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11-02-2019, 11:38   #61
Rowley Birkin QC
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I had a loan out for my college expenses. Once I finished and started working, I prioritized paying off the loan and so was pretty aggressive with the repayments and cutting out unnecessary spending. Once the loan was cleared, I started saving the same amount every month.
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11-02-2019, 11:48   #62
daheff
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I came to Ireland 12 years ago at the age of 53 with nothing. I still have nothing but I have had a good time.

You can't take it with you so just enjoy your life and stop getting fixated on house purchasing and a mortgage which will be a ball and chain round your neck for 25 years.
Cant wait to see your pension plan. Most people need to have their mortgage paid by the time they retire because income drops by at least 30%...which should be the same proportion you are paying in mortgage/rent. If you still need to rent in retirement be sure you wont be having a good time. Especially if you need to keep moving every couple of years because the rent increases beyond what you can afford.

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Basically the take away from this thread is that if you want to buy a house you need to make it your entire life's focus, give up everything that costs money, work every waking hour and then eventually in the next decade you will have a deposit and can start looking at houses. Though you won't get your dream house, it'll be some apartment or crappy starter home.

Wonderful.
Take from this thread that you need to make some sacrifices for a while to save a deposit. The more sacrifices you can make, the quicker you have your deposit.
Budget & stick to it. Decide how much you need to save each month and work around that figure. Even when you get your mortgage/home keep saving every month...otherwise what do you do if you lose your job/get sick/have kids to pay for?
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11-02-2019, 11:49   #63
 
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I honestly don't know what some people spend their money on as I'd struggle to spend all my salary in a month if I tried.
Try having kids.
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11-02-2019, 11:51   #64
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Me and the hubby moved away - we both left college the year of the recession hit and tbh not one of our friends have bought a house yet - we are all early thirties.

Been away a few years - managed to pay off wedding, had kids and now have about 40K put away for deposit. All within 5 years so it’s doable but it’s been a tough ride being away from Ireland.
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11-02-2019, 11:57   #65
 
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Cant wait to see your pension plan. Most people need to have their mortgage paid by the time they retire because income drops by at least 30%...which should be the same proportion you are paying in mortgage/rent. If you still need to rent in retirement be sure you wont be having a good time. Especially if you need to keep moving every couple of years because the rent increases beyond what you can afford.
Devil's advocate - you get dementia at 70. Your family put you in a nursing home. You live 10 years not knowing your own name. Meanwhile Sinn Fein win a majority in the Dail and tax on pension income and property tax on "rich" people like yourself - after all you are the "rich" they are talking about - goes through the roof to pay for people like our friend. You lose your house on the "fair" deal scheme. Or you get sick younger or lose your job and you eat through your savings and the bank take your house, and you still owe them 100 grand. Where is your "security" now?

Our friend has a good social life, a few drinks with friends, doesn't have a car. Driverless cars are common now so that's not an issue. Medical card pays for healthcare. Gets social housing in new specially designed areas for retired people. His family visit regularly. Lives a full, healthy and happy life till 85 because he took care of his health and didn't stress out too much about everything.

Last edited by professore; 11-02-2019 at 12:00.
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11-02-2019, 12:01   #66
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Originally Posted by dowhatyoulove View Post
Me and the hubby moved away - we both left college the year of the recession hit and tbh not one of our friends have bought a house yet - we are all early thirties.

Been away a few years - managed to pay off wedding, had kids and now have about 40K put away for deposit. All within 5 years so it’s doable but it’s been a tough ride being away from Ireland.
Thats why house prices will remain high and continue rising...there is a huge backlog of first time buyers wanting to get into a house and wages have only started to go up 2 years ago, lots of first home buyers will be in the 30/40 age group will be seriously looking for a home in 2 years, and they will be competing with the younger generation 20/30 years old wanting to buy the same houses.
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11-02-2019, 12:18   #67
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Like the others said, go make some money. Work work work work work.

When I was in my twenties, I worked for a corporate, and also did web design work at the weekends for some extra dosh. Even when I was in school, I had two or three jobs on the go. Working in a bookshop during the holidays, babysitting, and a weekend job at the cinema. Same all the way through my 30's. Worked a normal job, and did some extra contracts on top.

Didn't spend on disposable crap, and that's it. Simple as.


No inheritances, no windfalls. Just hard graft and a plan.
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11-02-2019, 12:25   #68
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This is primarily a problem if you're aspiration is to buy in one of the cities or in one of the commuter towns around Dublin. I live in rural county Limerick, under an hour from Limerick city and a little over that from Cork city. A lovely three-bedroom bungalow on an acre of land down the road from me sold a couple of months back for €125,000.
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11-02-2019, 12:36   #69
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I'm on 39k, 500 goes to renting a one bed apartment. Rest is free cash.

Saving roughly 1200 a month at the minute to buy a house. I'll get something around the 175K. In three years thats 43,200 saved.

I'll be going down the county council route I reckon with the first time buyer option.
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11-02-2019, 12:46   #70
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Like the others said, go make some money. Work work work work work.
You can work all you want but every holiday, takeaway and unnecessary expense sets you back.

For us as a couple, it helped to work out the amount we needed, the amount we could in theory save and how long it would take to get there.

When she wanted the holiday, did a quick check and it turned out it would set the savings plan back by 3 months. Killed that idea pretty quickly.
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11-02-2019, 12:56   #71
Maximus277
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As you get older you should be deacumulating your assets not accumulating them.

Rent an appartment and go to Amsterdam and get laid.

Go to the pub and watch the football and order yourself a steak.

Visit Australia and go surfing.

Don't listen to all this frugal nonsense.

You're only young once and when you're in a nursing home the HSE will take your house anyways.

Aim to die with nothing but stories.
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11-02-2019, 12:57   #72
klaaaz
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Thats why house prices will remain high and continue rising...there is a huge backlog of first time buyers wanting to get into a house and wages have only started to go up 2 years ago, lots of first home buyers will be in the 30/40 age group will be seriously looking for a home in 2 years, and they will be competing with the younger generation 20/30 years old wanting to buy the same houses.
Not necessarily, watch when interest rates go up and then prices will stall or even fall. Credit will become more expensive to obtain and savers for that house will be the bigger winners over someone who hardly saves.
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11-02-2019, 13:24   #73
upinsmoke
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Originally Posted by Maximus277 View Post
As you get older you should be deacumulating your assets not accumulating them.

Rent an appartment and go to Amsterdam and get laid.

Go to the pub and watch the football and order yourself a steak.

Visit Australia and go surfing.

Don't listen to all this frugal nonsense.

You're only young once and when you're in a nursing home the HSE will take your house anyways.

Aim to die with nothing but stories.
I'd rather sacrice two years of my life to be honest to have a house instead of pissing it away on rent, drink and things that are not necessities to be honest. Nice asset to have when you retire
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11-02-2019, 13:29   #74
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Not necessarily, watch when interest rates go up and then prices will stall or even fall. Credit will become more expensive to obtain and savers for that house will be the bigger winners over someone who hardly saves.
Interest rates have zero effect on the psyche of a first time buyer...especially ones that have been saving for 5/10 years to get a home. They want a home and they will pull out their own teeth to get it...
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11-02-2019, 13:31   #75
pwurple
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You can work all you want but every holiday, takeaway and unnecessary expense sets you back.

For us as a couple, it helped to work out the amount we needed, the amount we could in theory save and how long it would take to get there.

When she wanted the holiday, did a quick check and it turned out it would set the savings plan back by 3 months. Killed that idea pretty quickly.
That's why the rest of my plan contained "don't buy disposable crap" and "have a plan".


By the way, we travelled as well, as long as the plan was being met. Just changed the way we travelled. More road trips, camping and hostels, less 5 star or package resorts.


Some of the current peeps seem to think a 500 euro handbag, 1000 euro phone and 5 star weekends away are an expected basic. I didn't start doing that (well, not the handbag or the phone yet, or maybe never tbh!), until I was nearly 40.
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