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

Synode

How did you pay for your large home?

Also, do you pay any insurance, TV licence, light & heat etc. Sorry, but I just don't believe you.

Do you have any social interactions with any other people?

Rimmy

Yyhhuuu wrote: »

Absolutely true. I have little or no outgoings,own my own large home, no car, dont drink or eat out and buy good quality food at reduced to clear..

So let's say you live off 80 a week.

25 of that would go on household bills which leaves 55 a week.

How much do you spend on food a week? When was the last time you bought clothes?

Do you walk to work?

A trip to the states and three trips to London, I believe you.

Heres Johnny

Heres Johnny wrote: »

Wouldn't believe much of it. Even though everyone is behind a username and avatar it's still very much a pissing contest whenever wealth and earnings comes up here. No way as many people here have 100s of thousands of savings and almost mortgage free in 40s as claim to.
Heres pissing contest again but myself and my friends would be all well above average in earnings and not one of us has anything even remotely approaching that kind of money

Rimmy

Yyhhuuu wrote: »

I spend approx €3 on food per day ( usually 10% of full price) good quality food all home cooked. Love bargain hunting. My electricity is usually €40 a month bu nothingat present astor €200 welcome credit. I have no health insurance, and dont drive. I used to buy coffees out a day as a treat but stopped due to covid risks. Hopefully I can resume if outdoor seating area provided. I pay 9.99 a month on phone with go mo and this includes broadband. I bought a jacket recently reduced from €70 to €20 and a great pair of shoes reduced from €35 to €15 apart from that I only rarely buy clothes as I have lots of good clothes bought years ago but in great condition.

So 46.50 left a week to go to the states and London three times and get your take away coffees. Okay.

Heres Johnny

I'll also had to my earlier post that I worked as a financial advisor for 3 years and was privvy to people's situations financially as well as their financial goals. Met maybe 12 to 15 new people a week over 3 years so at a guess somewhere between 1500 and 2000 people. Not one had savings in the 100s of thousands like being claimed here. Not a single one. Any wealth I encountered was from inheritance.

Synode

Yyhhuuu wrote: »

Why dont you believe me..

Because I know it's not possible to live on that amount in a year. I don't know why you're lying, but you are. But who cares, whatever floats your boat

Rimmy

Yyhhuuu wrote: »

Absolutely possible. Why say its not possible based on my minimal my living expenses, no mortgage, no rent, no meals out and no alcohol. I can easily manage it. The figures I give completely stack up as they are true. Other contributors concurr. You haven't put any credible argument to contradict this.

Your bit about stopping getting take away coffees due to Covid kind of gave it away.

It sounds on something you plan on doing but it's not feasibly possible.

The Wordress

I have 40k saved and I'm in my mid 30s. I have saved the bulk of this in the last 2 years. I know I am in a lucky situation as we rent from relatives who don't charge us the market rate.

I also have 2 children and if anything, I find it easier to save since I had them as my social life has calmed down, I am also motivated to give them a good life and home. I also look for good value and bargains which I wouldn't have done in the past.

My main aim at the moment is get on the property ladder and get the mortgage paid off Asap.

If I can't get a mortgage, then I will save for the next 2 years and try to have a much lower mortgage.

Donegaldub123

Lads,

You could get knocked down by a bus in the morning - Go and enjoy life and don't be completely miserable saver, living on beans and toast (i.e claiming to earn 32k gross and saving 20k a year) I haven't see a hearse yet with a trailer carting someones savings or a persons final wealth written on the tombstone.

Find a good job you enjoy, get a decent looking missus (KEY) and find a decent asset/house for keeping her happy. Sums up the journey! Don't get me wrong I save for ole luxuries (holidays etc), but I drive a nice car, nice gaff, dress well (if i may so say myself) and more important, enjoy myself. Nothing like a 10 pints of the black stuff on a good party Saturday night. The good ole pre-Covid days

P.s Some bull**** stories on here. I believe half of them...With all these savings stories, I am surprised that the economy ever functions correctly to gets boom periods

Anyhow just my 2cents

Lundstram

Getting a home handed to them for free and living off €46.50 a week while hoarding the rest of their income. Heating only the rooms they use.

I find that very sad.

You only get one shot at this life, enjoy it.

Me, €25k between CU and cash. 33. Enjoy my travelling and social occasions.

Yyhhuuu

Yyhhuuu wrote: »

Dont throw your money away to publicans. They wont thank you.My income will be increasing in the near future and plan to splash out a little more. I was earlier hoping to go on a long-haul trip but that seems unlikely with covid. A few years ago I flew to U.S. for only €240 return. At present I'm saving to buy an 1 bed apartment to rent out and was thinking of buying in UK if sterling reaches parity with the Euro.

Some of the best and most enjoyable times of my life have been out in pubs wigh friends so I have no issue spending money on it. I still save every month but only an amount that still allows me spend on the things I want to.

Rimmy

Yyhhuuu wrote: »

You're very judgemental. Nothing sad about my life. I really enjoy it and pre covid had a great time with meet up groups. It's not all about pubs you know. What's more I detect jealousy. My home, worth over a million btw, was inherited. So what. I'm grateful to have it. My income will increase shortly so plan to spend more. Just because I'm thrifty doesnt give you the right to refer to me as 'sad' a word that's not in my vocabulary. Definitely jealousy and bedgrugary.

It gets even better. Living off 50 quid a week and living in a million euro home hahaha.

You might want to see a therapist.

Rimmy

Yyhhuuu wrote: »

My income will be increasing shortly. It makes no difference what my home is worth. It doesnt mean I suddenly have more disposable cash if I live in a million Euro home. It just means I'm asset rich. Why cant you understand this. Definitely jealousy from you.

No jealousy whatsoever I just find it funny and not believable is all.

893bet

Yyhhuuu wrote: »

It's possible to have plenty of social interaction without costing a cent. I'm involved in a lot of things which I enjoy for free.

I inherited my home so therefore no mortgage. I dont heat every room in it only those I use. I let the insurance lapse but IF I took in lodgers in the future I would insure it. Why dont you believe me. You dont have to if you dont want to but why would I lie.

1 million quid home with no insurance.

Penny wise springs to mind.

Prob a troll either way as for a new user you are gone pretty deep here.

vikings2012

Yyhhuuu wrote: »

It's possible to have plenty of social interaction without costing a cent. I'm involved in a lot of things which I enjoy for free.

I inherited my home so therefore no mortgage. I dont heat every room in it only those I use. I let the insurance lapse but IF I took in lodgers in the future I would insure it. Why dont you believe me. You dont have to if you dont want to but why would I lie.

You inherited a home worth €1m? How did you manage to pay the inheritance tax on this and still have vast quantities of savings?

I would turn up the heating, or else you could have a large future bill for damp and rot.

Top chief

Yyhhuuu wrote: »

You're very judgemental. Nothing sad about my life. I really enjoy it and pre covid had a great time with meet up groups. It's not all about pubs you know. What's more I detect jealousy. My home, worth over a million btw,

Yeah sure it is in Neverland , with Michael Jackson and the three bears

adox

Yyhhuuu wrote: »

My income will be increasing shortly. It makes no difference what my home is worth. It doesnt mean I suddenly have more disposable cash if I live in a million Euro home. It just means I'm asset rich. Why cant you understand this. Definitely jealousy from you.

Did you pay the near quarter of a million CAT on the home you inherited?

Your story gets less likely with every post.

LawBoy2018

Yyhhuuu wrote: »

You make assumptions that I inherited it recently, how foolish of you.

But you didn't account for LPT in your annual expenditure which would be €1800 if your property is actually worth 1,000,000+, making your story fantastical, to say the least.

adox

Yyhhuuu wrote: »

You make assumptions that I inherited it recently, how foolish of you.

Meh, did you pay tax on it? Where did you get the money? If it was a long time ago was your wage less? Even on a 32k income you’d be hard pushed to come up with it.

CBear1993

Savin for what, WHATS ALL THE SAVIN ABOUT BOYSSSS???

Can’t take it to the grave, which could be in 5 mins, 5 days or 5 years, who knows . Live in the now. Both can be done equally, but also live life.

baldbear

Don't have a savage mount in savings. Have nough to pay the mortgage for 4 years anyway & a bit aside to look after the kids.

I only really worry about savings and money if something happened to me & my wife and kids were left behind.

I have my health and all my close relatives and friends are in reasonable health too.

vikings2012

Yyhhuuu wrote: »

I inherited it a long time ago, when its value was far less so little CAT not that it's any of your business btw. Vast savings, I dont have vast savings at all. You're talking rubbish. You really seem full of jealousy at my wealth in my home. Btw I'm very happy with my situation which is the most important thing. Bet you haven't a penny to ur name. I have financial security.

Sorry I think I struck a nerve there.

Fair play inheriting a house worth €1m. You inherited a ‘long time ago’ and yet you are only 24. I don’t think house prices have fluctuated that much in the last 6 years for you not to pay any tax.(Assuming you inherited the house upon your 18th Birthday 6 years ago)

Yes, I don’t have a penny to my name.

Yes, I am quite jealous of you. I long to live in a million dollar mansion saving my hard earned cash to buy a 3 euro pot noodle and cheap hostel holiday in the sunny suburbs of London. #frugalfun

adox

Yyhhuuu wrote: »

There is a tax exemption called Dwelling House Relief. It appears you know very little about tax.

No, you aren’t being forthcoming with information and I’m only going on what you are providing. I’m asking questions like “did you pay tax on it?” When I asked about CAT originally with a rough figure your reply was “you assume I inherited it recently”.

No mention at all of being exempt. Also didn’t you state in a previous post that you did pay CAT?

Anyway I’m finished going down this rabbit hole with you.

adox

Yyhhuuu wrote: »

Yes the CAT was on a separate matter.

That’s not what you said.

messy tessy

33 with €115k saved.

Parents would have given me maybe €20k of that over the years and paid for college, so definitely not all earned myself. No kids or house, and I am not in a rush to get either!

Yyhhuuu

messy tessy wrote: »

33 with €115k saved.

Parents would have given me maybe €20k of that over the years and paid for college, so definitely not all earned myself. No kids or house, and I am not in a rush to get either!

Well done that's an enormous amount saved hope you invest it wisely in an appreciating asset, if such exists. I would be interested to know what percentage of your income is saved per year. My advice to you would be to save more and then buy a house at the right time for you. Don't invest the money in risky investments if you do intend to place a down payment on a house.

Galwayguy35

Donald Trump wrote: »

A completely different story to yours now. A fella I went to school with didn't finish secondary school. He also really had no drive to work. Had some sales jobs during the good times in the mid 2000's. He got a mortgage when they were throwing them at people and he bought a house.
Lost his job at the very start of the downturn. His gf basically paid his mortgage for him. She had a good job and still has. They got married and after a couple of years she built a house on her family's land. Built direct labour and then moved there, renting out the first house.


Your man hasn't really worked a proper job since. But in his head, I'm gather that he counts himself as a millionaire. I am sure that they still have mortgage outstanding, but on paper he probably counts two houses worth maybe 800k (guessing 550+250) total with his tenants paying off one mortgage and lets guess 200k mortgage outstanding on the big one.....whereas in reality had he not had that gf then he'd have lost the first house and probably be still living in a house share.



Some people are lucky and some are unlucky. Some make their own luck of course too. When you have a bit of money, then it becomes easier to make money. That is why the people who can given themselves a bit of a headstart by saving 10k here or there in their early 20s usually are far better off by their 40s

A hopeless sponger is what I'd call him instead of a millionaire from reading the information in your post.

Love must indeed be blind if his wife is prepared to put up with a loser like him.

Yyhhuuu

For me, as a single person with no mortgage it's possible to live on 5,367 per year I.e. gross income 32, 224 and net income 25,367. I have a 'service charge' of 1,200 per year leaving 4167 per year to live on or approx 80 per week. As regards my day to day living expenses I usually take out €100 at the ATM and it could last me 2 weeks on average. I dont drive, no insurance, dont drink and no expensive habits. My social life revolves around meet up groups pre covid. I suppose this seems exceptional to some but it can be done. Im frugal not mean. I'm not a miser as I always share things when I can whereas misers are totally selfish. I expect my income to increase in the near future so I will loosen the purse strings.

I'd be interested to know what percent of net take home pay people can save? Mine is approx 78%.

ExMachina1000

Yyhhuuu wrote: »

For me, as a single person with no mortgage it's possible to live on 5,367 per year I.e. gross income 32, 224 and net income 25,367. I have a 'service charge' of 1,200 per year leaving 4167 per year to live on or approx 80 per week. As regards my day to day living expenses I usually take out €100 at the ATM and it could last me 2 weeks on average. I dont drive, no insurance, dont drink and no expensive habits. My social life revolves around meet up groups pre covid. I suppose this seems exceptional to some but it can be done. Im frugal not mean. I'm not a miser as I always share things when I can whereas misers are totally selfish. I expect my income to increase in the near future so I will loosen the purse strings.

I'd be interested to know what percent of net take home pay people can save? Mine is approx 78%.

People love and are addicted to buying crap they don't need. Advertising is everywhere. People cant help themselves.

Just buy the necessities treat yourself every now and then.

It's all easy enough. Jeff Bezos is not your friend. People should stop giving him their money. Also people should avoid paying taxes or charges to the government at every available opportunity. They are not your friend either

Donald Trump

Galwayguy35 wrote: »

A hopeless sponger is what I'd call him instead of a millionaire from reading the information in your post.

Love must indeed be blind if his wife is prepared to put up with a loser like him.

He still works, just not at what I'd consider career roles. But I am not au fait with his day-to-day life. I am sure there are plenty on here who are the same and a few who would have lost houses during the recession.


Looking through his own blinkers he probably sees his "investment" in the first house paying off over the last few years.



Sure you can go over to the accommodation forum and read the views of the accidental landlords whose 20:20 blinkered hindsight is that, due to the spiraling rents over the past few year, view themselves as the new Warren Buffets.


What would you do yourself in the hypothetical scenario that your other half decided to accept a gift of a free site in a nice location, avail of her entitlement to planning permission (an only child is more or less guaranteed to be granted permission in most counties) and spend 200k building a house that would have a market value of maybe 600k? That you would rent out your current house and use that to pay off the mortgage? Would you tell her to feck off? Would it make you a sponger? It might take you from owning a 250k house in a nondescript estate to owning 850k worth of property, and having a future net income stream from one of them.



Everyone tends to attribute success to their own decisions and failings to "bad luck". On the other side, people will be quick to write off others success as "good luck". Sometimes there is a bit of truth to it and sometimes there is a lot of truth to it