends how much your father liked Ireland, you wouldn't want to be spending his life savings in australia or wherever would you

Earthhorse · 03-02-2015 05:16PM

kylith wrote: »

Buy property, rent it out, use that to fund your travels

Jeremyr wrote: »

Very viable option

I wouldn't be so sure. A property of €110k (assuming you were to spend it all) won't yield much rent. Plus buying property makes you a landlord which means responsibility whilst travelling and the chance of incurring additional costs if something breaks in the house.

I think investing the money is a better idea. To be fair, you won't get much return on this either but there should be no hidden costs and no engagement required on your part so you can relax and enjoy your travels. Plus, if you discover travelling isn't for you and return you have a far more liquid asset than bricks and mortar. Go to an investment bank and discuss your options (notice deposit accounts are returning next to nothing at the moment, you need to invest in something more serious if you wish to see a decent return).

I would only buy a house if it's one you would be happy to live in long run.

Moreover though, don't feel obliged to go travelling just because you don't like Ireland (it doesn't seem like you hate the place so maybe you are just in the wrong job or headspace yourself right now) and similarly don't feel obliged to "do" something with your money just because you have a lot of it. It's an impressive amount, no doubt, and right now you have no obvious use for it, so either forget about it and it will be there when you need it, or invest it and enjoy a bit of a return on it.

MadsL · 03-02-2015 05:17PM

ghogie91 wrote: »

Get your own place, you will view life differently, with your savings you could turn it into a class house the way you want it. The outside world wont bother you once you have the 60 inch UHD screen projecting FiFa into your brain

Nah - you need to choose a proper hobby.

Choose life. Choose a job. Choose a career. Choose a family. Choose a ****ing big television, Choose washing machines, cars, compact disc players, and electrical tin can openers. Choose good health, low cholesterol and dental insurance. Choose fixed-interest mortgage repayments. Choose a starter home. Choose your friends. Choose leisure wear and matching luggage. Choose a three piece suite on hire purchase in a range of ****ing fabrics. Choose DIY and wondering who the **** you are on a Sunday morning. Choose sitting on that couch watching mind-numbing spirit-crushing game shows, stuffing ****ing junk food into your mouth. Choose rotting away at the end of it all, pishing your last in a miserable home, nothing more than an embarrassment to the selfish, ****ed-up brats you have spawned to replace yourself. Choose your future. Choose life . . . But why would I want to do a thing like that? I chose not to choose life: I chose something else. And the reasons? There are no reasons. Who needs reasons when you've got heroin?

obsidianclock · 03-02-2015 05:25PM

Greenmachine wrote: »

If they started working at 16?

Young people aged under 18 are only guaranteed up to 70% of the national minimum wage which is €6.06 per hour

Just to earn that much at 16 would require working 132 hours a month. Would be highly surprised if there were many 16 years being paid much more than the statutory minimum wage for their age.
Wishful thinking on the part of a lot of posters, to think someone could save so much in such a short time, on particularly low wages. Deluded thinking really, spurred by, I would have 20% deposit now if only, I had.....

Well I suppose it depends on the nature of the work you're doing, and as I said what your living expenses are.

Saving 800 a month is quite feasible if your family aren't charging you bed and board, even on minimum wage - we also don't know what our friend here did with the money he saved, it may have been invested as opposed to being stuck under a mattress.

If for instance he'd invested 650 a month with an average gain of 4% p.a he also could have approximately 85K after 9 years.

handlemaster · 03-02-2015 05:31PM

buy a property in dublin for cash rent it out . pay tax on income send the rest . you will have a good time and still have your savings

25 years old , 110 should i stay in Ireland

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