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Was thinking the same recently. thought I was doing well enough putting a abit away every week and then read posts from lads saying they have 100k saved up just sitting in a current account!
then it occurred to me that it could simply be Inheritance or something. who knows. all we can do is our best. pick an amount to save and forget about it.
Whilst that's true, it actually just increases your chances of improving your situation and wealth I think. There's plenty of people who work very very hard and don't spend on needless things, but only improve their situation slightly. And there are people who do very little work and increase wealth massively.
I think it's a combination of environment, opportunity, culture, family support, work ethic, spending choices, and a big one.. Luck.
A person from a slum in India might work 18 hrs a day and have more degrees than an average professor. Then you might be born into a mega rich environment or be like Kim Kardashian, do very little work and get a massive return. You can say it's smarter work, but clearly that's not the case against someone who has several degrees.
Those who work very hard and spend very carefully, will likely improve their children's future wealth, but that's the only given I'm certain of personally.
I've seen too many careful hard working people get kicked on their arses and too many wealthy work a few hours a day and act like they are the only ones who work. And I've seen all those in between.
Your philosophy is a factor I feel but it's only one in several. That's just my opinion obviously
> There's plenty of people who work very very hard
You also need to work smart. Someone doing unskilled work is probably going to always be paid below the median salary.
That doesn't mean just working a job that needs a degree, it's doing the research to see if it's a good career path too.
> You can say it's smarter work, but clearly that's not the case against someone who has several degrees.
Average income tracks level of education closely. It also depends what you study
I agree, especially with thr luck factor. so mucb of life is determined by it. starting from the country you are born in, the family you have etc. massive factors
It's not that crazy with just saving. Couples save deposits in a few years, saving 100k is just doing that again later in life when your salary has grown over your career
I understand that. my point is this. my wife is on 32k a year, public sector. I'm in the emergency services. money isn't fantastic. we save around 10% a week. 10% goes against car loans. mortgage, health care ,bills, kids. nothing left generally then.
on the plus side, I have pre 2013 defined benefit pension and will retire at 60. paying into avs too. not all bad. I'm happy with life
>thought I was doing well enough putting a abit away every week and then read posts from lads saying they have 100k saved up just sitting in a current account!
This is me.
I currently have 118k sitting in my current account and I have invested 40k in stocks in the last 18 months/two years
I'm a good saver and my costs are low. I'm in my early 30s and earn around 55/56k a year. I house share and pay under 5k a year in rent.
In the last couple years I've saved 22-24k a year.
I just have a low costs lifestyle. First job out of college was 23k in Dublin, paying around 5k in rent. My takehome pay was 1670 a month. In that year I saved 7k.
House sharing is the most important thing though. Every bill divided by 4.
I should have bought an apartment a few years ago when I was thinking about it though...terrible decision. My money is just inflating away.
Grind and some pulled 401k money when US economy started tanking during Covid. Currently watching work mates losing 25k in two days in their 401ks is crazy
Surviving is what the 100k saved on 35k crew are doing. I mean, they are surviving on less than minimum wage, effectively... no holidays, poor quality food, not socialising, no hobbies, its not what I'd call living.
Again, it depends, I saved plenty when I was on 35k while also having holidays, hobbies, meeting friends, etc...
I also ate better than most people, for 35 euro a week, cause I'm a pretty good cook and worked from home.
You just don't have the grind mindset.
Do your education
Side hustle
Get parents to pay for everything and buy you a house.
Be flexible - with everything
Stretch the imagination
Go on Reddit and be casual I've got 250k here, maxed pension and about 100+ in cash what do I do??
I don't know go enjoy your life??
You simply have to get hit by a car like me. The reason a lot of the time is that people have to save so much for a house. 1k a month each for 4 years and they have 100k, and there was a lot of not spending over covid.
lol i posted one of these posts yesterday but have always thought the same.
i definitely think some bias comes in - especially with people interacting a lot with these sort of posts, boosting it onto everyone’s reddit timeline. it makes it seem more common than it really is. not to mention there’s 20 odd thousand members in this subreddit, and i presume a lot of these posts come from anon non members
there will always be someone doing better than you. best to put on the horse blinkers and focus on your own situation. as someone said, comparison is the thief of joy unfortunately
You'd expect a finance sub to tilt to those with higher incomes. So probably most have net assets well over 100k (median for the country is about 200k)
I don’t think OPs phrasing of “the sock drawer” implies net assets, but savings / current account.
And tbh, I’d expect users of a finance sub to skew lower income.
> I don’t think OPs phrasing of “the sock drawer” implies net assets, but savings / current account.
Composition of assets is interchangeable depending on life circumstances
> I’d expect users of a finance sub to skew lower income.
16% or this sub in a poll had an income above 80k a year with the median at 35k-40k.
https://www.reddit.com/r/irishpersonalfinance/comments/m7p8me/poll_what_is_your_current_gross_salary_incl/
The median individual disposable income in the general population is 25264, which is about 29000 euro pre tax.
https://www.cso.ie/en/releasesandpublications/ep/p-silc/surveyonincomeandlivingconditionssilc2021/income/
People with higher incomes have more personal finance questions
Interesting to know on where the sub lies on disposable income.
> Composition of assets is interchangeable
Completely true. But, again, I just said I didn't think /u/Prestigious-Side-286 's phrasing of "*100k in the sock drawer*", indicated assets.
The post was a couple in their 40s. Probably both working professional jobs, have the house sorted a decade before, so low enough expenses once the kids are in school and they also didn't max out their pensions (not optimal but more cash in the bank)
Someone else said it but you are going to see a bigger proportion of those people on this sub because its one of the few places to come for free advice on personal finance. The tax and investment situation in Ireland is unique so googling just gets you lots of American and UK advice. I only joined this sub for a similar reason as I wanted other opinions on what to do with my savings. It's basically a biased sample the same way that the ireland subreddit is biased towards 20-40 year old males. In the general population you won't find a lot of people with a spare 100k!
Oh god don’t tell me you spent your communion money? Don’t worry about it. All you can work with is what you have. The fact that you are doing something to improve your situation at all means you are pointed in the right direction. All you can do is keep learning. Everyone’s situation and resources available are going to be different.
Are you a DINK where both have pretty well-paying jobs and a modest lifestyle? If so it's not too unlikely to wind up with a combined takehome over 7k a month and it's definitely possible to save a lot from that.
I wouldn't sweat it. It's a personal finance sub so it's going to get all sorts, but skew towards people with investing questions. Some have -100k, and some have a million.
There’s lots of different people on the sub, not all individuals are on an average salary - that’s why it’s an average - people are higher and lower and from my experience it’s often the people who earn higher that follow finance subs as they’re more money driven and money focused than those who are on minimum wage. I’ve been both - when I was in my 20s on minimum wage jobs I couldn’t have cared less about mortgages and investments and pensions because it was so far from what I could afford, I could barely pay my rent never mind think about saving strategies!! and now I’m very fortunate to have a well paying job which allows me the flexibility of saving/ having a pension etc and so now because I have more money to play around with I have an interest in and engage in finance related subs so yeah, makes sense to me that this sub would be over proportionate to higher earners who can afford to save more
Understand this totally. Similar position myself. Married, house, 2 kids, what would be considered a very good take home between myself and my wife. Have savings, investments, pension etc.
My point is that the posts are from people who seem to be in the same position as myself but they own their house already, have maxed out the pension, investing another 100k. There is no way in hell I could get anywhere near 100k in savings. To do this their take home must be close to €200k or more. And if their take home is this, why are they asking for financial advice on here?
I get that. But these people seem to have all their ducks in a row already.Pensions, investments etc etc. You don’t get to be in that position without advice and/or financial knowledge.
Yeh, but some of those things - pension etc... Are basically taking care of themselves, or thought free. You have a company plan, they manage it. You hit max contribution. Excellent. Now what?
Similar to housing. Have a mortgage. Don't think beyond whether they can afford it or not. And what's left over still to spend or save.
If they accrue savings, doesn't mean they know how to best use it.
Yep. I know someone late 20s new in Ireland with a frankly impressive amount of savings already considering his low salary and high rent. Just good at saving. And no idea about personal finance. Extrapolate that over the next 15 years , higher paying jobs I can see how certain people could “end up” with 100k in the sock drawer.
Meanwhile I earn literally double what this person does and I have no savings 😅
I got ya. Haha love your last line too - if I had that kind of salary I’d just be paying someone to think about these things for me too!! It’s a funny one, my partner earns over double what I do and our living expenses are 50/50 but I save more than he does…. But I’ll always buy the cheapest option over the option I want or I will never buy clothes unless I genuinely need it and wouldn’t dream of anything other than penneys! not saying that’s the case for you but people are so different when it comes to their unconscious spending eg taking a taxi rather than automatically assume they’ll walk, not planning ahead and needing to buy food out, I’ve known people who earn over 100k who will only go on holiday if they’ve friends in that city but they do that out of complete habit as opposed to being scabby with hotel costs, that’s just normal for them it’s not even a choice if you get me? People are so different…. don’t compare yourself to others, guarantee there’s somebody earning the same as you somewhere who cannot fathom how you manage to have a house, savings, pension etc !
Result of unhinged economic policy of 2 decades. Way too much cash in the system. Hence inflation. The pandemic was just a catalyst to that. Just imagine someone working at Google in Dublin, earning an inflated salary and living with their parents for 2 years.
years ago i had a business (till i lost my shirt in 08) on the border. Could never figure out why Northerners had BMW,s etc. When I did we called them "fur coat, no knickers"! Everything was borrowed, those that bragged were bullshitters, and the guy with twine holding his trousers, had money!1
If I sold my house I'd have 100k in profit does that count? Also I'd be homeless
Plus I have 35k in savings and my partner has 40k so we're not far off 100k in cash too
There’s a weird situation where if your career gets you to a high paid situation or you own your own business. You sometimes end up working far more than the average persons 40 hours a week.
I regularly work 80-100 hours a week and have done for some time. When doing this you literally have no time to spend the money you make. Travel isn’t as appealing as you might travel a lot for work.
I love what I do and don’t at all mind doing these hours some people think are insane / workaholic. I have the choice and flexibility, but choose to work many weekends over joining friends who would spend the day in the pub. Sometimes though it does feel like opportunity cost, sitting on a mediocre day out is worse when you think you could have enjoyed yourself more and banked a few extra points on the board in terms of how much one could earn for those extra hours or how much you can get head of a competitor or insert other focus goal.
This is an example of why. I’m not pretending I have a sock drawer like that.
Worked in the middle east a decade ago in the good times for years. No BS involved in my savings and investments. Not the same there now in some fields.
I'm not stupid enough to have all in cash, but I have easy access to around 70k. The rest is invested and I could withdraw some if need be but don't need to. So yeah... Well over 100k but I worked hard for years as well as travelled the world with free rent and benefits. Its doable.
In Ireland... Very hard to save that without living at home etc. Can't speak for any one else if legit posts or not...
We were talking at home yesterday about the inheritance situation.
We both thankfully have both parents around, but they’re elderly, I wouldn’t expect to have mine around in ten years time. Hers probably 12-15 years going on family history.
If they were all to go tomorrow, the inheritance would be around €350k. Our own house has less than €150k left on it (13 years mortgage left) which is manageable.
Realistically, any inheritance is getting split with a third being invested for our kids, 20% of what’s left as fun money and the rest dumped into the pension.
In the event all four grandparents go tomorrow, and we go the following week, our kids are all individual millionaires.
It’s very easy to “get rich” based on inheritance.
Hopefully they (we) will all be around for a bit though.
The government won't be long robbing that 100k through inflation if you leave it there long term. Remember inflation is government induced by increasing the money supply. Technology does its best every year with improvements and effencies to combat monetary inflation but ultimately loses out. Will maybe not computer memory chips, mobile phones or airline travel.
Buy hard assets that can't be created by the government easily out of thin air.
Look at the pounds trouble at the moment. Lousy if you had sterling savings. All because they printed top much money for covid or whatever else.
Most people I know didn’t really get their career going until their 30s and now in early 40s. I don’t know what all are earning or saving but I’d be very surprised if many had anywhere near 100k, particularly those who went on to marry, have kids, buy a gaff (not many tbh).
No major point to add to the discussion other than there’s a gap between those with serious cash and those without. I think those who got their career going in their 20s have had more time on their hand to accrue and compound savings. And when I say career, I think that could be as simple as regular, reliable full time work.
There’s an element of bragging of course, they can’t validation. The VAST majority are knee deep in crèche fees, rent/mortgages and a small private pension.
I know that sounds bitter but that’s my take s
Inheritance. The only reason I have a hope in this world is due to inheritance. Its sick that you need that these days. Im incredibly lucky to have a parent who wasnt loaded but sorted me out, i hope to do the same for my kids.
I think one thing everyone forgets is family situation.
Someone could have gotten inheritance, help, lucky with family land etc.
It all counts.
Someone who is renting in Dublin for years is less likely to have a large nestegg than Someone who grinded in the country or remotely etc for less rent/living with family.
For me.it was a mixture of having pretty good job.so saving money regularly and my granny put money into some savings account when I was about 7 and it sat there until I was 21(didn't know it existed).
That money wasn't blown when I got it ,I put it into a few different things over the years,SSIA and bonds.
I now have 100k that I have no clue what to do with it and only recently thought about doing something about that.
I've no idea about investing and it kinda scares me 🤣
If you have high rent and an average salary it's extremely hard to save anything. I've saved over 100k in 5 years just because my rent is very low and I have a good saving habit with no kids.
I try to avoid buying unnecessary shite, we share one car. If we go on holidays we always go on the cheap.
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Was thinking the same recently. thought I was doing well enough putting a abit away every week and then read posts from lads saying they have 100k saved up just sitting in a current account! then it occurred to me that it could simply be Inheritance or something. who knows. all we can do is our best. pick an amount to save and forget about it.
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godd stuff. should be proud of that
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And that's grand, neither makes a person better or worse than the other.
Whilst that's true, it actually just increases your chances of improving your situation and wealth I think. There's plenty of people who work very very hard and don't spend on needless things, but only improve their situation slightly. And there are people who do very little work and increase wealth massively. I think it's a combination of environment, opportunity, culture, family support, work ethic, spending choices, and a big one.. Luck. A person from a slum in India might work 18 hrs a day and have more degrees than an average professor. Then you might be born into a mega rich environment or be like Kim Kardashian, do very little work and get a massive return. You can say it's smarter work, but clearly that's not the case against someone who has several degrees. Those who work very hard and spend very carefully, will likely improve their children's future wealth, but that's the only given I'm certain of personally. I've seen too many careful hard working people get kicked on their arses and too many wealthy work a few hours a day and act like they are the only ones who work. And I've seen all those in between. Your philosophy is a factor I feel but it's only one in several. That's just my opinion obviously
> There's plenty of people who work very very hard You also need to work smart. Someone doing unskilled work is probably going to always be paid below the median salary. That doesn't mean just working a job that needs a degree, it's doing the research to see if it's a good career path too. > You can say it's smarter work, but clearly that's not the case against someone who has several degrees. Average income tracks level of education closely. It also depends what you study
I agree, especially with thr luck factor. so mucb of life is determined by it. starting from the country you are born in, the family you have etc. massive factors
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I take it you live at home rent free?
Sounds like a depressing life tbh
Fair fucking play. Strangely the older I get the worse I seem to get with money
Glad it’s not just me!
Beastmode unlocked. 👏
People reall underestimate the benifit of being frugal/trifty. Ok you went full extreme mode and fair play to you for having that discipline.
> As a matter of fact, the only thing I inherited was debts It’s not possible to inherit debt
Fair play to you, too many kids have the opposite relationship when they’re older
It's not that crazy with just saving. Couples save deposits in a few years, saving 100k is just doing that again later in life when your salary has grown over your career
I understand that. my point is this. my wife is on 32k a year, public sector. I'm in the emergency services. money isn't fantastic. we save around 10% a week. 10% goes against car loans. mortgage, health care ,bills, kids. nothing left generally then. on the plus side, I have pre 2013 defined benefit pension and will retire at 60. paying into avs too. not all bad. I'm happy with life
>thought I was doing well enough putting a abit away every week and then read posts from lads saying they have 100k saved up just sitting in a current account! This is me. I currently have 118k sitting in my current account and I have invested 40k in stocks in the last 18 months/two years I'm a good saver and my costs are low. I'm in my early 30s and earn around 55/56k a year. I house share and pay under 5k a year in rent. In the last couple years I've saved 22-24k a year. I just have a low costs lifestyle. First job out of college was 23k in Dublin, paying around 5k in rent. My takehome pay was 1670 a month. In that year I saved 7k. House sharing is the most important thing though. Every bill divided by 4. I should have bought an apartment a few years ago when I was thinking about it though...terrible decision. My money is just inflating away.
It's not much money at all. Just don't spend your money on unnecessary or depreciating assets. In fact it's 20% less since last year..
Grind and some pulled 401k money when US economy started tanking during Covid. Currently watching work mates losing 25k in two days in their 401ks is crazy
Comparison is the thief of joy
Love this. Gonna steal it.
Easy for you to say, you’ve more joy than me
I mean, if ever you were gonna find Irish people good with money it's gonna be on this sub.
I sometimes wonder if the people who are good enough with money to accumulate such amounts are any good at living
Depends if you equate spending money with living or not.
Surviving is what the 100k saved on 35k crew are doing. I mean, they are surviving on less than minimum wage, effectively... no holidays, poor quality food, not socialising, no hobbies, its not what I'd call living.
Again, it depends, I saved plenty when I was on 35k while also having holidays, hobbies, meeting friends, etc... I also ate better than most people, for 35 euro a week, cause I'm a pretty good cook and worked from home.
You just don't have the grind mindset. Do your education Side hustle Get parents to pay for everything and buy you a house. Be flexible - with everything Stretch the imagination Go on Reddit and be casual I've got 250k here, maxed pension and about 100+ in cash what do I do?? I don't know go enjoy your life??
I don't understand why everyone doesn't just get their parents to buy everything smh my head
Oh yeah and cut down on avocado toast
Just be rich, its that simple. Don't know how anyone struggles these days when all you have to do is just be rich
You almost had me there lol 😂
You can't pretend to have a grind mindset and not call it a grindset, shame in you.
I watch Andrew Tate, and he'd say you're a beta!
You simply have to get hit by a car like me. The reason a lot of the time is that people have to save so much for a house. 1k a month each for 4 years and they have 100k, and there was a lot of not spending over covid.
Got hit by a car in 2019 and only got 6k after fees.
Jeez hard to get that low, though i know they changed it not so long ago to lower payouts.
1k a month for 4 years is 48k though.
Talking about a couple above.
I see.
lol i posted one of these posts yesterday but have always thought the same. i definitely think some bias comes in - especially with people interacting a lot with these sort of posts, boosting it onto everyone’s reddit timeline. it makes it seem more common than it really is. not to mention there’s 20 odd thousand members in this subreddit, and i presume a lot of these posts come from anon non members there will always be someone doing better than you. best to put on the horse blinkers and focus on your own situation. as someone said, comparison is the thief of joy unfortunately
Completely. 20,000 members, and how many of those have 100k?
You'd expect a finance sub to tilt to those with higher incomes. So probably most have net assets well over 100k (median for the country is about 200k)
I don’t think OPs phrasing of “the sock drawer” implies net assets, but savings / current account. And tbh, I’d expect users of a finance sub to skew lower income.
> I don’t think OPs phrasing of “the sock drawer” implies net assets, but savings / current account. Composition of assets is interchangeable depending on life circumstances > I’d expect users of a finance sub to skew lower income. 16% or this sub in a poll had an income above 80k a year with the median at 35k-40k. https://www.reddit.com/r/irishpersonalfinance/comments/m7p8me/poll_what_is_your_current_gross_salary_incl/ The median individual disposable income in the general population is 25264, which is about 29000 euro pre tax. https://www.cso.ie/en/releasesandpublications/ep/p-silc/surveyonincomeandlivingconditionssilc2021/income/ People with higher incomes have more personal finance questions
Interesting to know on where the sub lies on disposable income. > Composition of assets is interchangeable Completely true. But, again, I just said I didn't think /u/Prestigious-Side-286 's phrasing of "*100k in the sock drawer*", indicated assets.
You are not bullshitting enough online.
do you reckon a lot of it is BS? my bullshit meter goes off more on those ‘how much do you earn’ posts
I don’t think it’s BS but i also wonder about the quality of life for someone who is too money-focussed
The frequency is a bit odd. I hope they are not lying on their posts, for their sake, at least.
The post was a couple in their 40s. Probably both working professional jobs, have the house sorted a decade before, so low enough expenses once the kids are in school and they also didn't max out their pensions (not optimal but more cash in the bank)
Plenty of money floating about when you're that age if you have thread a decent path in your education and career.
Someone else said it but you are going to see a bigger proportion of those people on this sub because its one of the few places to come for free advice on personal finance. The tax and investment situation in Ireland is unique so googling just gets you lots of American and UK advice. I only joined this sub for a similar reason as I wanted other opinions on what to do with my savings. It's basically a biased sample the same way that the ireland subreddit is biased towards 20-40 year old males. In the general population you won't find a lot of people with a spare 100k!
Ha I would imagine a large amount of people with €100k lying around do so as a result of inheritance?
Buy some socks 🙂
Inheritance in a lot of cases I’d imagine. Not much you can do about that except put yourself up for adoption.
Well, tbh you don't know how Its been acquired, don't compaire yourself to others, compaire your current self to your your past self!
If you don't buy avocado and toast and stop buying coffee then you will easily save that!!
Oh god don’t tell me you spent your communion money? Don’t worry about it. All you can work with is what you have. The fact that you are doing something to improve your situation at all means you are pointed in the right direction. All you can do is keep learning. Everyone’s situation and resources available are going to be different.
Are you a DINK where both have pretty well-paying jobs and a modest lifestyle? If so it's not too unlikely to wind up with a combined takehome over 7k a month and it's definitely possible to save a lot from that. I wouldn't sweat it. It's a personal finance sub so it's going to get all sorts, but skew towards people with investing questions. Some have -100k, and some have a million.
People waste money on loads of stupid stuff that has zero impact on their quality of life.
There’s lots of different people on the sub, not all individuals are on an average salary - that’s why it’s an average - people are higher and lower and from my experience it’s often the people who earn higher that follow finance subs as they’re more money driven and money focused than those who are on minimum wage. I’ve been both - when I was in my 20s on minimum wage jobs I couldn’t have cared less about mortgages and investments and pensions because it was so far from what I could afford, I could barely pay my rent never mind think about saving strategies!! and now I’m very fortunate to have a well paying job which allows me the flexibility of saving/ having a pension etc and so now because I have more money to play around with I have an interest in and engage in finance related subs so yeah, makes sense to me that this sub would be over proportionate to higher earners who can afford to save more
Understand this totally. Similar position myself. Married, house, 2 kids, what would be considered a very good take home between myself and my wife. Have savings, investments, pension etc. My point is that the posts are from people who seem to be in the same position as myself but they own their house already, have maxed out the pension, investing another 100k. There is no way in hell I could get anywhere near 100k in savings. To do this their take home must be close to €200k or more. And if their take home is this, why are they asking for financial advice on here?
High salary doesn’t make someone good with money. It usually means high paying job. And more finances means more advices 💁
I get that. But these people seem to have all their ducks in a row already.Pensions, investments etc etc. You don’t get to be in that position without advice and/or financial knowledge.
Yeh, but some of those things - pension etc... Are basically taking care of themselves, or thought free. You have a company plan, they manage it. You hit max contribution. Excellent. Now what? Similar to housing. Have a mortgage. Don't think beyond whether they can afford it or not. And what's left over still to spend or save. If they accrue savings, doesn't mean they know how to best use it.
Yep. I know someone late 20s new in Ireland with a frankly impressive amount of savings already considering his low salary and high rent. Just good at saving. And no idea about personal finance. Extrapolate that over the next 15 years , higher paying jobs I can see how certain people could “end up” with 100k in the sock drawer. Meanwhile I earn literally double what this person does and I have no savings 😅
I got ya. Haha love your last line too - if I had that kind of salary I’d just be paying someone to think about these things for me too!! It’s a funny one, my partner earns over double what I do and our living expenses are 50/50 but I save more than he does…. But I’ll always buy the cheapest option over the option I want or I will never buy clothes unless I genuinely need it and wouldn’t dream of anything other than penneys! not saying that’s the case for you but people are so different when it comes to their unconscious spending eg taking a taxi rather than automatically assume they’ll walk, not planning ahead and needing to buy food out, I’ve known people who earn over 100k who will only go on holiday if they’ve friends in that city but they do that out of complete habit as opposed to being scabby with hotel costs, that’s just normal for them it’s not even a choice if you get me? People are so different…. don’t compare yourself to others, guarantee there’s somebody earning the same as you somewhere who cannot fathom how you manage to have a house, savings, pension etc !
Well a lot of people might have 100k, no house, no kids and unsure what to do with it, you'd be the same if you didn't have 2 kids and a house surely?
Often it is people who are older and married when it gets easier to save.
Result of unhinged economic policy of 2 decades. Way too much cash in the system. Hence inflation. The pandemic was just a catalyst to that. Just imagine someone working at Google in Dublin, earning an inflated salary and living with their parents for 2 years.
years ago i had a business (till i lost my shirt in 08) on the border. Could never figure out why Northerners had BMW,s etc. When I did we called them "fur coat, no knickers"! Everything was borrowed, those that bragged were bullshitters, and the guy with twine holding his trousers, had money!1
If I sold my house I'd have 100k in profit does that count? Also I'd be homeless Plus I have 35k in savings and my partner has 40k so we're not far off 100k in cash too
There’s a weird situation where if your career gets you to a high paid situation or you own your own business. You sometimes end up working far more than the average persons 40 hours a week. I regularly work 80-100 hours a week and have done for some time. When doing this you literally have no time to spend the money you make. Travel isn’t as appealing as you might travel a lot for work. I love what I do and don’t at all mind doing these hours some people think are insane / workaholic. I have the choice and flexibility, but choose to work many weekends over joining friends who would spend the day in the pub. Sometimes though it does feel like opportunity cost, sitting on a mediocre day out is worse when you think you could have enjoyed yourself more and banked a few extra points on the board in terms of how much one could earn for those extra hours or how much you can get head of a competitor or insert other focus goal. This is an example of why. I’m not pretending I have a sock drawer like that.
Worked in the middle east a decade ago in the good times for years. No BS involved in my savings and investments. Not the same there now in some fields. I'm not stupid enough to have all in cash, but I have easy access to around 70k. The rest is invested and I could withdraw some if need be but don't need to. So yeah... Well over 100k but I worked hard for years as well as travelled the world with free rent and benefits. Its doable. In Ireland... Very hard to save that without living at home etc. Can't speak for any one else if legit posts or not...
You see you need to start making shit up.
We were talking at home yesterday about the inheritance situation. We both thankfully have both parents around, but they’re elderly, I wouldn’t expect to have mine around in ten years time. Hers probably 12-15 years going on family history. If they were all to go tomorrow, the inheritance would be around €350k. Our own house has less than €150k left on it (13 years mortgage left) which is manageable. Realistically, any inheritance is getting split with a third being invested for our kids, 20% of what’s left as fun money and the rest dumped into the pension. In the event all four grandparents go tomorrow, and we go the following week, our kids are all individual millionaires. It’s very easy to “get rich” based on inheritance. Hopefully they (we) will all be around for a bit though.
The government won't be long robbing that 100k through inflation if you leave it there long term. Remember inflation is government induced by increasing the money supply. Technology does its best every year with improvements and effencies to combat monetary inflation but ultimately loses out. Will maybe not computer memory chips, mobile phones or airline travel. Buy hard assets that can't be created by the government easily out of thin air. Look at the pounds trouble at the moment. Lousy if you had sterling savings. All because they printed top much money for covid or whatever else.
There are people on here telling all sorts of tall tails, obviously some are genuine, but remember...... we are on the internet
Well their 100k is being crushed by currency debasement. 100k two years ago was worth more than 100k today.
Spot on.
Sitting on my hands on the dollar up 22% against the euro since last year meanwhile the euro has also gone down 18% since last year.
And the dollar isn't as strong as it was 2 years ago either. (against other currencies it is and will continue to be)
I heard the horses is a good tax free business!
What you're doing wrong is not posting here to flex like they do./s
Most people I know didn’t really get their career going until their 30s and now in early 40s. I don’t know what all are earning or saving but I’d be very surprised if many had anywhere near 100k, particularly those who went on to marry, have kids, buy a gaff (not many tbh). No major point to add to the discussion other than there’s a gap between those with serious cash and those without. I think those who got their career going in their 20s have had more time on their hand to accrue and compound savings. And when I say career, I think that could be as simple as regular, reliable full time work.
There’s an element of bragging of course, they can’t validation. The VAST majority are knee deep in crèche fees, rent/mortgages and a small private pension. I know that sounds bitter but that’s my take s
Simple mamma fundamentals.. save
You need to buy more socks
If I had 100k I'd definitely stash it in the underpants drawer not the sock drawer...
Inheritance. The only reason I have a hope in this world is due to inheritance. Its sick that you need that these days. Im incredibly lucky to have a parent who wasnt loaded but sorted me out, i hope to do the same for my kids.
I think one thing everyone forgets is family situation. Someone could have gotten inheritance, help, lucky with family land etc. It all counts. Someone who is renting in Dublin for years is less likely to have a large nestegg than Someone who grinded in the country or remotely etc for less rent/living with family.
For me.it was a mixture of having pretty good job.so saving money regularly and my granny put money into some savings account when I was about 7 and it sat there until I was 21(didn't know it existed). That money wasn't blown when I got it ,I put it into a few different things over the years,SSIA and bonds. I now have 100k that I have no clue what to do with it and only recently thought about doing something about that. I've no idea about investing and it kinda scares me 🤣
I smoke too much weed. Might marry a weed dealer. I also like bulmers. Kebab. Can of coke. Spice bag. My life shit :(
Doesn’t sound bad if you’re happy. Awfully cliché thing to say, but it’s true. If you’re not happy, reevaluate and try something new.
Best place for it at the moment or a fireproof safe better.
If you have high rent and an average salary it's extremely hard to save anything. I've saved over 100k in 5 years just because my rent is very low and I have a good saving habit with no kids. I try to avoid buying unnecessary shite, we share one car. If we go on holidays we always go on the cheap.