How much savings do you have and what age are you?

CBear1993

Seems to be an obvious trend in people living at home in their late 20s/early 30s having the most - and single. Doesn’t surprise anyone I don’t think, especially as we’re seeing more people living at home for longer.

I’d love to move home for a few years and save - but in Irish society would everyone agree this is seen as a “backward step”?. Should it/shouldn’t it be? I don’t like the sneers or general looking down upon people living at home. If they’re paying their fair share to help out their parents what’s the issue? If they aren’t, they’ll get a rude awakening when they first move out and try to budget.

I’m in mid 20s, bought my first apartment in Dublin last year as I worked since I left school at 18. Girlfriend lives with me. Have about €10K in savings, plus I reckon I got the apartment for about €15K under what it’s worth, in an area that the value of property is going to soar in in future.

For me to move back in with the parents, wouldn’t work as I’ve a partner, unless she did the same, still doesn’t make sense. Plus, why would I rent out my own space and choose to live under a roof with my parents And younger siblings and their rules?

Takeaway: Stay single , live at home with parents and work smart if you want to chase the money.

sweet_trip

Go Home Paddy Cat!! wrote: »

But yeah, our parents generation had it easier and unfortunately pulled the ladder up behind them.

I mean they generally grew up in a poorer society that wasn't as modern as current Ireland, and they worked hard for it to be fair, and housing wasn't as good as it is now in terms of quality etc. It was no walk in the park but my father secured his first house at 23 working a minimum wage factory job, and my mam working in a chipper. They then remortgage and sold it for a 5 bed house that cost them €180,000 in 1999 lol.



That generation takes major offence to our generation saying that the housing market is horrendous at the moment. I expect it to be said at some stage in here.



My parents kept saying I have it easy and its not that hard to buy a house at the start, saying i'm very well off. But after 2 years of house hunting and them helping me, they now see how bad it really is and finally admit that yes...back then I would have been able to afford a roof over my head and not be still living with my parrents at 28 ffs.

CBear1993

Go Home Paddy Cat!! wrote: »

Good points! Yeah and people sitting on savings waiting to buy may mean that prices won't drop as much as we all hope. But then if there's some scintilla of decentralisation as a result of people working from home, it might help prices drop, at least in Dublin. Hard to know really. But yeah, our parents generation had it easier and unfortunately pulled the ladder up behind them.

Would really love to see this whole talk of houses and jobs moving out of Dublin to the country and other towns of Ireland catch fire, hopefully it’s not just another idealism!

Country / coastal living tops city living IMO 9 times out of 10. How many old people do you see living in a city? I’m talking the high rises, modern areas. Not old suburbs.
Tough to bring up kids in a city I could only imagine, unless you can afford to live in a well off suburb

Go Home Paddy Cat!!

CBear1993 wrote: »

I’d love to move home for a few years and save - but in Irish society would everyone agree this is seen as a “backward step”?.

Of course it is. But these are the times we live in unfortunately and anyone I've ever mentioned this to has always said the same "fair play, you' re dead right. Id do the same if I could. "

sweet_trip

Obese Child wrote: »

Sounds miserable alright. Car, nice electronics and holidays in the dole, while working families are struggling to put food on the table.

Ludicrous, you couldn't write this stuff.

miserable existence in the sense that you're unemployed and doing nothing with your life and have to go post office once a week. Better quality of life working and doing something productive with your life.

lawrencesummers

sweet_trip wrote: »

miserable existence in the sense that you're unemployed and doing nothing with your life and have to go post office once a week. Better quality of life working and doing something productive with your life.

Thats tough alright.
You think they would drop it up to you in all fairness like.

sweet_trip

lawrencesummers wrote: »

Thats tough alright.
You think they would drop it up to you in all fairness like.

fwiw i havent been on the dole in years. I wasn't doing it out of choice either.

being on the dole is way more miserable than getting a bigger income from working.

not sure what you're trying to prove.

douglashyde

onrail wrote: »

I often see the advice of ‘invest in yourself first’

Is such an investment not extremely risky? For instance, I could spent 25k plus a year of lost earnings, a significant chunk of my wealth, on an MBA. But ultimately, what is the guarantee that there would be a suitable (well paying) position and payoff at the end of it?

I mean the devils always in the detail and it's always easy to pick holes.

Yes, I agree with you. IMO and experience, an MBA is v. bad investment, in fact so is a masters for the business disciplines. Better places to put 25K.

MBAs fair better in the USA were accolades are generally held in higher regard.

lawrencesummers

sweet_trip wrote: »

fwiw i havent been on the dole in years. I wasn't doing it out of choice either.

being on the dole is way more miserable than getting a bigger income from working.

not sure what you're trying to prove.

Don’t need to prove anything, thatS all been done.
I’ve been on the dole myself, I know what it involves, and i didn’t find it a miserable existence, Or that I was doing nothing with my life, I found it very motivating.

Sheep Shagger

Go Home Paddy Cat!! wrote: »

Im single, no dependents and moved home to save. I never took out a loan in my life, so if I don't have the money for something, I don't buy it. Would have loved to have upgraded the car but couldn't justify it.

Like I say must have been some salary to save 40k each year after tax.

CBear1993

CBear1993 wrote: »

Seems to be an obvious trend in people living at home in their late 20s/early 30s having the most - and single. Doesn’t surprise anyone I don’t think, especially as we’re seeing more people living at home for longer.

I’d love to move home for a few years and save - but in Irish society would everyone agree this is seen as a “backward step”?. Should it/shouldn’t it be? I don’t like the sneers or general looking down upon people living at home. If they’re paying their fair share to help out their parents what’s the issue? If they aren’t, they’ll get a rude awakening when they first move out and try to budget.

I’m in mid 20s, bought my first apartment in Dublin last year as I worked since I left school at 18. Girlfriend lives with me. Have about €10K in savings, plus I reckon I got the apartment for about €15K under what it’s worth, in an area that the value of property is going to soar in in future.

For me to move back in with the parents, wouldn’t work as I’ve a partner, unless she did the same, still doesn’t make sense. Plus, why would I rent out my own space and choose to live under a roof with my parents And younger siblings and their rules?

Takeaway: Stay single , live at home with parents and work smart if you want to chase the money.

I really don’t know where this idea come from but it’s certainly not the case in any of my experience. Living at home until late 20’s/until you get married and buy/build you own house would be the norm it wouldn’t even never anyone’s head that it was a bad thing or anything out of the ordinary. In fact people spending money on rent when they could live at home would raise much more comments.

Plenty are moving home too and moving in their wide/gf and even some with kids are starting to live at home again to save.

In my circle of friends/family anyway the people who lived at home the longest are all home owners now and generally are more comfortable than those who rented. Personally I never understood people’s desire to move out of home in such a rush I was always happy living at home and not having to pay rent etc.

Dpg21

28 and just over 6000 in savings

Spent over 5 years working abroad and travelling,I went around the world 3 times over, for me the experience was worth it rather than having 60000+ in my bank account now.

An Ri rua

Mellor wrote: »

Hasn't Silver been on a fairly steady decide for about a decade?

https://silverprice.org/silver-price-history.html

Not quite...

CBear1993

Dpg21 wrote: »

28 and just over 6000 in savings

Spent over 5 years working abroad and travelling,I went around the world 3 times over, for me the experience was worth it rather than having 60000+ in my bank account now.

Mad too that everyone thinks working abroad equates to great wealth “sure he/she is making a fortune over there!!”.

Just because they’re perceived to have a great time and life doesn’t mean they’re making a sh*t load!

Dpg21

CBear1993 wrote: »

Mad too that everyone thinks working abroad equates to great wealth “sure he/she is making a fortune over there!!”.

Just because they’re perceived to have a great time and life doesn’t mean they’re making a sh*t load!

Yeah a lot of people assume you make heaps elsewhere, but for me I always just wanted to go for the experience, when I was in New Zealand I just worked 2-3 months in each place just to make enough money to travel again, in Australia I was making good money, worked for six months and then took a full year off and traveled the entire coast line of Australia and spent 6 months in Asia.

The last 2 yeara I was working on cruise ships, I was earning a lot less than I would on land but I didn’t care because I was having a good time and didn’t have any bills to pay and woke up in a new country almost every day.

I think for me having a very serious health scare when I was 19/20 put things into perspective and from then on I decided I wanted to enjoy myself while I was young, looking back maybe that health scare was the best thing to happen to me Because I was pretty frugal before that.

An Ri rua

douglashyde wrote: »

I use a company called goldmoney.com < it's high fee but they earmark actual gold in a vault to you. In theory, it's a hedge against QE/printing money and a potential rise in inflation.

I use Bullionvault.com for the same purpose.

Dpg21

Dpg21 wrote: »

28 and just over 6000 in savings

Spent over 5 years working abroad and travelling,I went around the world 3 times over, for me the experience was worth it rather than having 60000+ in my bank account now.

I’d far prefer have the money, never got the obsession with “travelling”. Neither travelling or living abroad ever appealed to me in the slightest.

Kerry25x

Dpg21 wrote: »

went around the world 3 times over, for me the experience was worth it rather than having 60000+ in my bank account now.

1000%, I really don't think you will ever look back and regret the money that you spend on travelling. I would probably be 60k richer without travel too but I'm perfectly happy how I am now.

The Mighty Quinn

Bradley Wide Snotty wrote: »

I’d far prefer have the money, never got the obsession with “travelling”. Neither travelling or living abroad ever appealed to me in the slightest.

And this is why ice cream comes in more than one flavour.

Live and let live, no need to be derisive or sneery.

grogi

User9thousand wrote: »

I am 28 and have around €50,000 saved. Is this too much or not enough at this stage? I can only manage to save €1,000 per month though. Do others of a similar age save much more?

My advice would be to figure out where you want to live, get a mortgage and start spending a bit more while maintaining a couple of months security coushion. No point in stupidity burning money (very few NEED a new car every two years), but no point in having heaps of cash at hand. You will live only once, and you are young only once.

Places you travel, things you do - those will stay with you forever.

CBear1993

Bradley Wide Snotty wrote: »

I’d far prefer have the money, never got the obsession with “travelling”. Neither travelling or living abroad ever appealed to me in the slightest.

Likewise, I can’t believe some of my friends never want to leave the same old rural village under 2,000 people, where everyone knows everyone’s business. I’d say the odd holiday to Spain for 4/5 days has been the height of their excursions and they can well afford them. But when they do go they look for the first Irish pub and watch football or look for food from home.

I would hate to be in my 70s wondering what a certain country would have been like, but that’s just me.

Horses for courses!!!

blade1

CBear1993 wrote: »

Likewise, I can’t believe some of my friends never want to leave the same old rural village under 2,000 people, where everyone knows everyone’s business. I’d say the odd holiday to Spain for 4/5 days has been the height of their excursions and they can well afford them. But when they do go they look for the first Irish pub and watch football or look for food from home.

I would hate to be in my 70s wondering what a certain country would have been like, but that’s just me.

Horses for courses!!!

Making your way in the world today
Takes everything you got
Taking a break from all your worries
It sure would help a lot
Wouldn't you like to get away?
Sometimes you want to go
Where everybody knows your name
And they're always glad you came
You want to be where you can see
The troubles are all the same
You want to be where everybody knows your name
You want to go where people know
The people are all the same
You want to go where everybody knows your name

CBear1993

Can’t say I’m familiar with the song or reference. Had to google

vmware

just turned 40 this year.

• 2500sq ft Detached house on .8 acre site with large double garage 1000sq ft Valued recently at 480k
• *** Mortgage free ***
• We own both cars, 14 reg A5 and 16 Reg Volvo
• 380k cash in Bank
• Combined pensions of 180k
• 100k in various investments
• No loans or debt


we holiday alot and work hard between holidays, usually 2-3 hols a year , we are lucky we both have well paying jobs in finance and IT.

ShareShare

Male, Age 35.
Total net worth: 125,623

I did a review of all my accounts after reading this!
I hope house equity is ok to count as most of savings is in my house equity.

House: 94,500
Investments: 18,412
Pension 1: 14,934
Pension 2: 8,852
LinkedFinance: 3,383
Finnish account: 767
Irish account: 488
Revolut: 166
Cash: 150
Credit card: -29
Loan: 16,000

I used a little app called 'Wealth Tracker'. Input a monthly amount manually for each account and it adds them all up. Nothing fancy.

Sheep Shagger

ShareShare wrote: »

Male, Age 35.
Total net worth: 125,623

I did a review of all my accounts after reading this!
I hope house equity is ok to count as most of savings is in my house equity.

House: 94,500
Investments: 18,412
Pension 1: 14,934
Pension 2: 8,852
LinkedFinance: 3,383
Finnish account: 767
Irish account: 488
Revolut: 166
Cash: 150
Credit card: -29
Loan: 16,000

I used a little app called 'Wealth Tracker'. Input a monthly amount manually for each account and it adds them all up. Nothing fancy.

It's not a pissing contest...anyway, as we all know from the past, equity isn't guaranteed nor is a pension. Both can go up and down.

Does anyone on this thread have kids? The reason I ask is you really need a thread for those with kids and one for those without as it's not comparing like with like.

No sign of any inheritances either, some very impressive savings going on for people in their 40s for example just above, mortgage free and 500k of liquid assets - must be within the top 0.5% of that demographic.

Paul_Mc1988

€0 euro in savings. Had 75k this time last year (30 years old) and herself had 35k (28 years old) bought a house and used the 110k as a deposit. Cost 45k for renovations which we paid for over the last year by being extremely frugal and thankfully didnt need to take out a loan. Haven't had a holiday or bought clothes in 2 years. Now have a nice 3 bed semi in a good part of south Dublin. Going to start putting away 1k a month now going forward to build up the rainy day fund once more.

It's always important to have some money out incase of emergency and if at all possible never take out loans for something you can save for IMO

vmware

forgot to mention also have 1 child, I have also traveled the world for 4-6 weeks at time in my late 20's

USA
Asia
Europe


Oh and forgot to mention, no leaving cert or college ! Just shows you can make it with out a big education.
Net Worth €1000000 approx combined

vmware wrote: »

just turned 40 this year.

• 2500sq ft Detached house on .8 acre site with large double garage 1000sq ft Valued recently at 480k
• *** Mortgage free ***
• We own both cars, 14 reg A5 and 16 Reg Volvo
• 380k cash in Bank
• Combined pensions of 180k
• 100k in various investments
• No loans or debt


we holiday alot and work hard between holidays, usually 2-3 hols a year , we are lucky we both have well paying jobs in finance and IT.

Kilboor

vmware wrote: »

just turned 40 this year.

• 2500sq ft Detached house on .8 acre site with large double garage 1000sq ft Valued recently at 480k
• *** Mortgage free ***
• We own both cars, 14 reg A5 and 16 Reg Volvo
• 380k cash in Bank
• Combined pensions of 180k
• 100k in various investments
• No loans or debt


we holiday alot and work hard between holidays, usually 2-3 hols a year , we are lucky we both have well paying jobs in finance and IT.

Fair play, that's a nice financial situation to be in! Working towards something like this

James Bond Junior

Just downloaded the wealth tracker. Interesting little app in fairness.