(24 M) Investment Plan Critique. (Earning 400 P/W)

[saachristian757]

I am investing 200 P/W currently.

I don't plan on starting a pension until I move to 3rd year in my apprenticeship which is 18 months away due to tax reasons

I have an emergency fund and save €50 a week

Week 1-3

JAM - €50
BRK.B - €50
MNKS - €50
SMT - €50

Week 4

VWCE - €200

Any advice or other things I should be looking at is appreciated!

 

[gardenlady]

@saachristian757 Why would you invest in both ITs and ETFs?

Are there flat fees associated with these purchases? If so then investing every week isn't optimal.

What's the goal of the money?

 

[saachristian757]

@gardenlady As far as I am aware there is a 0.15% FX fee for the IT on Trading 212.

The fact you can't make use of your 1270 CG allowance is why I don't want to be all in on ETFs

For a house deposit perhaps in 5-10 years

 

[calebminson]

@saachristian757 Buying ETFs weekly is gonna wreck your head when you have to start paying deemed disposal. If you aren't aware of what that is, learn about it fast. TLDR - you pay tax every 8 years at 41% of the gain, even if you haven't sold

 

[saachristian757]

@calebminson That's why I only buy them every 4 weeks

 

[jannsis]

@saachristian757 Would you then have to constantly submit to revenue every 4 weeks after the 8 years the paper work for initial cost vs profit of each of those individual purchases?

 

[riverwolf1975]

@jannsis No, once a year. You calculate them out, fairly simple calculation

 

[weirdbeard]

@saachristian757 Could that money be put to better use e.g. accelerating growing your income?

 

[saachristian757]

@weirdbeard I'm doing an apprenticeship at the minute, do I suppose it is on path to grow. Unless you meant something else.

 

[weirdbeard]

@saachristian757 Are there courses or other training you could be doing alongside the apprenticeship (or even in un-/loosely related subjects) that would help accelerate this? Think beyond just the apprenticeship, is just having that going to be enough or would doing additional courses or training help even futher?

 

[saachristian757]

@weirdbeard I must look into that.
It's an electrical apprenticeship and I know you can drop the first year of college for engineering once completed. I'm unaware of anything that could be done Longside do compliment it.
Loosey/Unloosely again I'm unsure, if you have any insight please share!

 

[2304ld]

@saachristian757 did you not automatically join construction workers pension scheme (cwps) when you started your apprenticeship?

 

[saachristian757]

@2304ld Not that I'm aware of the company I work for isn't union

 

[2304ld]

@saachristian757 Doesn’t matter, if you are in construction I don’t think it applies to manufacturing by law you are supposed to be. You would see it on your payslip as cwps.

https://www.irishstatutebook.ie/eli/2021/si/703/made/en/print

 

[saachristian757]

@2304ld I was talking to ome of the lads in work (employee) and they said you need to register yourself for the CWPS then it's the employers choice if they want to employ you after that

 

[2304ld]

@saachristian757 That’s definitely not how it works

 

[saachristian757]

@2304ld Alright I will email my work and see what the story is thanks

 

[2304ld]

@saachristian757 As far as I can tell, legal they have to provide you a pension. It’s about €30 a week you are missing out on. https://www.cwps.ie/about/ContributionRatesforCWPS/default.aspx

 

[saachristian757]

@2304ld From what I can gather you're right I must email them and see what they say