Yes you can always take risk with money. I could also gamble the 100k and buy a mansion tomorrow.
I'm talking about sound, near guaranteed future wealth.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Yes you can always take risk with money. I could also gamble the 100k and buy a mansion tomorrow.
I'm talking about sound, near guaranteed future wealth.
Ah, if you want that - disconnect the internet and get an endowment.
An inspirational quote from an inspirational man.
If you want to take a low risk approach to life that's fine but the point remains that a £100k mortgage and £100k capital isn't the same situation as no mortgage and £0 - one affords you the ability to go out and use the capital to earn money in a way that having a slightly higher monthly income a bit sooner doesn't.
Caporegime
Oh, ProStreet is Smeemi !
Yes but I could quite easily get that 100k by remortgaging the house. Yes would be more expensive than if I hadn't paid the house off in the first place, but I could.
It's not about low risk, its about having a clear mind, so you can focus on makingmoney. If I had 700k of mortgage on my head, with a Mercedes on the driveway and other pcp for instance (just a random example) I wouldn't feel right day to day and it would impact my work life which would make me lash out at anti credit people for instance.
Confirmed
Yeah happy with that for now, it’s not set to start until September 1st so hopefully the rate will drop slightly again before that. If it rises I’ll keep the 4.23%.
Soldato
Don't worry, I'll just open up another credit card and buy something expensive on it to make myself feel better.
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I've still got the car I bought new 13 years ago, it's got about 66k miles on it, FDSH (basically had a service plan for 13 years which was around £10 a month for the first five services, £11 a month for the next 5 and just over £12 for the last 3 services. Service plan is done now but I've filled up every page in the service book now, meaningless for resale as I'll keep it until it goes to the scrapyard as you can tell with a 66k miles car over 13 years it doesn't get used very much.
Will be mortgage fee at 52 and can then redirect the mortgage into either my pension or building up my ISA pot to avoid sequencing issues with my pension drawdown.
Thankfully I'm fixed at 1.64% until my mortgage completes and put a lot into my pension whilst the tax relief rules are what they are.
The debt spiral in a nutshell folks.
Soldato
My 10 rules to financial success
No pcp / lease
Car maximum 3% of net worth, paid for in cash
Mortgage maximum 25% of net income, with maximum 15yr term
No designer clothes, max spend £400 a year
No credit cards, chop them up if so
No leasehold / fleecehold only FREEHOLD
No crypto currency or gambling
No friends
No kids
Be in the top 1% of earners
No pcp / lease
Car maximum 3% of net worth, paid for in cash
Mortgage maximum 25% of net income, with maximum 15yr term
No designer clothes, max spend £400 a year
No credit cards, chop them up if so
No leasehold / fleecehold only FREEHOLD
No crypto currency or gambling
No friends
No kids
Be in the top 1% of earners
Caporegime
You forgot No.11
No Life.
Financial success but sounds lonely and boring.
What did Warren Buffet say in his recent 5 hr Q&A session? "Try to write your obligatory and live up to it" & "I have never known anybody who are kind that died without friends, I have known many people who had money who died without friends or family".
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Soldato
I mean, you could have just skipped straight to the last one.
Not really. You could quite easily live paycheck to paycheck on 1% top earner salary.
Missed the one where you are born to rich parents to get your billion dollar company started.
How is it no life? Its far more life than paying a mortgage until your 65. Yes you can die early. I'm not saying don't go on holidays etc etc, live within your means and don't buy unnecessary things that don't add value.
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