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500k in savings .. what to do?

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    #32
    Wanderer78
    Registered Users Posts: 29,444 ✭✭✭✭Wanderer78


    Hollister11 wrote: »
    If everyone is investing in something, do the opposite.

    invest in everything?


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    #33
    shamrock55
    Registered Users Posts: 7,209 ✭✭✭shamrock55


    I've 600,000 saved any ideas for me
    (Edit) I ment 600


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    #34
    One_Of_Shanks
    Closed Accounts Posts: 2,436 ✭✭✭One_Of_Shanks


    I can understand the logic behind asking forums for advice, it can't hurt (well it can but only if you follow it)

    But looking at this rationally you must have earned circa 100k per year since your late 20's (after tax) ? Would that be right?

    So in order to reach that level you must surely have a good accountant and a good financial advisor?

    So what did they advise?

    I don't mean to be rude, and I fully appreciate the asking around thing, but you don't get too many people who can whip up half a mill in savings by early 30's who take to Boards to seek financial advice about what to do next.


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    #35
    dr.fuzzenstein
    Banned (with Prison Access) Posts: 16,620 ✭✭✭✭dr.fuzzenstein


    Deleted User wrote: »
    500k in savings, and it sounds like a good idea to ask complete strangers on an Internet forum what to do with it

    If you have that much money, get professional advice

    I'm just passing through and this post caught my eye.
    My thinking would be that every "professional" advisor you go to has an agenda and a product to sell. None of them are truly independent, but all of them have one goal, their profit margin.
    How many people were told to invest in property 5 minutes before the crash because the advisor was either A: the typical cowboy just peddling his particular product to make a quick buck and no clue beyond that or B: were unscrupulous sharks who knew what was coming but were out to make a few more quid before the sh1t the fan.
    When faced with the above, I'd go with randomers on the internet any day. Way too many so called "professionals" promised a soft landing and "the cheapest bailout ever" back in 2008.


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    #36
    Hollister11
    Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    Wanderer78 wrote: »
    invest in everything?

    As in everyone is investing in Bitcoin, so don't.


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    #37
    AndrewJRenko
    Registered Users Posts: 29,006 ✭✭✭✭AndrewJRenko


    dr.fuzzenstein wrote: »
    I'm just passing through and this post caught my eye.
    My thinking would be that every "professional" advisor you go to has an agenda and a product to sell. None of them are truly independent, but all of them have one goal, their profit margin.
    Sorry, but that's not true. Authorised advisors give fee-based independent financial advice based on the client's individual circumstances.

    https://www.ccpc.ie/consumers/money/getting-financial-advice/choosing-a-financial-adviser/

    http://www.thejournal.ie/readme/financial-advice-ireland-917956-May2013/


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    #38
    SteelyDanJalapeno
    Registered Users Posts: 14,300 ✭✭✭✭SteelyDanJalapeno


    Hollister11 wrote: »
    As in everyone is investing in Bitcoin, so don't.

    Wise words today


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    #39
    One_Of_Shanks
    Closed Accounts Posts: 2,436 ✭✭✭One_Of_Shanks


    dr.fuzzenstein wrote: »
    I'm just passing through and this post caught my eye.
    My thinking would be that every "professional" advisor you go to has an agenda and a product to sell. None of them are truly independent, but all of them have one goal, their profit margin.
    How many people were told to invest in property 5 minutes before the crash because the advisor was either A: the typical cowboy just peddling his particular product to make a quick buck and no clue beyond that or B: were unscrupulous sharks who knew what was coming but were out to make a few more quid before the sh1t the fan.
    When faced with the above, I'd go with randomers on the internet any day. Way too many so called "professionals" promised a soft landing and "the cheapest bailout ever" back in 2008.

    True to a small degree but isn't that how the entire world works?

    Drop your dog into the vet, you're trusting the vet

    Kids into doctors, you're trusting the doctors.

    Kids at school, you're trusting teachers.

    Bad vets exist, doctors are only human, and then there's teachers.

    Financial advisers are the same. They come in all forms.

    But at least they're qualified and should have more of a notion than me and tom and harry, which is what you're getting when you seek advice on the web

    Or just DIY. Nobody to blame then.


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    #40
    tommybrees
    Registered Users Posts: 389 ✭✭tommybrees


    Invest in the dairy industry like everybody


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    #41
    Nomis21
    Registered Users Posts: 1,409 ✭✭✭Nomis21


    Buy a new Volkswagen California Campervan for 75K

    Join Couchsurfing. Invite nice people to travel with you.

    Head South in Winter and North in Summer.

    You will look back on the 10 fun filled years you will have and know you invested wisely.


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    #42
    BorneTobyWilde
    Registered Users Posts: 36,079 ✭✭✭✭BorneTobyWilde


    You must only be working for few years, what is it you do to save that much so fast. Lots of people can make a lot of money, but then spend it on living.


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