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€10,000 present... what now?!

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  • 01-11-2012 1:00pm
    #1
    Siuin
    Closed Accounts Posts: 1,659 ✭✭✭


    My aunt recently gave me a cheque for €10,000. It was completely out of the blue, and whether it was a temporary moment of insanity or she's decided to disperse her wealth in her latter years, I've no idea- but I'm going to be lodging it before she changes her mind!

    Thing is, I've never had money like this before- my savings were €2,000 max. I'm in my final year of college and want to know what would be the best way of saving/ investing this kind of money long term? Where would be a safe institution to put it (if any?) I have an AIB and credit union account, but I'm hopeless when it comes to finances :S


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    #2
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Siuin wrote: »
    My aunt recently gave me a cheque for €10,000. It was completely out of the blue, and whether it was a temporary moment of insanity or she's decided to disperse her wealth in her latter years, I've no idea- but I'm going to be lodging it before she changes her mind!

    Thing is, I've never had money like this before- my savings were €2,000 max. I'm in my final year of college and want to know what would be the best way of saving/ investing this kind of money long term? Where would be a safe institution to put it (if any?) I have an AIB and credit union account, but I'm hopeless when it comes to finances :S


    there will be tax to be paid first. Correct me if i'm wrong but its in around 3k per year you can receive as a gift tax free.


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    #3
    Siuin
    Closed Accounts Posts: 1,659 ✭✭✭Siuin


    handlemaster wrote: »
    there will be tax to be paid first. Correct me if i'm wrong but its in around 3k per year you can receive as a gift tax free.

    Really?! Do I pay that when I lodge it or what happens?


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    #4
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Group Thresholds Applicable for Capital Acquisitions TaxYEARGroup A
    (Son/Daughter)
    (after indexation)Group B
    (Parent*/Brother/Sister/Niece/
    Nephew/Grandchild)
    (after indexation)Group C
    (Relationship other that at A/B)
    (after indexation)On or after 07/12/2011€250,000€33,500€16,750
    It appears I was wrong. Best to double check yourself.

    http://www.revenue.ie/en/tax/cat/thresholds.html


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    #5
    Siuin
    Closed Accounts Posts: 1,659 ✭✭✭Siuin


    Ooh thanks a mill for bringing this to my attention- I didn't realise there were taxes on gifts, nevermind thresholds on the amounts depends on the person's relation to the gift giver :S


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    #6
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    now go tell your Antie that the treshold is higher if she was worried about that !!!:)


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    #7
    byronbay2
    Registered Users Posts: 1,772 ✭✭✭byronbay2


    Do you have any debts? If I were you, that would be the first place to put the dosh. Especially credit card debt, which is very expensive. If you have no debt and don't need the money for anything at the moment (fees, accommodation etc.) I would search out the highest-yielding deposit account and let the money "rest" there until you require it. I, personally, would not invest in anything at the moment (I will probably look like a moron in 10 years :)) with the world in such a state of "chassis".


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    #8
    Siuin
    Closed Accounts Posts: 1,659 ✭✭✭Siuin


    Great advice ByronBay2- many thanks for that! :) No debts (thank fook!) but I'm unsure whether the AIB or local credit union would be the best place to keep it... I asked my dad (who works in a different credit union) and he said they'll all as bad as eachother :S


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    #9
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Siuin wrote: »
    Great advice ByronBay2- many thanks for that! :) No debts (thank fook!) but I'm unsure whether the AIB or local credit union would be the best place to keep it... I asked my dad (who works in a different credit union) and he said they'll all as bad as eachother :S

    credit union must be the worst for deposit interest. Ulster bank one year fixed rate @ 3.75% be the best for 12mth.. look at www.itsyourmoney.ie.


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