Mortgage Rate Rises

ProStreet said:
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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No friends, no family, all alone?

I don't call that a life. What are you saving all the money for? So that you can die leave it to charity with no family?
 
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Raymond Lin said:
No friends, no family, all alone?

I don't call that a life? What are you saving all the money for? So that you can die leave it to charity with no family?
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Not everyone wants kids.

I will spend all of it, travelling the world, buying what I want. Once you get rich, it's much easier to stay rich / get richer.

Having a life is freedom. Money gives you that.
 
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ProStreet said:
Not everyone wants kids.

I will spend all of it, travelling the world, buying what I want. Once you get rich, it's much easier to stay rich / get richer.
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Yeah, but what are you saving all that money for?

I agree that not everyone wants kids, but what for? I can see the world now, when i am young and able. I can walk 30km a day, everyday if I want....sure, I will have blisters but I can do it. I don't think I want to be doing that after retirement.

You don't need to be a millionaire to travel and see the world. Sure, if you want to fly first class everywhere, but is that your reason? To go mortgage free in 5 years so that you can travel in luxury? So is it the luxury that you want or actually see the world? I can guarantee you the view of whatever world wonder you are looking is identical whether you are rich or poor.

You are entitled to your road that you choose at life, as am I, but I have to disagree of your "list" and call that a life worth living. Some of them i can get onboard with, but some are just sad.
 
Raymond Lin said:
Yeah, but what are you saving all that money for?

I agree that not everyone wants kids, but what for? I can see the world now, when i am young and able. I can walk 30km a day, everyday if I want....sure, I will have blisters but I can do it. I don't think I want to be doing that after retirement.

You don't need to be a millionaire to travel and see the world. Sure, if you want to fly first class everywhere, but is that your reason? To go mortgage free in 5 years so that you can travel in luxury? So is it the luxury that you want or actually see the world? I can guarantee you the view of whatever world wonder you are looking is identical whether you are rich or poor.

You are entitled to your road that you choose at life, as am I, but I have to disagree of your "list" and call that a life worth living. Some of them i can get onboard with, but some are just sad.
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When I'm say 45/50 I want to be able to have the opportunity to buy whatever I want cash and not feel guilty / have to work longer for it.

I want to reduce my working hours, e.g. 4 days a week, then 3 etc. I don't want to work until I'm 67+ like most people will.

If you do some of these things when you're younger, it makes it a lot easier down the road. I'm not saying don't do things, I'm saying don't buy unnecessary things. A car is not worth going into debt for.
 
ProStreet said:
Not really. You could quite easily live paycheck to paycheck on 1% top earner salary.
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A quick google search says that the top 1% earner is on over £170,000 a year in the UK, unless you're in I.T or finance I cannot see how people can hit that especially below the age of 40.

If you or anyone else knows a way to earn £170k then I would love to know.

Otherwise I somewhat agree with living within your means. These PCP deals have caused car prices to go mental along with inflation leads to a Golf R costing £60,000. People just look at the monthly amount and yes if done smartly it works.

Example: Pay £300 a month for a car that's worth £30-35k, use that £30k towards a deposit for a flat or invest in the stock market, could get a 5-10% return. I have no problem with people using credit smartly/sensibly. The same with credit cards when people use them sensibly they are brilliant, they give protection to the consumer.

Also what do we think of this https://www.bbc.co.uk/news/business-65752400 is it fear mongering or a genuine concern?
 
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ProStreet said:
When I'm say 45/50 I want to be able to have the opportunity to buy whatever I want cash and not feel guilty / have to work longer for it.

I want to reduce my working hours, e.g. 4 days a week, then 3 etc. I don't want to work until I'm 67+ like most people will.

If you do some of these things when you're younger, it makes it a lot easier down the road. I'm not saying don't do things, I'm saying don't buy unnecessary things. A car is not worth going into debt for.
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But why no friends?!

What's that about.

p.s. I have never taken out a car loan either, that's not something i disagree on, the no credit card thing...misunderstood, the no family thing, whatever, but no friends?
 
Raymond Lin said:
But why no friends?!

What's that about.

p.s. I have never taken out a car loan either, that's not something i disagree on, the no credit card thing...misunderstood, the no family thing, whatever, but no friends?
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It was a bit of a joke, more friends more spending. I have some close friends but I wouldn't say I have many. DLockers being one of them.
 
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ProStreet said:
When I'm say 45/50 I want to be able to have the opportunity to buy whatever I want cash and not feel guilty / have to work longer for it.

I want to reduce my working hours, e.g. 4 days a week, then 3 etc. I don't want to work until I'm 67+ like most people will.

If you do some of these things when you're younger, it makes it a lot easier down the road. I'm not saying don't do things, I'm saying don't buy unnecessary things. A car is not worth going into debt for.
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My Dad died at 65. The two colleagues who were most influential on my career in my formative years (~23) are both dead. I sat opposite one, and adjacent to another - 45 and 50.

Life is too short.
 
Back on topic, what do we think about buying a house, wait if you can?

I was looking at my quotes from a mortgage broker from March last year, was getting 1.7% for a 25 year mortgage. Unfortunately was outbid by cash buyers on several houses. Offering £290k on a £265k house wasn't enough which is crazy, more than 10% over the market value. Guessing it's a different market now?
 
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