What have you done / plan to do after you become MF?

SAMMYE_2

I also have an idea that if I pay off the mortgage on my current property then I might be able to go and live off the rental income overseas in perhaps a poorer country and travel around the far east.

But the main plan is to have a couple / a few properties.

lincoln-potter

Well I hope to be MF by the time I am 40 and by the time the kids are in their teens (when the extra cash per month will be nice).

I don't plan on moving but the extra disposable income will come at just a nice time when kids start to get expensive.

seafarers_wife

Am looking to be mortgage free by the time we are 36/37 (so 10/11 years time, we havent yet started the mortgage but are in the process of buying) and then we will be looking at buying a house to rent out or upgrading to my dream house and renting out the current one. also would be looking at a once in a lifetime holiday or a holiday apartment somewhere.

the main goal is to get MF as quick as possible so we can have a better quality of life and sort out retirement issues as we dont beleive the state pension will be about when we retire.

kingster2069

I'm hoping to rent our current house and move into a house with a bigger garden. I have an allotment at the moment and would love to just walk into my back garden a pick veg for dinner:j.
The rent should help us reduce our new mortgage even quicker. My aim is to be financially independent. I think that means earning approx £2k per month from investments and be mortgage free. So might be doing the MFW challenge a few times

wynnvegas

Hi SAMMYE,

I'll bring the aspirational glamour to the party! We're looking to build a massive (by our way of it - around 6,5000 square feet) house complete with pool, pub (personal use), turreted exterior and then deck it out with all the latest gear. We're then looking to buy something pretty decent in the West Coast of America (or maybe Southern Nevada) so that, by the time we semi-retire at around 40, we can spend 6 months in Scotland and the other 6 yankee doodling (and, given the chance, teaching them how to speak English although that might be a bit rich coming from me!). Across that timeframe of the next ten years, I want to use the money that we're not paying toward a mortgage to set up a mini-empire of SME businesses.

Part 1 was clearing the mortgage. The only hurdle we've had since is our mini bailout to help family members who had gotten themselves into a wee bit of credit card difficulty. We'll take care of that (over 50% of their debt has been paid off already) by October when we can then get back on the case with finding the right piece of land to build the big house on.

Cheers,

Billy

zzzLazyDaisy

I became mortgage free in the mid 90's before it became fashionable. We had a couple of years when we used the freed up money on nice holidays, but shortly afterwards I split with my ex and he refused to sell the house (long story!)

So I used savings, got mortgage on a flat and started again. Became mortgage free, had a car accident which left me disabled, came out of work, finally got the money out of the former matrimonial home, sold the flat and put everything into buying a bungalow adapted for my needs - and am once again mortgage free!

So a bit of a bumpy ride, but it does mean that I have security and my disability benefits are not eaten up in trying to maintain a mortgage, so it was definitely the best thing I could have done.

lincoln-potter

wynnvegas wrote: »

Hi SAMMYE,

I'll bring the aspirational glamour to the party! We're looking to build a massive (by our way of it - around 6,5000 square feet) house complete with pool, pub (personal use), turreted exterior and then deck it out with all the latest gear. We're then looking to buy something pretty decent in the West Coast of America (or maybe Souther Nevada) so that, by the time we semi-retire at around 40, we can spend 6 months in Scotland and the other 6 yankee doodling (and, given the chance, teaching them how to speak English although that might be a bit rich coming from me!). Across that timeframe of the next ten years, I want to use the money that we're not paying toward a mortgage to set up a mini-empire of SME businesses.

Part 1 was clearing the mortgage. The only hurdle we've had since is our mini bailout to help family members who had gotten themselves into a wee bit of credit card difficulty. We'll take care of that (over 50% of their debt has been paid off already) by October when we can then get back on the case with finding the right piece of land to build the big house on.

Cheers,

Billy

Nice plans Billy!

hastie

hey guys. Not payed off yet but when we do, will be enjoying the extra money! I would like see something of the world, having always been a committed MFW since 19!
Imagine feeling Financially secure?! Owning own home! Thats got to be the best feeling.:)

andypr1976

Overpayments seem to be the way forward, thanks

jezebel

Nice to see everyone's plans ~ I aim to be mortgage free by 45 (15 years away for me) and go part time. Can't say I'll be doing anything altruistic with my free time although would like to think about volunteering - really just want more me time