Hi everyone,
Basically as the title says, I am a 23 year old and I am not sure what to do in order to make the most out of my money.
I have followed the stickied flow chart and have gotten to the end of it. I have paid off of all my debts and am starting to invest a little bit.
These are my financials:
Savings: 61k in the bank
Investments: ~5k in ETFs
Pension: Currently at 8k. I put 470 into it per month, my employer also matches up to 250 bringing it to 720 per month.
Salary: 86k last year, I am getting promoted this year and so I would hope to be up to about 120k p/y starting from June
Anyway, as the general consesus is to invest in ETF's, deemed disposal kind of has me worried as it basically wipes out most of the compound interest that I could accrue over my lifetime. I was thinking of just saving up and buying a house/apartment to rent out so that I could build a passive income stream. Is it best to save up and buy a house as soon as possible with the cash I have/will have, or should I just take out a mortgage and avail of the lower interest rates and instead put the money into e.g the S&P 500? I have been looking at housing prices over the last few years https://tradingeconomics.com/ireland/housing-index#:~:text=Housing%20Index%20in%20Ireland%20averaged,points%20in%20March%20of%202013, I can see that we're nearly at peak celtic tiger levels which also has me weary at investing in property at this stage. So all in all I am really not sure what my next step should be or what I should strive for.
Any advice here is greatly appreciated
Basically as the title says, I am a 23 year old and I am not sure what to do in order to make the most out of my money.
I have followed the stickied flow chart and have gotten to the end of it. I have paid off of all my debts and am starting to invest a little bit.
These are my financials:
Savings: 61k in the bank
Investments: ~5k in ETFs
Pension: Currently at 8k. I put 470 into it per month, my employer also matches up to 250 bringing it to 720 per month.
Salary: 86k last year, I am getting promoted this year and so I would hope to be up to about 120k p/y starting from June
Anyway, as the general consesus is to invest in ETF's, deemed disposal kind of has me worried as it basically wipes out most of the compound interest that I could accrue over my lifetime. I was thinking of just saving up and buying a house/apartment to rent out so that I could build a passive income stream. Is it best to save up and buy a house as soon as possible with the cash I have/will have, or should I just take out a mortgage and avail of the lower interest rates and instead put the money into e.g the S&P 500? I have been looking at housing prices over the last few years https://tradingeconomics.com/ireland/housing-index#:~:text=Housing%20Index%20in%20Ireland%20averaged,points%20in%20March%20of%202013, I can see that we're nearly at peak celtic tiger levels which also has me weary at investing in property at this stage. So all in all I am really not sure what my next step should be or what I should strive for.
Any advice here is greatly appreciated