Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…1516182021…24

Comments

  • Options
    #512
    rob316
    Registered Users Posts: 17,976 ✭✭✭✭rob316


    Westin Abundant Socket wrote: »
    33, overweight, a 13 year old car and about €500 in savings.

    In other words... An absolute failure..

    Sounds normal to me and you had a ball I'd say.

    I'm sensible enough with money but I enjoy buying stuff I don't need. Life would be very boring not buying what you want and just what you need.


  • Options
    #513
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    rob316 wrote: »
    Sounds normal to me and you had a ball I'd say.

    I'm sensible enough with money but I enjoy buying stuff I don't need. Life would be very boring not buying what you want and just what you need.

    To me that is the most amazing thing about this thread - the number of people who associate spending money with enjoying life.


  • Options
    #514
    LawBoy2018
    Registered Users Posts: 1,162 ✭✭✭LawBoy2018


    Jim2007 wrote: »
    To me that is the most amazing thing about this thread - the number of people who associate spending money with enjoying life.

    Wow, could you be more patronising? :rolleyes:


  • Options
    #515
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    LawBoy2018 wrote: »
    Wow, could you be more patronising? :rolleyes:

    And tell people they cannot enjoy life without spending money is what exactly?

    Do you really think you cannot enjoy a skiing holiday on a second hand pair of skies, that you will not have as many laughs and make good memories if you only spend 15k on a wedding rather than 80k.... that a second hand wardrobe will collapse... etc...


  • Options
    #516
    Padre_Pio
    Registered Users Posts: 4,941 ✭✭✭Padre_Pio


    Jim2007 wrote: »
    And tell people they cannot enjoy life without spending money is what exactly?

    Do you really think you cannot enjoy a skiing holiday on a second hand pair of skies, that you will not have as many laughs and make good memories if you only spend 15k on a wedding rather than 80k.... that a second hand wardrobe will collapse... etc...

    People have hobbies and activities that require spending money. A 20 year old fiesta will get you from A to B same as a new BMW, but there's a world of difference in the experience.

    Money is there to be spent, no sense having it sit in an account losing value.


  • Advertisement
  • Options
    #517
    LawBoy2018
    Registered Users Posts: 1,162 ✭✭✭LawBoy2018


    Jim2007 wrote: »
    And tell people they cannot enjoy life without spending money is what exactly?

    Do you really think you cannot enjoy a skiing holiday on a second hand pair of skies, that you will not have as many laughs and make good memories if you only spend 15k on a wedding rather than 80k.... that a second hand wardrobe will collapse... etc...

    Having a fat bank balance isn't a personality trait, bro. Nobody's saying that spending = happiness, but why should someone deny themselves something they want/would enjoy for the sake of saving a few pennies? You can't take it to the grave with you. As countless people have said earlier in the thread, life is all about balance.


  • Options
    #518
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    Padre_Pio wrote: »
    People have hobbies and activities that require spending money. A 20 year old fiesta will get you from A to B same as a new BMW, but there's a world of difference in the experience.

    If you want that experience and if you don't mind giving up something else for it.
    Padre_Pio wrote: »
    Money is there to be spent, no sense having it sit in an account losing value.

    You may conclude that, but and this may surprise you there are many other things you can do with money aside from spending it...

    I stopped working for a living when I was 52, yes I still work on a couple of finch projects that interest me, but if they don't make money in the end it really does not matter.

    And yes hobbies are great, especially when you can pursue them when every you like, or when you can go on holidays and decide to spend an extra couple of weeks because the weather is good and the food is excellent etc...

    There are advantages of not spending all your cash on stuff you don't need and investing it wisely - you get to have a lot of free time and the money to enjoy it.

    What you do with your money is up to you, but choosing not to spend is just as valid as spending....


  • Options
    #519
    Internet Police
    Banned (with Prison Access) Posts: 10 ✭Internet Police


    350.


  • Options
    #520
    rob316
    Registered Users Posts: 17,976 ✭✭✭✭rob316


    Jim2007 wrote: »
    To me that is the most amazing thing about this thread - the number of people who associate spending money with enjoying life.

    There not alot you can do without money. If I drove the car I need I'd probably have no car and not the big comfortable car I do have. You work to live, I save but I could never get a kick out of it. Its necessary to save for a mortgage or have a rainy day fund. I couldn't look at my account and say "brilliant there's 100k I saved I'm so great with money". I'd be thinking of the fun I could of had with that 100k.

    I spent about 10k (a lot of money to me and most) on a week in vegas years back, absolute waste of money to most people but you couldn't put a price on the memories I have.


  • Options
    #521
    Padre_Pio
    Registered Users Posts: 4,941 ✭✭✭Padre_Pio


    Jim2007 wrote: »
    There are advantages of not spending all your cash on stuff you don't need and investing it wisely - you get to have a lot of free time and the money to enjoy it.

    What you do with your money is up to you, but choosing not to spend is just as valid as spending....

    I think we're coming to the same conclusion from opposite sides.
    I agree with what you're saying.
    Frivolous spending is bad and from a cost/benefit, there's really no long term benefits.

    But I would counter by saying that money makes your life easier. No sense scrimping and putting hardship on yourself if money can make problems go away. You also need to enjoy your life. Experiences are good, so long as you don't pauper yourself.

    It's fantastic you're semi-retired at 52, you have 40 odd years of life ahead of you, more with any luck, but I hope the past 30 years were enjoyable too.


  • Advertisement
  • Options
    #522
    Dakota Dan
    Registered Users Posts: 3,761 ✭✭✭Dakota Dan


    Zascar wrote: »
    It might be a good idea to have another thread on "How much do you spend each month" - would be interesting to see how peoples budgets break down. I'm very curious as to how some people spend so little but aparently live so well.

    Did you start it yet?


  • Options
    #523
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jim2007 wrote: »
    If you want that experience and if you don't mind giving up something else for it.



    You may conclude that, but and this may surprise you there are many other things you can do with money aside from spending it...

    I stopped working for a living when I was 52, yes I still work on a couple of finch projects that interest me, but if they don't make money in the end it really does not matter.

    And yes hobbies are great, especially when you can pursue them when every you like, or when you can go on holidays and decide to spend an extra couple of weeks because the weather is good and the food is excellent etc...

    There are advantages of not spending all your cash on stuff you don't need and investing it wisely - you get to have a lot of free time and the money to enjoy it.

    What you do with your money is up to you, but choosing not to spend is just as valid as spending....

    So in other words you are spending your money differently, you are spending it on day to day living as you have decided to give up working early. I would personally not have much interest in that, I’d get bored.

    I’d prefer to be working and be able to buy things I want like a nice car, nice house, latest tech, eat out and drink regularly etc. I’m not too pushed on holidays to be honest I think they are a bit of a waste and would rather spend it on things I want.

    I’m not saying don’t save by the way, I save about 15% of my take home pay which is mostly geared towards a house deposit. Could I save 30%, I probably could but I don’t want to sacrifice spending money on things I would like in order to save more.


  • Options
    #524
    onrail
    Registered Users Posts: 1,022 ✭✭✭onrail


    A story of a bachelor farmer neighbour seems apt. He’s lived relatively frugally all his life, enjoyed a couple of pints at the weekends but drove a banger car, never really went on holiday, shared the family home with siblings.

    He’s now in his 70s, recently undergone treatment for cancer and bought a brand new Audi A4 - guess he realises he can’t take it with him. Wonder if he regrets not spending it on a nice house or car when he was a younger man?


  • Options
    #525
    The Mighty Quinn
    Registered Users Posts: 1,228 ✭✭✭The Mighty Quinn


    He may not have had it as a younger man.

    I'd guess a lot of people don't have much all their lives and as they approach the end have more disposable, no mortgages to be paying, no children to be feeding and clothing and educating, etc etc.


  • Options
    #526
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    The Mighty Quinn wrote: »
    He may not have had it as a younger man.

    I'd guess a lot of people don't have much all their lives and as they approach the end have more disposable, no mortgages to be paying, no children to be feeding and clothing and educating, etc etc.

    He almost certainly did not... if he is seventy now, is young man years would have been in the late seventies....


  • Options
    #527
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    Bradley Wide Snotty wrote: »
    So in other words you are spending your money differently, you are spending it on day to day living as you have decided to give up working early. I would personally not have much interest in that, I’d get bored.

    Said I stoped working for a living... I did not say I stopped working... I just work on stuff that interests me and do it when it suits me and if it all goes belly up so what...
    Bradley Wide Snotty wrote: »
    I’d prefer to be working and be able to buy things I want like a nice car, nice house, latest tech, eat out and drink regularly etc.

    And you think the rest of us don't have all of that.... plus the holiday apartment in the Alps and zero debt.
    Bradley Wide Snotty wrote: »
    Could I save 30%, I probably could but I don’t want to sacrifice spending money on things I would like in order to save more.

    If you saved 30% and compounded it at 12% - 14% pa, you'd more that double your wealth every 5 years... you won't have to deny yourself anything you really want.


  • Options
    #528
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jim2007 wrote: »


    If you saved 30% and compounded it at 12% - 14% pa, you'd more that double your wealth every 5 years... you won't have to deny yourself anything you really want.

    Well I will as if I saved 30% I would be denying myself the things I’m spending that extra 15% saving on. I’m not content to spend the best years of my life living like a pauper to have money when I’m older, I’d prefer to enjoy live a save a little rather than what some propose here.

    I’m happy to have reasonable saving, I’ll put 80% or so towards building my house and keep the rest and tip away adding bits to it. Once house is sorted monthly saving will probably reduce and spending increase as my main reason for saving would be gone. I’d still save of course but not as religiously.

    Also you are dreaming talking about 12 to 14%. I’ve money in some very high risk stuff and 8% is about the height of what I’m getting. Other investments I’ll be lucky to break even due to covid.


  • Options
    #529
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    Bradley Wide Snotty wrote: »
    Also you are dreaming talking about 12 to 14%. I’ve money in some very high risk stuff and 8% is about the height of what I’m getting. Other investments I’ll be lucky to break even due to covid.

    I've spent 30+ years doing performance and attribution analysis on an average of 900 portfolios per annum.... and the bad news for you is that many, many portfolios turn those kinds of figures and they are not particularly high risk either.

    The annualised return on Fundsmith, for example, since inception is about 18%:

    fundsmith.png

    You can check out all the details here. I would consider this to not be a particularly high risk fund and it does not use derivatives or similar products either to achieve the return.

    I can't lay my hands on it right now but from memory the Foreign and Commonwealth fund has an annualised return of around 13% - 15% and so on.

    The consensus return on equities is around 7% - 8%, so if you are taking on high risk to gain that 8%, you're probably taking too much risk for the return.


  • Options
    #530
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    Zascar wrote: »
    It might be a good idea to have another thread on "How much do you spend each month" - would be interesting to see how peoples budgets break down. I'm very curious as to how some people spend so little but apparently live so well.
    Dakota Dan wrote: »
    Did you start it yet?

    Done: https://www.boards.ie/vbulletin/showthread.php?p=114251939#post114251939


  • Options
    #531
    dennyk
    Registered Users Posts: 1,650 ✭✭✭dennyk


    Jim2007 wrote: »
    I've spent 30+ years doing performance and attribution analysis on an average of 900 portfolios per annum.... and the bad news for you is that many, many portfolios turn those kinds of figures and they are not particularly high risk either.

    The annualised return on Fundsmith, for example, since inception is about 18%:

    fundsmith.png

    You can check out all the details here. I would consider this to not be a particularly high risk fund and it does not use derivatives or similar products either to achieve the return.

    That fund was established in 2010, during the recovery period following the 2008 financial crisis. The last ten year period has, until now, been relatively good for the stock market, so you can't take the returns during that one period as an indicator of future performance. The chances of this fund maintaining averaging annualized returns of 15%+ over a period of a few decades or more are very slim.


  • Advertisement
  • Options
    #532
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    dennyk wrote: »
    That fund was established in 2010, during the recovery period following the 2008 financial crisis. The last ten year period has, until now, been relatively good for the stock market, so you can't take the returns during that one period as an indicator of future performance.

    But Terry Smith has a long track record, I know, I've been measuring it for decades...
    dennyk wrote: »
    The chances of this fund maintaining averaging annualized returns of 15%+ over a period of a few decades or more are very slim.

    Well, it that is what you want to believe that is your choice. But as I said before my experience tells me differently:
    I've spent 30+ years doing performance and attribution analysis on an average of 900 portfolios per annum....


  • Options
    #533
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    I'm 28 and I've over 4k in savings.

    I had more than that up until recently but I've decided to pay off loans so I could increase my savings and I also treated myself to a new bed because, well let's just say the mattress springs like to poke my back at night instead.....

    Looking at previous post I'm sure I should have more than that saved but the way I see it is... I was young, and I say this at 28, I've lived my life the way I lived it. Ups and downs. Lost money and gained money. I worked abroad, spent it all and came home. Met my partner and realised that maybe a settled life with ability to save is more exciting than being broke and going out all the time. Don't get me wrong I do like the odd occasion of going out and enjoying myself but with a reason to save now, it's nice to watch the savings go up and still have a few bob extra to do whatever I want.

    I was never a saver up until about a year ago. Every time I got paid, it was spent on the most ridiculous things you could possibly imagine and then I was going on holidays and basically enjoying life. As you should do. I had no children, I still don't. I was living with parents, then moved out and now living with parents and partner to save.

    I watch my nieces and nephews who have part time jobs now and no intentions of saving which is fine but the one thing I would change is I should of started to save when I started working but sure look


  • Options
    #534
    Gimmemymoney
    Registered Users Posts: 3 ✭Gimmemymoney


    I’m 38, married with 3 kids. Combined income of €200k, well aware of how lucky we are to not have to worry about money. I work in IT (Cloud/Data Analytics).

    House: 950k (500k mortgage)
    Savings: 200k
    Cryptocurrency: 80k (was worth 350k 2 years ago!)
    Shares/ETFs: 120k
    Pension: 170k


  • Options
    #535
    onrail
    Registered Users Posts: 1,022 ✭✭✭onrail


    Gimmemymoney wrote: »
    I’m 38, married with 3 kids. Combined income of €200k, well aware of how lucky we are to not have to worry about money. I work in IT (Cloud/Data Analytics).

    House: 950k (500k mortgage)
    Savings: 200k
    Cryptocurrency: 80k (was worth 350k 2 years ago!)
    Shares/ETFs: 120k
    Pension: 170k

    This thread really isn’t good for my mental health


  • Options
    #536
    Galwayguy35
    Registered Users Posts: 16,324 ✭✭✭✭Galwayguy35


    Gimmemymoney wrote: »
    I’m 38, married with 3 kids. Combined income of €200k, well aware of how lucky we are to not have to worry about money. I work in IT (Cloud/Data Analytics).

    House: 950k (500k mortgage)
    Savings: 200k
    Cryptocurrency: 80k (was worth 350k 2 years ago!)
    Shares/ETFs: 120k
    Pension: 170k

    200 k in savings :eek:


  • Options
    #537
    Spanish Eyes
    Registered Users Posts: 15,905 ✭✭✭✭Spanish Eyes


    Sure anyone can say whatever they like on threads like this.

    The important thing is to save for something you really need, avoid credit where you can apart from mortgage. And enjoy life best you can in these crazy days.


  • Options
    #538
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jim2007 wrote: »
    But Terry Smith has a long track record, I know, I've been measuring it for decades...



    Well, it that is what you want to believe that is your choice. But as I said before my experience tells me differently:

    I have money invested based on advice of a financial advisor, I check and this fund you mention is also listed as one of the products they do suggested and it wasn’t even suggested to me so to me there must be a reason for that as what I’m in is riskier and pays less.

    There is likely catches to that, for instance is it income taxes at 50% plus rather than a CGT product?


  • Options
    #539
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,035 Mod ✭✭✭✭Jim2007


    Bradley Wide Snotty wrote: »
    I have money invested based on advice of a financial advisor, I check and this fund you mention is also listed as one of the products they do suggested and it wasn’t even suggested to me so to me there must be a reason for that as what I’m in is riskier and pays less.

    There is likely catches to that, for instance is it income taxes at 50% plus rather than a CGT product?

    You take on more risk to obtain a lower return in order to pay less taxes... I would suggest that you very aggressively challenge your advisor on this, it just does not make sense.


  • Options
    #540
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jim2007 wrote: »
    You take on more risk to obtain a lower return in order to pay less taxes... I would suggest that you very aggressively challenge your advisor on this, it just does not make sense.

    Well in fairness I don’t know if it’s more risky as I don’t know the risk of what you linked to. There is a high risk of getting nothing in the one I’m in but the risk of losing anything is low.

    The difference between 33% and 50% can’t just be discounted like you did though that’s a significant difference in tax, taking the yearly CGT tax free amount into account also it can’t be discounted.


  • Advertisement
  • Options
    #541
    Tigerpants
    Registered Users Posts: 63 ✭✭Tigerpants


    I'm 30 and have 177k saved.
    I was badly hit in the recession and lost some ground but making up for it as best I can


This discussion has been closed.
Advertisement