Methods to start growing money 101

Everybody wants their money to increase. But let’s think about the most fundamental question – what’s it to be rich in Ireland? Before we get to the ‘how to’, do you drive a BMW or have luxury cruises and eat at the high-end restaurants? Well, this is only the icing on the cake. It’s enough money to be truly prosperous, to assure a financial future. How can we become rich if we cut to the chase? Have you ever wondered what is common to the rich? It’s their approach to money and, of course, a little luck. Wealthy individuals invest in the long-term and are not dismissed by transitory upheavals and falling. 

The first best way to grow money is avoiding debt. Debt is like marsh for many individuals and therefore, it should be avoided because it gets them stuck as they get deeper. Build a habit that you won’t accept extra debt no matter what. Probably the most significant impediment to being affluent for most of us. When you want to invest, prioritize two things; pay off your …

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Dublin, Ireland the next tech city?

Cities are formed by their socioeconomic environments, and therefore, external developments of all sizes heavily impact them. The urban effects of deindustrialization and global economic restructuring are well documented.  From the Industrial Revolution to the 21st Century, urban transitions mirror societal changes. This is seen in North American and European cities, and in less-developed nations where massive industrialization is currently taking place. Dublin is symbolic of urban economic reform since it has seen substantial changes in recent years making it the next tech city.

Ireland was one of Europe’s wealthiest nations from the mid-1990s until 2007, when the global financial crisis struck, with the country’s GDP almost twice the European standards. The economic expansion was fueled by the convergence of several intrinsic and extrinsic factors. Also, a sequence of pro-growth government legislative proposals, such as the provision of efficient monetary rewards to attract more foreign investment, particularly from North American sophisticated production company and service companies, and, for the first time in Irish history, massive net immigration was witnessed. The most remarkable effects have been felt in the Greater Dublin …

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What will the Local Property Tax changes mean for you?

On 2 June 2021, Finance Minister Paschal Donohoe confirmed the details of the Local Property Tax (LPT) changes. Once the changes go into effect on 1 November, the government estimates that just over a third (36 percent) of property owners will see an increase on their bill, just over half (53 percent) will see no change at all, and 11 percent will see their tax payments reduced.

First off, what is the Local Property Tax? The Local Property Tax was introduced in 2013, and it is an annual charge on all residential properties in the State. Basically, if you own a residential property, you will have to pay this tax. The charges are currently based on self-assessed valuations carried out in 2013. The amount you pay is based on the valuation of your property, and there are 20 different LPT bands, with the lowest two having fixed rate charges of €90 and €225. The problem with these valuations is that property prices have surged since 2013, while the valuations of property for LPT purposes have not changed since 1 May 2013. …

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5 Things to Consider when Viewing a House in Ireland

As a first time buyer, viewing houses can be exhausting. There are countless things to consider, such as the layout of the home, the location and nearby schools, and much, much more. This can be a bit overwhelming when viewing open houses, as there is so much to observe you might miss some key details about the property. In this article, we will discuss 5 key things to observe and be aware of when viewing houses, so your dream home doesn’t turn into a nightmare.

1.How long has the property been on the market?

The first question you should ask the estate agent is how long the property has been on the market. If a property has been on the market for more than a few months and still isn’t selling, there’s usually a reason why. While this could come down to a number of things, from price to hidden structural issues to low demand, this is a good gauge of potential red flags.

2. Account for renovation

Many people make the mistake of buying houses that appear to be …

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5 Ways to save for a Deposit

Saving up to buy a home can seem like a big challenge. Your home is likely the biggest purchase you will ever make, and unlike saving for retirement, this payment is a large sum of money that you will need to access soon. This may seem challenging, but with a solid savings plan, anyone can save enough to put a down payment on their dream home. In this article, we’ll cover 5 easy ways to start saving for your down payment today.

 

Budget your money wisely

The first and most important step in any savings plan is budgeting. To build your budget, examine your bank statements and credit card payments to see where your money is going. Make sure to keep track of how much you spend on necessary payments, such as rent, utilities, and student loan payments if you have them. Next, consider how much you spend on eating out, entertainment, and other nonessentials. While you are saving, it is a good idea to set limits on each of these categories and stick to it, setting aside the …

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Costs you Should be Aware of before Buying a House

There are more costs associated with buying your first home than just the 10% deposit. There are many additional fees, duties and taxes that you should be aware of before buying your home. 

 

The first fee you should be aware of is the stamp duty. The stamp duty is not included in your mortgage, so it’s a good idea to save this fee up in addition to your 10% deposit. The stamp duty is calculated at 1% of the selling price on a home or residential property of up to €1m, and 2% of the selling price on homes and residential properties above €1m. This stamp duty may change however, and full details are available on the Revenue.ie website. 

Legal fees are another hidden cost of buying a home that you should look out for. There are a lot of legal aspects that have to be accounted for when officially transferring ownership of the property to you, so you should find a trusted real estate lawyer to take care of this transfer. Legal fees will vary depending on …

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5 Tips to Protect Yourself from Cyber Crime

Cyber Criminals have many ways to access and steal your financial information online. In the past year, this threat has only increased due to the covid-19 pandemic and its effects, namely the increased amount of online banking and transactions. As fintech continues to make more and more advancements and we move closer to a true ‘cashless society’, making sure your personal finances are secure will be more important than ever. Whether it’s strengthening your passwords or using antivirus protection, there are many steps you can take to make sure your personal information and assets are safe and secure. Here are 5 easy tips to get you started. 

 

Protect Your Passwords!

You’ve probably heard that having a strong password is essential to your online security, and this couldn’t be more true. Use passwords of more than eight characters, containing both upper and lowercase letters as well as special characters. Avoid using the same password on multiple websites. If you do, a hacker could compromise all of your accounts with one lucky guess. For additional security, you can also consider using …

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Mortgage Broker vs. Bank: What’s the Difference?

Buying a house is one of the most important decisions of your life, which is why you need to make sure you pick the right lender when applying for a mortgage. However, there are many different types of lenders, each offering different products and rates for your mortgage, so it can get overwhelming. 

 

The first type of mortgage lender is a Direct Lender. A direct lender is a financial institution that originates, processes, and funds the loan all by itself. In other words, the company you work with is the one loaning you the money. Direct Lenders include big banks like Bank of Ireland, credit unions, and specialized financial companies that deal primarily with home loans and mortgages. An example of a specialized mortgage company like this is Quicken. 

 

The second type of mortgage lender is a Mortgage Broker. A broker is the “middleman” that helps you find the best possible rate for your home loan. Brokers work with multiple mortgage companies and compare rates to find the best lender for your specific situation. 

 

Now that …

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How credit card fraudsters are adapting to the Pandemic, and how you can be safe

While many businesses had to adapt during 2020, including a major shift from physical to online retail, payment card fraudsters also had to adapt. COVID-19 lockdown restrictions, especially in the first two quarters of 2020, dramatically changed the way shopping was done around the globe. 

 

Payment card fraud numbers from the first two quarters, according to BPFI, are quite concerning. The latest credit and debit card fraud losses for the first half of 2020 amounted to €12.2 million across more than 143,000 fraudulent debit and credit card transactions. While consumers dramatically changed their shopping behavior from physical retail to online, fraudsters followed suit. Because of this, there was a 21% increase in ‘card not present’ fraud transactions. These transactions occur online when a fraudster uses the details of a credit or debit card they have stolen without the card being physically present. Following the trend from in-store retail to online, there was also a parallel decrease in physical instances of fraud. In-store, or point of sale, cases of fraud were down 52% in the first half of 2020, when …

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Is it Getting easier to be approved for a mortgage in Ireland?

The COVID-19 pandemic and subsequent lockdowns have had many effects on business throughout the world and in Ireland. Every industry has been affected by this pandemic, and many in negative ways. However, this is not exactly the case with the mortgage industry in Ireland.

 

The mortgage industry in Ireland has remained remarkably buoyant over the past year. This is especially significant due to the fact that the country has been under level 5 lockdowns since March of 2020. While one would expect mortgage drawdowns and approvals to decrease like most economic activity, what happened instead was surprising. For the first quarter of 2021, BPFI reports that there were 9,091 new mortgages worth €2.1 billion drawn down by borrowers. These numbers represent a 4.5% increase in volume and a 7.3% increase in value when compared to the corresponding quarter of 2020. This was also the most drawdowns approved in Q1 of any year since 2009. 

bpf

March 2021 was also a strong month for mortgage approvals, especially when considering First Time Buyers (FTBs). In March of 2021, a …

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