My Interest rate gamble pays off again!

goodfella321

mayonnaise wrote: »

You lived 20 years in a large detached property, moved to a smaller humble abode and managed to pay off the mortgage on that last year. All that after a "Lifetime spent dealing with Finance" as per your profile. Well done Thruggy.

LOL, A lifetime spent in finance and he's only now thinking of salting money away for retirement. I've worked far less than a lifetime and if I chose, I could downsize like Thrug to a smaller unmortgaged house but unlike thrug, I could actually retire now rather than just dream about it, especially if I were to retire with thrugs limited retirement ambitions of cheap house and reduced outgoings.

However, also unlike thrug, I don't need to downsize to retire and I don't need to live frugally to make ends meet. So I'll continue to invest for retirement, pay down the farmhouse mortgage and when the times comes to retire, either stay put or look at self-building a super modern eco self build on a patch of my own farmland. :beer:

Mortgagefreeman

goodfella321 wrote: »

LOL, A lifetime spent in finance and he's only now thinking of salting money away for retirement. I've worked far less than a lifetime and if I chose, I could downsize like Thrug to a smaller unmortgaged house but unlike thrug, I could actually retire now rather than just dream about it, especially if I were to retire with thrugs limited retirement ambitions of cheap house and reduced outgoings.

However, also unlike thrug, I don't need to downsize to retire and I don't need to live frugally to make ends meet. So I'll continue to invest for retirement, pay down the farmhouse mortgage and when the times comes to retire, either stay put or look at self-building a super modern eco self build on a patch of my own farmland. :beer:

So what? My Mrs has recently sold her Company for over £3m. She doesn't need to tell people on an Internet forum how well she's done.

You appear to have insecurity issues.

goodfella321

Mortgagefreeman wrote: »

So what? My Mrs has recently sold her Company for over £3m. She doesn't need to tell people on an Internet forum how well she's done.

You appear to have insecurity issues.

No, but you seem to need to. Perhaps you have insecurity issues?

lisyloo

goodfella321 wrote: »

Thrug & lisyloo, competing to be the one living in a hole in the ground and eating grit and "are glad to have it"... :rolleyes:

Please see 'four Yorkshiremen" montypython sketch on youtube for details...

Not sure whether you've been following but I'm the one that likes "luxury" diving holidays. It's not actually my choice that some of the best diving happens to be in "luxury" places like the Maldives, if they had whalesharks in Skegness then I'd be perfectly happy to go there :-)
I just prefer to spend money on the things that WE value rather than things that wouldn't improve our quality of life (like a shiny new toilet, or posh office).

I have a very nice 5-bed house too. Not boasting (as I'm well aware there are people far richer than me) just not sure where you get hole in the ground from - it's far from the truth.

I was just making the point that some people have values beyond their own living space. If I had money excess to my needs I'd like to think I'd help others both in my immediate family and outside and that it would bring rewards that could not be met by any physical accommodation - however nice.

padington

The biggest study ever undertaken looking into happiness followed 70'000 American men through their whole lives. The conclusion was very clear. Nothing came close to making people happy more than having really good friends and family who you spent lots of time with. Wealth, career success, status, didn't come anywhere close to this fast track key to happiness. In fact many of the happiest men in this study were very poor.

Many people would do well reconsidering what their key resources and wealth actually were.

lisyloo

Well said. I took a pay cut last year, but I'm doing a job that I look forward to everyday rather than counting the hours until lunch/home time. In fact I'm less bothered about being fixated on retirement now I'm enjoying going to work. Less money hasn't been a problem as I still have enough.
These boards and the people on them revolve around money to a degree understandably, but it's not necessarily related to happiness, although it's nice to be comfortable and nice to be in a position to give should you choose to do so.

chucknorris

lisyloo wrote: »

Well said. I took a pay cut last year, but I'm doing a job that I look forward to everyday rather than counting the hours until lunch/home time. In fact I'm less bothered about being fixated on retirement now I'm enjoying going to work. Less money hasn't been a problem as I still have enough.
These boards and the people on them revolve around money to a degree understandably, but it's not necessarily related to happiness, although it's nice to be comfortable and nice to be in a position to give should you choose to do so.

I don't think money is related to happiness at all, except maybe those who are particularly wired that way, but not generally, never mind 'not necessarily related'. I agree that poverty can bring misery, and money can cure that causation of misery, but it doesn't bring happiness in the long term. Once basic needs are provided for, time is the resource that we ALL run out of, it is much more important than money. That's why it is important to enjoy yourself while you can, by having 'quality time', which of course means different things to different people. It was only last week Crashy was saying that people on the benefits have a better time than me, that was in response to me saying that I had just come back from a walk in the countryside with my dog, but that is one of the things that I like to do most of all. One of my friends is into yachting, and quite often asks why I don't give it a try (because I could buy a yacht if I wanted one), my answer is always the same, which is, although I do like to try different things, I tend to try things that we can do with my dog. We'd love to go on long flight holidays, but I would much rather have a holiday closer to home with my dog, than explore Thailand, Vietnam etc. I appreciate that sounds like I am opting for the less exciting option (to most, but not for me).

goodfella321

Any news on interest rates? Oh yes, still expected to remain at historical lows for the next few years

chucknorris

goodfella321 wrote: »

Any news on interest rates? Oh yes, still expected to remain at historical lows for the next few years

Looks that way, I just posted this on another forum post:

I said a while ago on here that I was going to sell my properties as my tenants gave me notice, and I did sell one property (and my wife another). But the highest yielding property's tenants have just given me notice, and I would have to make over 7% gross on the released equity to do as well. So I am going to re-let that property for the time being, there just isn't anywhere nearly as good to invest the equity.

caronoel

With all the uncertainty from Brexit and the punitive taxes on investment properties slowing house price inflation, I can't see the BOE raising rates for the next 3 to 5 years at least.