MFW - Do you tell other people what you are aiming for?

Dr.Lou

Not asking for advice, just curious really.

I was wondering on your quest to be mortgage free, have you told other people about it?

If so what do they think of your plans and in particular your MSE ways?


I'll start the ball rolling:-
In our case we have tightened our belts quite a bit for the past two years and are now lucky enough to be in a position to pay off all our mortgage. We've always saved in the past, but have made a few changes in our lives to save a bit more.

I have only told my Mum, my sister and my best friend. They think its a good idea! I wanted to tell them as we were trying to be a little more careful and MSE with money and I didn't want them to worry about us and wonder if we had hit hard times. My OH has told noone.

We haven't told any others. Some family and friends of ours are a little flash and buy all the latest gadgets going, full sky package, brand new cars, expensive hobbies, huge mortgages on larger houses etc. We don't have any of those things, but I am not sure what others think because we don't have any of these visible 'status symbols' and are careful with money.

Zebedee69

You flash friends.......

Will be sorry in years to come..... Simple as.....

Tell people if you want.... It no big deal

Gingham_Ribbon

I've told some people. Some are a bit snooty about it and raise their eyebrows like we're doing something pointless. But they are quite materialistic and have the cars, big house and debts to show for it. One is so impressed that she's doing it herself too now and hopes to buy a houseboat in a few years with the money she saves.

David_B_2

Gingham_Ribbon wrote:

I've told some people. Some are a bit snooty about it and raise their eyebrows like we're doing something pointless. But they are quite materialistic and have the cars, big house and debts to show for it.

Yes a lot of my friends/colleagues seem to think that's it's pointless and that a mortgage is 25 year comittment that you just put up with. Well not in my house. I hate debts and my car maybe be 4 years old but it's mine and I own it all. Same for everything else in our house, keeping up with the jone's I don't!

Don;t get me wrong I like nice stuff but I don't borrow to get it and I save and then only get it if I'm sure I need it.

I'm always been carefull with my money and it's a little joke within my family about me being tight as I don't get it off my mum and dad.

Anyway my mum and dad know and think it's a good idea and planning for the furture etc. Close friends, brother fellow MSE'ers know as well.

benood

It's up to you, conspicuous consumption is not as acceptable as it once was, fits well with the country's new found concern for the environment.

The only reason anyone would be snotty about it is because it raises questions about the sustainability of their own lifestyle. Anyway if they think you've hit hard times does it matter, they feel good because of the schaudenfraude and you feel good knowing you've almost paid off the mortgage. Win-win. So perhaps it's best to keep reasonably quiet.

seven-day-weekend

When the mortgage rate went down from 15% in the 80s, we carried on paying the same amount and consequently paid our mortgage off early.

Whenever our next-door neighbour mentioned his financial affairs he always said accusingly 'Oh well, it's OK for you, you've got no mortgage, have you?' as though some kind person had reached into their pocket and paid it off for us.

He is now in his 70s and owes about 50 grand on an interest-only mortgage:eek:

All I can say is they had the same opportunities as we did. Their house is similar to ours,the've lived in it as long as we have and he had a similar profession to my husband.

But I can't understand why the sour grapes.

Good luck all you MFWs!

FrankieM

I mentioned that we were overpaying the mortgage to a friend of mine and she said ' oh aren't you going to do it up?'
That then made me question my own plans! I hate that.
I want it paid by the time we hit 40. Thats 6 yrs for DH and 7 for me.
Yes I'd love my house to no longer be a work in progress, but I want to pay off the mortgage more...( I think..)

elona

seven day weekend

Sounds similar to DH's friends when he was in his teens who could not understand why he was doing an apprenticeship and going to night classes - instead of working as a labourer and getting a "man's wage".

They were even more puzzled when he went to university and then trained as a lecturer etc.

Now when he has a job that gives him autonomy they say how "lucky " he is!!!!

No one "gave" DH anything either and what he achieved was down to hard work - the same options were open to his friends if they had wanted to take them - but they act as if he had somehow done something underhand!

tiff

FrankieM wrote:

I mentioned that we were overpaying the mortgage to a friend of mine and she said ' oh aren't you going to do it up?'
That then made me question my own plans! I hate that.
I want it paid by the time we hit 40. Thats 6 yrs for DH and 7 for me.
Yes I'd love my house to no longer be a work in progress, but I want to pay off the mortgage more...( I think..)

I know how you feel, I'm made to feel like the black sheep of the family (we're paying off debts not reducing mortgage) because our house needs finishing off in a couple of rooms and has for a while. My sister even said to my Mum that she couldnt live like me! Ie she has everything she wants now.

elona

tiff

Lets hope that in a couple of years she does not have the bailiffs as well!;)

I call our place "shabby chic!" lol but we are happy and healthy so who cares what others think!

thescientist_2

I'm a recent MFW. So far, I've told just two people. Judging by conversations about debt and money at work, I will certainly be keeping it under my hat.

Envy and "you're not with us, therfore you're against us" is a likely reaction from acquaintances.

Good luck to all!