I’ll sell you a slot in NCW for the ballysteen golf classic this weekend to help with your dream
Disappointing lack of appetite for Risk in this thread.
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A lot of content lads alright… How bad…
“Bulls make money, Bears make money, Pigs get slaughtered”
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I know a lad who had the opposite experience. Wife threatened to divorce him if he didn’t buy the house she wanted in 2005 at the height of the boom. They bought it and 14 years later it’s worth 60% of what they paid. He fell for the “house prices only go up” argument.
For every fella who bought at the top there’s a fella who sold.
No-one sells the peak or buys the trough.
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Why are you friends with this guy?
You also need to be able to buy for cash or hope you don’t get sick while out of the market.
Or lose your job. Accessing credit is far more difficult too.
You kinda feel there’s w whole cohort out there, not buying and thinking theyre super-smart by remembering 2008 etc. In the meantime they are paying endless rent and a price drop is unlikely to be at that scale again.
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I didn’t say anything about being friends.
It doesn’t really matter if they can afford it and and are happy living there though, does it?
True, but you have no idea if either statement is true. What we do know is disagreements over finances are the #1 reason for relationships unraveling and divorce.
Women are never happy.
At what point could someone “max out their pension” out of interest? Also, i know you can save on tax up to €9k a year i think it is in pension contributions, so if you are putting €9k in you can save €3.6k on tax you’d have had to pay otherwise is my reading of it, so the real value of your contributions is €5.4k but you’re getting contribution to the value of €9k.
While saving all this tax in present day are you just kicking the can down the road to when you are 67 and draw out the pension? Can you get taxed on that end if you take a lump sum out?
Great post by the way.
It’s gas the way people don’t understand the time value of money.
Maxing out your pension means you’ve hit the €2m limit after which there is no tax benefit for stuffing anymore cash into it.
I’m not quite at that point yet.
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It’s practically impossible to hit the €2m though isn’t it, pal? Unless you’re putting more in beyond the limits - which is pointless?
You’d love to be in the room when I revealed “well, honey, I’ve sold the house and we are moving into rented accommodation because the yield curve inverted”
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You are typically paying in money that would be taxed at the higher rate and when you draw it out it’ll likely be taxed at the lower rate. Not having to pay income tax or capital gains tax within the pension is a big saving as well.
You can take out a certain % on retirement tax free. Think it’s 25% at the moment but it changes periodically
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If they take the lead of the UK, they will suddenly decide the pension allowance is over generous and radically serially reduce it.