What have you done / plan to do after you become MF? 25 March 2011 at 2:55PM edited 19 April 2011 at 9:12PM in Mortgage-free wannabe 25 replies 2.8K views

SAMMYE_2

Just thought it would be a good idea and inspirational to hear from people who have managed to become Mortgage free and what they have done with their new found financial freedom!?

or

What you plan to do when you become Mortgage free?


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SAMMYE_2

I should say my short term plan is to reduce my mortgage payments which were £690 a month down to around the £200 mark in two years time. When I do that I should earn a bit from the rent (£350/£450 a month approx) and for a year or so I will save the extra after that year is up I should have £40,000 saved (current projection).

This is where it gets a little hazy for me as it depends on what mortgage I can get. The flat isnt my dream home and to be honest I dont want to live there again so probably invest in a house. Although dont know whether to get rid of the flat and release the equity to help with the new mortgage or keep it and just use it to supplement wages....

LilacPixie

quite sad but I fancy buying bigger or maybe building another and then doing it all over again

SeriouslySeekingtoSave

Mine is fairly uninspiring as well, I just want to build up my money so I can have the financial freedom to not have to worry about being old, alone and broke. Serious stuff but not exactly novel writting material.

Come'on peeps. Surely someone out there must be planning an African Safari or is going to be heading off to America to teach them how to speak english or something noble like that?

theyoungone

No African Safari for me Im afraid!
Mine is definitely about finding a better work-life balance...I work in a fairly stressful field and have had a difficult past yr so mine is about being able to choose to work rather than have to! also retirement planning I guess - I dont want to be working till 65 or 70 as you just never know whats round the corner and feel my hard graft should be used for fun while I can have it!
In my fantasy I have a (MF of course! ) house with a garden I can grow stuff in, work -perhaps on a consultancy basis where I can spend some of the time working from home ...holidays without feeling like I *should*/could be spending the money on something else! making hay while the sun shines as they say! whilst Im able to earn/save what I am then I feel I should!

~daisy~_2

nothing really - save a bit more each month but hasnt had the huge impact youd think - altho life changing in we will always have a roof over our heads not really life changing in an other way tbh

sorry !!

tootallulah

RETIRE I hope! then build a smaller eco-friendly house with a big garden. Or buy a bigger flat in Central London with a garden.

LA83

I want to buy a bigger house in the same nice area but want to be mortgage free first encase my situation changes and i cant afford to do so.

earthgirl

I want to buy bigger with a bigger garden, and then go part time and do loads of things with my family, have a holiday home or caravan for the summer, and go on really interesting holidays, seeing whole areas and travelling (in comfort!). Well I can dream!

hornetgirl

I haven't done anything much except feel a bit smug sometimes . I lost my job in 2009 and it's nice not feeling too squeezed on only one permanent income. Money that was used for the mortgage is now directed towards retirement savings.
We talk about buying a motor home and touring Europe in it, but haven't done anything about it yet.

pawlala

SeriouslySeekingtoSave wrote: »

or is going to be heading off to America to teach them how to speak english or something noble like that?

I'm not a miracle worker!