This guy gives totally inappropriate advice for that type of forum.
unbelievable, well not really from that guy - no wonder property is banned on AAM until such a time as prices start rising again (10/15 years might be a long time enforcing the ban)
a re-post, i’m sure
will someone post this to Brendan?
I set a thread up, nothing scathing just seeking the opinions of others askaboutmoney.com/showthread.php?t=61484
I believe Brendan has always argued that line, so he’s being consistent. That is, assuming you plan to buy your own house, do that before starting your pension. He doesn’t vary this opinion due to current market conditions as that would be timing the market, which financial advisers don’t advise.
I appreciate that he says a comfortable mortgage is twice your salary and half the value of your home. I will aim not to have a mortgage larger than this.
The advice to people who work in the construction industry is a little unusual though - it says they should have a lower mortgage to salary ratio. So they should just borrow less than other people?
I posted my 2 cents.
If it is still up in an hour I’d be surprised.
the thing is people do not start off on a mortgage that is twice there annual income, should they wait until it is at this to start a pension?
He has shown his true colours now as to why he really banned property price discussion.
Wolf in sheeps clothing where the sheep is the vulnerable consumer in the present bubble climate.
Well, this will certainly test that claim:
In fairness to him he does use the strong words “wiped out”
I think he has enough caveats disclaimers in there but that its not as balanced an article as it could be.
Its badly written more than anything else.
"Oh my ****** God "
Rule no. 23: Please post meaningful thread titles.
I think the real meaning is hidden behind the stars *********!!!
I agree, it’s very badly written. The conclusion is at the start and a number of the caveats and what ifs don’t seem to make sense or fail to make their point.
It’s possible the Editor did this though as they seem to have being trying to have a Pro and Post article from 2 different sources. Newspapers pull articles around hugely to fit space etc, so if they are not written journalisticlly (eg most important points in 1st paragraph, next most important in 2nd etc) they can come out like this.
They didn’t let me down.
Posted this over there. Thought I would save it for posterity.
How long before this gets deleted.
What’s the old saying “those who understand compound interest , collect it. Those who don’t pay it”
The first paragraph of Burgess’ article makes me want to read something else:
"The consensus of opinion seems to be that you can’t be too young to start a pension. It is argued that you should start contributing to a pension as soon as you get your first job. If you do, the magic of compound interest will make you rich when you retire.
This is the advice of most financial advisors. This is the advice of the Pensions Board. This is the advice of the Government.
But this advice is wrong.
Contributing to a pension is better than squandering your money on a brand new car every two years or on a third holiday. But getting on the housing ladder is more important than starting a pension. "
the irish property market must be desperate for FTB suckers to come in and buy the expensive properties. Too bad brendan didn’t think of the FTBs 5 years ago, when investors were getting the sweet deals in the housing market.
Hey brendan, the smart money is no longer in the game and don’t rely on FTBs to pay over the odds for shoddily built semi beyond the pale.