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Have a lot of money. Don't know what to do with it.

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    #32
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    houseywousey wrote: »
    Lolsssss Do ye want me to feel bad/apologise for hurting feelings for having a good job that (over time) I worked hard for and inheriting a piece of land?
    Not a chance. Get real.

    I saw living at home as an opportunity. It afforded me another opportunity.

    Some people out there might not see it like that, or have parents to rely on. I was addressing the OP who is in a similar situation. I can identify with him on that.

    OP - Achieving dreams can take time and other opportunities will arise. Enjoy life until they come along.

    /over and out from my big mansion.

    Surely you can see the irony in somebody who lived with their parents well in to adulthood and got gifted a valuable site calling others spoiled. You have no idea the hardship some people endure trying to save and get a mortgage while paying massive rent and bills.

    It’s good that you made the most of it but accusing others of a ‘want it now’ attitude given the exceptional start in life that you got is patronising quite frankly.


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    #33
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    Mod note:

    Ironic or not, the back and forth is off topic. Unless you have constructive advice, don't post. Thanks


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    #34
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    I'm 27 with 70k in my account and I rent, earn 45k-ish. Still feel like I'm not well off.

    30k while living at home isn't a lot, I can understand why someone would feel like it is though.


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    #35
    klm1
    Registered Users Posts: 81 ✭✭klm1


    OP I think you're doing great, many a person your age is busy squandering every penny they have. You're lucky that you get to live at home, make the most of it, enjoy your parents, enjoy the subsidised living and continue to save. A lot of people your age and younger would not have a years wage saved up by now.

    It's unfortunate that you cannot buy a house right now, but think on it practically. What would happen if you did get approval for a mortgage for say 180k?
    By my calculations on 30k, you bring home around 2100 per month, give or take.. So, if you get a mortgage for 180k over 25years, you'll be paying €800-1000 per month immediately. This with the running costs of a house and living would break you. It would certainly end your holidays, you'd be driving the same car you're in now for years to come. You may own a property then, but it would own you.

    My advice is as above, enjoy living at home, save harder than you think you can and lock it into some long term savings account with a high dividend. You sound like a level headed individual. Best of luck with whatever you do decide.


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    #36
    Eric Cartman
    Registered Users Posts: 26,283 ✭✭✭✭Eric Cartman


    is it possible your offer is tiny because you have no credit history. Many 'savers' throw loads of money in the bank and think a mortgage will be a walk in the park but learn that without taking out a loan or credit card or two, that they have built no credit.


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    #37
    Linoge
    Registered Users Posts: 1,790 ✭✭✭Linoge


    stagnant wrote: »
    I earn €30k per year, but also make approx 10-15k per year on overtime but its not guarantee'd so the bank only look at me making 30k. 3.5 times that is 105 but they say oh you have to pay 25k of that out of your deposit so we'll only give you 80.
    2 other banks basically told me no point in applying because i'd be rejected.

    You've got that wrong - its the loan amount that is 3.5 times, not value of home. As value of home max they will give you is 90% as a mortgage . So with your savings you could get a house for around 135k or thereabouts.

    There are also exceptions - they can loan up to 5 times for a certain number per year. So all going well you could even get to 180k for house


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    #38
    bshmf
    Registered Users Posts: 18 ✭bshmf


    stagnant wrote: »
    I know this is going to sound ridiculous and most people would love to be able to complain about not knowing what to do with money. But I'm just kinda looking for advice.

    I'm 27. Single. Live with parents.
    Been working for several years now and spent the last 2 in a job that looks like its going to be a job for life.
    I've a nice car. Have regular holidays. Lots of disposable income.
    I've €30k in total in savings.

    I was trying to get a mortgage last year but I can't get approved for enough money to be able to afford a house purchase. Most I'm able to get is €80k from bank. And the housing market is desperate at the moment.

    I don't know what to do with my money/life. I don't want to live with my parents any longer, especially as I approach 30. Houses/apartment purchases are out of my reach.
    I don't want to rent as there is a big shortage and most places are overpriced and poor condition. I can live and save much more comfortably with my parents.

    But I mean, how much more am I going to save up before doing something with my life?
    Am I going to save up another 20-30k before I'll be able to afford a small place.
    Should I just suck it up and try move onto a rental market and be unhappy with my living arrangements?

    Am I being immature?

    You could give it to me :)


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    #39
    ginandtonicsky
    Closed Accounts Posts: 710 ✭✭✭ginandtonicsky


    Keep saving, upskill to increase your earning potential and move into a house-share to get a bit of independence and have a bit more of a life for yourself.

    While not "a lot" of money, 30k is a pretty decent pot of savings for someone your age and you'd be surprised at how your situation can change fairly quickly too. You could land a new job in a year or two and suddenly be making twice the salary and have twice the savings you have now, suddenly the possibilities start opening up.

    You could also think about investing a fraction of your savings, put the money to work while you're trying to increase the savings pot. 5 - 10k well invested could yield a pretty return over the course of a few years.


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    #40
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Pelvis wrote: »
    OP, you might want to re-evaluate your situation. You're not in as good a position as you think you are. You have savings, a nice car, regular holidays and lot of disposable cash because you live with you parents, who are subsidising your lifestyle. You can stay home, save, and have your mam wash your clothes, or you can be a grown up, move out, pay your own bills and rent and learn a valuable lesson on the value of money. If you're smart with your money and you're getting your 45k a year, you can still save while living independently.

    Why would they move out and waste money on rent? Anyone who can live at home would be mad not to as it is a massive money saver for anyone saving for a deposit or just saving money in general. It also means you can have a life and still save a lot rather than burning a load of it on rent.


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    #41
    GreeBo
    Registered Users Posts: 27,033 ✭✭✭✭GreeBo


    OP how long have you been actually working for?
    @ 27 its probably 5 years?
    So you are saving 6K a year or €500/month....where is the rest of your money going if you are often earning €45K/year and live at home?
    You need to be able to show that you can *at least* save what your monthly repayments would be *and* still live.

    You cant live long term off savings.


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