What would you do in my position?

[fenhn]

Goal: Buying a house in the next 2-3 years and want to have some passive income from my current cash pile.

Assets & Cash:
(€50,000 in Trade Republic @ 4%)
($22,000 in Revolut Savings @ 4.59%)
(€50,000 in AIB Fixed Term @ 2.5%)
($2,000 in Trading 212 @ 5.1%)
(€9,000 in Bunq Savings @ 2.46%)
(€7,000 in various current accounts)
($4,000 in S&P 500 ETF)
Max out pension at work

I've put them in various accounts so that I'm covered in various investor schemes. I do realise I should put more in the higher interest accounts but I was testing the water in some e.g. T212

What advice do people have for this? Should I avoid using one or should I move assets to something more secure? Tempted to drop a lot more in an ETF for dividends but I know the taxes are high.

 

[inboundtuna]

@fenhn

1. What’s stopping you just buying a house?
2. What do you mean when you say you want ‘passive income’?

 

[fenhn]

@inboundtuna Living in Dublin and could potentially just get a mortgage for a flat now while I could go for a house in 2-3 years. Not sure if it's worth it if I have to sell the apartment or would need to rent it out.

My money working for me e.g. accruing interest or other income

 

[inboundtuna]

@fenhn There are a load of variables here but I would say that you have your non-pension money in the right sorts of things (safe, low-yielding things) if you want to buy a house in next two or three years. Your pension is the place for riskier investment where you will accrue income and build a nest-egg tax free (assuming you are less than 55). If your objective is to own a house I would put all the focus on that.

 

[jesusisgod7]

@fenhn Having that much all in savings is utterly bizarre.

A little bit of risk is okay

 

[renny562000]

@fenhn Why are you waiting 2-3 years to buy a house?

You have a decent deposit. What is the blocker?

In 2-3 years, house prices are likely to go up by at least 15% - house prices in 2023 in Dublin rose by 4-7%, and I can't see them going down anytime soon.

If you are not actually going to use your cash for a house deposit, then increase the amount in the stock market. But expect to not be able to withdraw for a minimum of 5 years.

 

[mush]

@fenhn Increase s&p 500 to 15K+ over the rest of the year. Seems too low right now, I get you don't want to go all in because you want to buy a house and need access to the funds.