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28-09-2019, 20:28   #46
Leg End Reject
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Any decent savings account or other low-risk investment vehicle would cover that. Chances are that my expenses will decrease as I get older anyhow - most of what I spend at the moment goes on diesel for long-distance travel.
I'm not sure it would cover it. Are you relying on the current pension not being decreased? 10k is a very small amount to live on for a year, I'm not sure how you do it.
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28-09-2019, 20:29   #47
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Instinct tells me buying two luxury apartments in the centre of Dublin would be the best option, cater to the executive type high earning tenant, three grand per month type client
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28-09-2019, 20:32   #48
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If I was to be on the end of a windfall, that’s what I’d do, buy an apartment with the dosh, rent out the gaff for a couple of years then sell it.
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28-09-2019, 20:32   #49
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Any decent savings account or other low-risk investment vehicle would cover that. Chances are that my expenses will decrease as I get older anyhow - most of what I spend at the moment goes on diesel for long-distance travel.
Not any no risk account.

https://www.askaboutmoney.com/thread...st-buys.90481/
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28-09-2019, 20:35   #50
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If I was to be on the end of a windfall, that’s what I’d do, buy an apartment with the dosh, rent out the gaff for a couple of years then sell it.
Income then diverted into a pension in order to further grow one's wealth
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28-09-2019, 20:36   #51
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If I was to be on the end of a windfall, that’s what I’d do, buy an apartment with the dosh, rent out the gaff for a couple of years then sell it.
You'd be taxed on all profits minus expenses, capital gains at 33%. Taxed on rental income too ...
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28-09-2019, 20:37   #52
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You live on 10 grand a year ? How
By not living in Ireland, for a start!

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I'm not sure it would cover it. Are you relying on the current pension not being decreased? 10k is a very small amount to live on for a year, I'm not sure how you do it.
What pension?

House is bought and paid for, half my food comes from the garden, every other expense is kept to a minimum by not allowing myself to be ripped off by greedy capitalist corporations. Can't do much about the cost of fuel, though, which is why my holidays account for about half my expenditure.
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28-09-2019, 20:40   #53
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The simple fact in ireland is that growing wealth is difficult. 33% transfer tax and other taxes on money earned mean that the average Joe, will not be able to grow.

I have heard it said that anyone who does grow wealth in Ireland is either doing business internationally or is not being 100% honest.

I know that is a generalization but it absolutely seems impossible to develop in Ireland compared to other countries.
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28-09-2019, 20:40   #54
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How will the state ‘know’ of your windfall ? Genuine question.
Probate process.

All wills are public documents.
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28-09-2019, 20:42   #55
Strumms
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You'd be taxed on all profits minus expenses, capital gains at 33%. Taxed on rental income too ...
Hmmmm, they have you every way so it seems.
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28-09-2019, 20:42   #56
dxhound2005
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By not living in Ireland, for a start!



What pension?

House is bought and paid for, half my food comes from the garden, every other expense is kept to a minimum by not allowing myself to be ripped off by greedy capitalist corporations. Can't do much about the cost of fuel, though, which is why my holidays account for about half my expenditure.
I hope whoever gets your money when you're dead will be equally fastidious.
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28-09-2019, 20:44   #57
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By not living in Ireland, for a start!



What pension?

House is bought and paid for, half my food comes from the garden, every other expense is kept to a minimum by not allowing myself to be ripped off by greedy capitalist corporations. Can't do much about the cost of fuel, though, which is why my holidays account for about half my expenditure.
Sorry, I assumed you lived in Ireland and meant the state pension.

What if you're unable to maintain your garden as you get older?

You're in a good position though, I'm jealous.
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28-09-2019, 20:52   #58
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The simple fact in ireland is that growing wealth is difficult. 33% transfer tax and other taxes on money earned mean that the average Joe, will not be able to grow.

I have heard it said that anyone who does grow wealth in Ireland is either doing business internationally or is not being 100% honest.

I know that is a generalization but it absolutely seems impossible to develop in Ireland compared to other countries.
This is all very true.

These policies are supported by the "tax the rich" socialists, but they really target the average Joe.

My own secret weapon is a non-domiciled spouse.
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28-09-2019, 20:54   #59
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Quote:
Originally Posted by NSAman View Post
The simple fact in ireland is that growing wealth is difficult. 33% transfer tax and other taxes on money earned mean that the average Joe, will not be able to grow.

I have heard it said that anyone who does grow wealth in Ireland is either doing business internationally or is not being 100% honest.

I know that is a generalization but it absolutely seems impossible to develop in Ireland compared to other countries.
This is all very true.

My own secret weapon is a non-domiciled spouse.
My partner is from Limerick, not sure that will do 🀔
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28-09-2019, 20:56   #60
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That’s mad, so if I go to my bank on Monday, a cheque for 50,000 to be lodged they are entitled to ask where I came by the dosh and if not altogether satisfied then go and ring the revenue ?

Say you won it on the horses like Bertie
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