Everyone I know is sinking under a decade of DEBT..

RenovationMan

WHITEVANMAN wrote: »

I was not moaning about my lot.

Sorry if I gave the impression that I thought you were. I was really speaking about myself and the moaning I did until I took control of my finances. Its often really frustrating to sit back and watch events unfold around us, so taking control can really be very liberating.

My ultimate aim is to have a large home but with a mortgage and running costs that are comparable with a much smaller 'normal' property. I'm obviously overpaying to achieve the former, but I am also investing in insulation and heating/lighting and water recycling products to reduce the latter running costs of my property. Its a bit of a juggling act, and I must admit its a bit stressful at the moment because some of the building work is over budget, but if it all works out I'll have a lovely, inexpensive and relatively environmentally sound home for me and my family. .

RenovationMan

smeagold wrote: »

what happens when the tide turns?

Nothing, if it turns when I expect it to.

WHITEVANMAN

StevieJ wrote: »

Not the smartest thing to do, I would have thought

Smart when you definately no longer need it. :cool:

StevieJ

smeagold wrote: »

what happens when the tide turns?

What happens if the tide turns for you and your gold stack?

purch

That looks more like Silver :eek:

StevieJ

WHITEVANMAN wrote: »

Smart when you definately no longer need it. :cool:

Not really you could have have achieved a safe easy access return above BR+.35% elsewhere.

smeagold

Nothing, even if it does, which it won't, its already almost doubled since I bought and I didn't have to borrow money to get it and am thus not at the mercy of an interest rate hike, unlike your self and If I wanted to sell that could be done in a few mins over the phone unlike an overvalued house in a falling market. falling gdp and rising inflation are both good for gold unlike houses

RenovationMan

smeagold wrote: »

Nothing, even if it does, which it won't, its already almost doubled since I bought and I didn't have to borrow money to get it and am thus not at the mercy of an interest rate hike, unlike your self and If I wanted to sell that could be done in a few mins over the phone unlike an overvalued house in a falling market

Is this aimed at me? I have to point out that I wasnt the one who asked you what you would do if gold crashed.

However, to answer the part that was aimed at me. If my house falls in value then I still have the lovely home that I wanted for me and the family to grow old in. We will still have a lovely view of the lake and woods through our mullioned windows and I will still be able to while away those cold and dark winters nights in front of the woodburning stove. I will still have nice neighbours and a nice school for my kids to go to and I will still have the lovely country walks just outside my door. All I will have 'lost' was the notional value of my house that is immaterial anyway because I dont plan to sell for 20 or more years and surely not even the most bearish on here think we wil still be in this falling market over that timespan?

Out of interest, How much gold did you buy and at what price and when?

I keep asking you gold and silver bugs this, but you guys never answer. I dunno why.

dori2o

TBH I don't really care what the debt we have does to us (only have mortgage). If the interest rates rise rapidly and my salary doesn't rise at a similar rate, or if my employer gets rid of me due to capability (more likely than the intrest rates), then the house will have to go and I'll claim benefits and live in rented accommodation.

WHITEVANMAN

StevieJ wrote: »

Not really you could have have achieved a safe easy access return above BR+.35% elsewhere.

True, though soon enough rates will be on the up.
I decided it was time to be mortgage free and am quite happy to be out of it, it was only £20k ish having been regularly overpaid.

I made many life changing decisions this last year (becasue I could afford to), that had I not I would likely be a little better off than I am now, however some of these decisions mean I sleep better at night and have brought me new clarity, freedom and joy of life.