Mortgage Rate Rises

potatolord said:
My mate lives like a monk and spends nothing. He has spent thirty odd years doing this and has a huge chunk of cash in a current account.

He's not far off sixty, and his health is visibly deteriorating. He has no kids.

I've been telling him to enjoy it while he can for the last five years. I doubt he will ever do anything.

He'll be the richest man in the graveyard, with nothing to show for it.
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hey even at that age we still think we are going to live forever ..lol me i'm hoping for 75 .. prob going to get to 68 ..lol :) but the kids will have a good time with it ..
 
Jono8 said:
This

I have absolutely zero faith in the future in terms of pension/the NHS.

I am absolutely not going to be paying a mortgage beyond the age of ~50 (hopefully a lot sooner) and will be sure to be in a house I am happy in.
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If our earnings stay same we'd be mortgage free by 50-55 (Im 37).
I mean I've saved 30k in 3 years in addition to paying mortgage so it's definitely feasible.
With any (hopefully not) inheritance it could obviously be much sooner.

But agree no way do I trust this government with pension or NHS longevity. I've always been independent and not going to start assuming I'll be looked after when I get old.
 
kevman said:
Considering how much time you spend in your house I think it is worth pushing the boat out a bit. If it hits the fan you can always sell up and downsize
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You can but depending on the house you would be moving to thats a lot of money and stress. I imagine our next house move is going to cost us circa £70k when you consider stamp duty, solicitors fees, selling the current house etc. Thats a lot of cash to write off for the pleasure of moving house.
 
Raymond Lin said:
I bought Zelda Tears of the Kingdom at full price!

I do try to save more now, but there are things I still do while I am young, iike travelling. I am not putting that off because if I am injured or ill, I might be able to sit at home and play games, I won't be able to go see the world. So travelling is something i won't cut back on. It's not something I save for retirement.
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It’s a balance as always. Living life in the now and building for a future. I personally have a strong belief in FIRE. Those that know, know what that is about. For others it might be enlightening. It’s not for everyone.
 
fez said:
You can but depending on the house you would be moving to thats a lot of money and stress. I imagine our next house move is going to cost us circa £70k when you consider stamp duty, solicitors fees, selling the current house etc. Thats a lot of cash to write off for the pleasure of moving house.
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£70,000??

How (unless you are buying something decently over a million quid)?
 
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delta0 said:
It’s a balance as always. Living life in the now and building for a future. I personally have a strong belief in FIRE. Those that know, know what that is about. For others it might be enlightening. It’s not for everyone.
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FIRE is all good and well but unachievable for the vast number of the population. Most people don’t have savings to last 3 months without work.
 
Raymond Lin said:
FIRE is all good and well but unachievable for the vast number of the population. Most people don’t have savings to last 3 months without work.
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Most people can do it. It requires a completely new way of looking at money. I understand if someone is on minimum wage but anyone with a household income of £40k+ can do it if they understand how.
 
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delta0 said:
Most people can do it. It requires a completely new way of looking at money. I understand if someone is on minimum wage but anyone with a household income of £40k+ can do it if they understand how.
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Depends where you live. Makes a massive difference. Or what if you are single and on national average wage? Not going to happen.
 
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Jono8 said:
£70,000??

How (unless you are buying something decently over a million quid)?
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We will be looking at ~£1m for the next and final house we buy. £70k was probably a bit of an exaggeration but £60k+ isn't out of the question.
 
delta0 said:
Most people can do it. It requires a completely new way of looking at money. I understand if someone is on minimum wage but anyone with a household income of £40k+ can do it if they understand how.
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I know the 'movement' states this, but really it is a pursuit for those who earn 2+ times the average wage, living an average wage life. The problem of couples pursuing it, they both have to be committed to it, and want the early retirement couple experience and be willing to make the required sacrafices for 2-3 decades. It is a long road, with lots of potential road blocks.
 
Trifid said:
I know the 'movement' states this, but really it is a pursuit for those who earn 2+ times the average wage, living an average wage life. The problem of couples pursuing it, they both have to be committed to it, and want the early retirement couple experience and be willing to make the required sacrafices for 2-3 decades. It is a long road, with lots of potential road blocks.
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And most give up before they start or don’t know how. A lot of the blockers we place in front of ourselves. There’s a lot of stuff even someone on an average salary can learn to make themselves better off. It’s the balance I was referring to in the first place.
 
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delta0 said:
And most give up before they start or don’t know how. A lot of the blockers we place in front of ourselves.
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Indeed. But I do get concerned with those trying pursue it in desperation to quit their jobs and spiralling into depression. For many, a sound retirement plan based around SPA would suit their situation better.
 
delta0 said:
And most give up before they start or don’t know how. A lot of the blockers we place in front of ourselves. There’s a lot of stuff even someone on an average salary can learn to make themselves better off. It’s the balance I was referring to in the first place.
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it like musical chairs.
 
Trifid said:
Indeed. But I do get concerned with those trying pursue it in desperation to quit their jobs and spiralling into depression. For many, a sound retirement plan based around SPA would suit their situation better.
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It’s not about quitting jobs for everyone. It’s about financial stability and eventually independence. What you do with that is up to you. At a minimum it helps sort out that financial balance. Most people don’t even have a breakdown of their monthly outgoings written down and tracked in detail. This will put people on the same page and get them working towards making it better.
 
delta0 said:
It’s not about quitting jobs for everyone. It’s about financial stability and eventually independence. What you do with that is up to you. At a minimum it helps sort out that financial balance. Most people don’t even have a breakdown of their monthly outgoings written down and tracked in detail. This will put people on the same page and get them working towards making it better.
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So we agree, a sound savings and retirement plan built around SPA. I.e. not FIRE.
 
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