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Local activities this weekend for National Heritage Week

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A number of events will take place in Killarney this weekend as part National Heritage Week 2022 which runs until this Sunday.

This year’s theme is biodiversity and sustainability. Tomorrow (Saturday) the Life in the Bogs - Family Funday in Cronin's Yard, Beaufort, runs from 10.30am - 2.30pm.
Activities include; Bog in a Bottle activity - learn about how bogs are made, Plants of the Bog – learn about the different plants in the bog and how to tell them apart, Pond Dipping in Bog Pool – Use nets and find out what creepy crawlies can be found in Bog pools, Birds and Mammals of the Bog – learn about the different animals that live in our bogs, and a Scavenger Hunt. Tickets are free but bring €2 for parking.

On Sunday the Harpers for Heritage concert takes place at Muckross Schoolhouse with Fiachra Ó Corragáin, Máire Ní Chathasaigh and Chris Newman from 7.30pm to 9pm.

There'll also be an exhibition from the Killarney National Park Photography Competition based on the theme of 'Our History, Our Future' in Killarney House and Gardens while the Me and the Moon will create Bee/Bug hotels and sustainable eco bird feeders today (Friday) and tomorrow (Saturday) from 11am - 4pm at Muckross Schoolhouse.

The Heritage Council is encouraging people to visit www.heritageweek.ie to see what other events are taking place in their locality or across the country. Participants can browse the website and create a bespoke National Heritage Week ‘Events Trail’ to help them plan their week according to their location, their particular heritage interests and their preferred event type, such as a festival, performance, exhibition or re-enactment.

"This year, National Heritage Week looks to the past to create a better future," Chief Executive of the Heritage Council of the Heritage Council, Virginia Teehan, said.

"The theme of sustainable heritage and biodiversity encourages us all to reflect on how our history and heritage can play a part in protecting our planet. Whether it’s learning a new skill like embroidery, blacksmithing or pottery making; better understanding how to prevent biodiversity loss in our own back gardens or country lanes; or gaining fresh insight into the history of our art, music or the Irish language and sharing this knowledge among friends and family, there are endless ways to get involved. I would encourage people to visit the National Heritage Week website and browse the vast array of events and projects taking place and plan their week."

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Housing Will Never Be The Same

Last week I wrote about the pathetic investment options out there for Irish investors. Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, […]

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Last week I wrote about the pathetic investment options out there for Irish investors.

Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, it’s easy to see why real estate functioned as the de facto investment portfolio for an entire generation.

Wealth creation was a rinse-and-repeat function where couples put money away until they had enough for the ‘next house’. As a result, we have an economy where 70% of household wealth is tied up in real estate.

Driven by the profits it created, Ireland became obsessed with owning real estate.

But real estate as an investment won’t be nearly as successful for our generation. (If you are able to get a house, that is)

All you have to do is look at the anecdotal evidence all around us to confirm this.

My parents bought the house they currently live in for 30k (pounds) 35 years ago. The house is now worth roughly 450k.

I typically despise these back-of-the-envelope calculations when It comes to property, given the endless variables and ongoing costs involved, but bear with me.

That’s a gross return of 15 times the original value. Now there are upgrades, a change in currency and other adjustments to consider here, so for argument’s sake, let’s call it 10X.

To achieve the same level of growth over the next 35 years, you would be left paying 4,500,000 euros for what is a pretty modest house.

Sure, we will still see property prices increase over time, but the rate of growth won’t be anywhere near as meaningful for one simple reason.

Interest rates.

Artificial Growth

Over the last 30 years, real economic growth has been stagnant, yet Ireland has experienced enviable nominal growth.

How did we manage it?

We created imaginary wealth.

We pushed interest rates lower and lower to stimulate economic growth.

And it worked.

After all, if you make 100k/year you can probably afford a 400k mortgage at 4%. At 2%, with the same 100k/year salary you can now take on 600k in debt.

So, were we getting richer, or was the debt just easier to afford?

Where do we go from here?

We have now squeezed interest rates as low as they can go.

The house price appreciation we have seen was justifiable because the mortgage rates on housing continued to fall in recent decades. This allowed people to take on more debt without severely impacting their ability to repay that debt.

If we go back to my parents, they were paying 14% on their mortgage. Mortgage rates are currently between 2 to 3%.

A relentless drop in interest rates gave way to higher and higher prices for houses, but interest rates are now on the floor.

The juice has been squeezed.

In fact, the trend has started to reverse, with rates expected to rise 1.5% in the first half of 2023

Be mindful that the same credit expansion cannot happen again.

How the next generation thinks about their investment options has to change.

Banks offering 0% returns for the use of your money and a housing ladder you can’t get on are not your only two options.

If you need help creating your own investment portfolio, just reach out to me at mike@theislandinvestor or simply scan the QR code above.

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Biddies performance celebrates St Brigid

Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association. The Killarney Parents and Friends Biddy Group – formerly […]

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Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association.

The Killarney Parents and Friends Biddy Group – formerly known as the Beaufort Biddy Group – and Kilgobnet Biddies came together for the event.

The tradition of the Biddies is one of the oldest and most colourful customs in Ireland, a blend of pagan and Christian pageantry, held on February 1 each year, heralding the beginning of springtime and honouring St Bríd the patron saint of the farming community.

Master traditional craftsman, Pat Broderick, at Muckross House, was also part of St Brigid’s Day celebrations, making a St Brigid’s Cross as part of the traditions.

 

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