Aug 8, 2020
#47
Disclaimer:
We are not financial advisors. The content on this podcast and YouTube videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research!
This episode we have Meagan from the financial blog Mrs Moneyhacker originally from Canada but now living in Ireland. We will be discussing investing from the perspective of living in Ireland. Been wanting to do a show about investing within Ireland for a while so my research led me to Meagan's awesome blog that I highly recommend.
1. Give us a little bit of your background, I can see you've moved all the way from rural Quebec to the Emerald Isle and what got you to start your blog Mrs. Money Hacker?
2. What first got you thinking about investing or the potential of financial independence?
3. I come across allot of blogs/podcasts mainly based in the USA about personal finance there are obviously a few in UK but not many about investing in Ireland curious to know how easy it is to invest in Ireland?
4. I note from your blog you follow an indexing ETF approach to investing (like myself) curious to know what you invest in these days?
5. With me being based in the UK and it being a small country I follow the global markets in using The Vanguard All World ETF and If I was to get bonds I would probably use UK Gov bonds/Gilts which would be sterling based potentially the currency I may well be spending in the future. Do you follow a similar approach I know you also have investments back in Canada as well as in Ireland so curious to know?
6. What are the typical investment vehicles available in Ireland that can be utilized? Typically in UK we use ISA's Tax Free Growth, Taxable Share Accounts, Tax deferred DC & DB Workplace Pensions and SIPP’s.
7. One of the things I picked up from your blog is that you don’t always follow what everyone else is doing. An example of this was when you were considering moving to Ireland your family in Canada were unsure it was the right thing to do as everything was going according to the script but it proved with time to be a great idea. You obviously make your own luck?
8. What is it you like so much about Ireland? because I can see you always had a plan to go back since first visiting.
8.1. I actually have an uncle who spent half his life living and working in Winnipeg, Canada and half his life in Ireland growing up there. He was always homesick for Ireland and only in recent years when his sons grew up and started their careers in Canada did he move back to live in Ireland. No place like home! Hey?
9. Along the same lines a common thing that is always recommended by financial gurus and Independent financial advisors is to make the most of your company pension or Self invested Personal Pension for my USA listeners the 401K plan. I am guilty of going along with this advice and I work in the pension industry. Was curious to know your thoughts on pensions? I do have my own doubts about losing control and governments changing rules, moving goal posts and future tax rates.
10. What are your thoughts on property investing? Ireland is a very expensive place to live having family over there or at least family in Kildare and Dublin and having made a few trips over the years I have noticed this.
11. Is there much of a community interested in personal finance in Ireland or within your immediate network? Like your work colleagues or circle of friends? I know Irish like Scottish enjoy having a good time
12. What are your views on consumer debt? Do you think it's OK to invest while still carrying consumer debt or better to wipe debt out first? Most would say mortgage debt is OK but anything like a high interest credit card not worthwhile.
13. Is there any finance books or books in general that you can recommend, ones that you really enjoyed and helped you on your journey?
14. I note from your a recent email you sent me that you like video games my personal favorite is Final Fantasy 7 (The Original) what are some of your fave games of all time?
15. From all your experience in investing what would be your advice to a young 20 Something who is considering starting investing but has no idea where to begin or where to go or who he needs to know? (Funny play on some Smiths Lyrics there)
16. Finally Meagan been an absolute pleasure having you on the show if any of my listeners would like to check out your work on the internet where would be the best place? I will link in the show notes.
Be sure to check out Meagan's finance Blog: