simoelguerdy
New member
Hello everyone
I’ve been researching this area for a few months now and feel like I’m at the point where I’ve whittled my options down and want to see what my best option is.
I’m a 24 year old Medicine student, with 2 years left in my degree before I start earning a salary. I have been working since I was 18, both full time on summer holidays and during a year out, and part time at weekends during college term time. I have saved up a large enough sum for a student (20K), which is separate from the money I can live on for the next two years. It’s currently just sitting in a bank account losing value at the minute and it’s stressing me out. Normally, I’d just invest it into an ETF or investment fund (to avoid deemed disposal). However, I’m also a US citizen (born there but moved to Ireland when I was a newborn).
As a US citizen I’m definitely staying away from EU domiciled ETFs due to high high tax. But US ETFs are now taxed at 41% every 8 years. I can’t invest in US mutual funds due to EU regulations. I could invest in individual stocks but as a brand new investor this feels uncomfortable. I could also invest in something like Berkshire Hathaway but this also feels a bit risky. Is my best option to start a PRSA and put all 20K into it? Only concern with this is I might want to use it in 10 years to buy a house.
Anyone else in my position able to offer some guidance with what I should do with this lump sum? Should I split it between pension and investments?
I’ve been researching this area for a few months now and feel like I’m at the point where I’ve whittled my options down and want to see what my best option is.
I’m a 24 year old Medicine student, with 2 years left in my degree before I start earning a salary. I have been working since I was 18, both full time on summer holidays and during a year out, and part time at weekends during college term time. I have saved up a large enough sum for a student (20K), which is separate from the money I can live on for the next two years. It’s currently just sitting in a bank account losing value at the minute and it’s stressing me out. Normally, I’d just invest it into an ETF or investment fund (to avoid deemed disposal). However, I’m also a US citizen (born there but moved to Ireland when I was a newborn).
As a US citizen I’m definitely staying away from EU domiciled ETFs due to high high tax. But US ETFs are now taxed at 41% every 8 years. I can’t invest in US mutual funds due to EU regulations. I could invest in individual stocks but as a brand new investor this feels uncomfortable. I could also invest in something like Berkshire Hathaway but this also feels a bit risky. Is my best option to start a PRSA and put all 20K into it? Only concern with this is I might want to use it in 10 years to buy a house.
Anyone else in my position able to offer some guidance with what I should do with this lump sum? Should I split it between pension and investments?