What next.....

Maryland_Cookie

Hope I'm posting in the right place, please feel free to move if not.

Me and OH are finally mortgage free. We were fortunate to buy our house when prices were rock bottom, and after a bad start (we started off with an endowment mortgage) moved to a repayment mortgage and started over paying. We are both in our late 30's. We are thrilled to be MF, but I can't help but think what now......I keep coming back to this board as it was such a support to me when we were trying to be MF and wondered if anyone else did or felt the same? The obvious thing would be to save for our retirement, but that seems like an age away, and who knows what's around the corner? I still feel like everything I do I do in an MSE way, and am still really careful with money, but keep thinking I need a purpose, but don't know what?

Sorry for the ramble, thanks for reading.

gallygirl

Maryland_Cookie wrote: »

Hope I'm posting in the right place, please feel free to move if not.

Me and OH are finally mortgage free. We were fortunate to buy our house when prices were rock bottom, and after a bad start (we started off with an endowment mortgage) moved to a repayment mortgage and started over paying. We are both in our late 30's. We are thrilled to be MF, but I can't help but think what now......I keep coming back to this board as it was such a support to me when we were trying to be MF and wondered if anyone else did or felt the same? The obvious thing would be to save for our retirement, but that seems like an age away, and who knows what's around the corner? I still feel like everything I do I do in an MSE way, and am still really careful with money, but keep thinking I need a purpose, but don't know what?

Sorry for the ramble, thanks for reading.

Well done on what you've achieved at such a young age :T

Retirement is only an age away if you want it to be so - why not start planning for an early retirement?

As for the support - there is a pensions forum, but it's not really a diary place, but on the savings forum a few folk have diaries and get really good support. Alternatively, buy a bigger house and stay on here

Maryland_Cookie

Thanks for your reply Gallygirl. There's only me and OH, no kids, so although I'd like a bigger house, there'd only be more to clean and we wouldn't use the rooms!! At the moment I work full time and have a quite a stressful job, I'd love to work part time, but OH isn't keen on that idea for some reason lol! I need to start thinking about retirement planning, I've got a pension, but OH hasn't, although he thinks the endowment we're paying into will be his pension fund.

I guess it's hard to stop being MSE, which isn't a bad thing, but I can't seem to let myself go a bit or have a treat which is why it all seems like a hard slog still.

wynnvegas

Hi MC,

With you on this one! Try sticking a "guilt free" amount aside to ease out of frugality. I agree that looking toward early retirement is a great idea. We're keen to retire by 45 or 50 at the latest but we're after the big house first! How about a nice trip o Vegas?

Cheers,

Billy

lulabelle1

Firstly congrats!
Next thing IMHO would be considering saving for a deposit on a second property and then letting it out. This in theory should be a great long term investment and also gives you something else to think about in regards to the "what next feeling". You sound similar to me, not content if you don't have some sort of goal to be working towards.

Good Luck, L

elwistua

Congrats on becoming MF, it must be a great feeling!

I have been asking a similar question on here, what next and what do others do?

I am 9 years away from being in your position but I am planning on getting a sports car and getting an investment property or us downsizing a bit to somewhere near the sea and letting out our current home. We would also like to work a bit less and maybe travel a bit more.

For me it is important to set sights on something I/we want once you reach that point you can go for it.

Good luck on the what next......

quicklee99

Congrats on being MF! I guess some people must feel a bit lost when their quest is over?

I would say plan to save for your retirement, if work is that stressful then maybe think of a career change, maybe you do want a BTL or bigger property. Before all that why not treat yourselves and enjoy being MF, go on a nice holiday or get a nice car whatever makes you happy.

dark^knight

If you can't think of anything else let me know, I'll forward you my bank account details

Maryland_Cookie

Thanks so much for all your replies, very much appreciated. I have been thinking about a second property to rent out, but OH's not keen. We were both very focussed on becoming MF and we seem to have "lost our way" a bit about what to do next. I'd love to leave my stressful job, and down shift a bit but OH thinks I'm winding down a bit early on!

We've become used to living so frugally, even though we don't have to now, it's hard to break the habit. We're both 40 next year and I'd love to go somewhere really special, but I'm struggling to think about spending a lot on a nice holiday. I feel a sit down and serious chat coming on.......(OH ducks for cover!!)

Maryx

george_jetson

I became mf a couple of years ago and to be honest it took a while - over six months - to get used to the idea.

I promised myself that for one year I would just enjoy myself and not worry about saving. I didn't buy anything (I toyed with the idea of getting a nice watch but didn't in the end) but took a lot of trips inc Tokyo, Las Vegas and Miami. Despite this I still managed to squirrel away a respectable savings pot.

Since then I've concentrated on getting some "just in case" savings built up, and kept up with the travelling. I'm naturally frugal and not materialistic so I'm quite content to plan my next holiday jaunt and enjoy day trips and nights out in the meantime. Also don't underestimate the sense of well being that comes from being mf. Work doesn't stress me anymore as I no longer need to be there, and this feeling of contentment just doesn't go away...

For the new year I want to learn scuba diving, a long standing ambition. I've toyed with the idea of going part time at work, but I still quite enjoy it, so that's on the back burner for now.

I still do the things I enjoy- swimming, cycling, reading (library books!). For me bring mf means a much less stressful life and the opportunity to splurge on foreign trips almost on a whim.

I would give yourself a good few months to really come to terms with being mf, and just bask in "the glow" - you've worked hard for this and deserve it.

A couple of other things - watch who you tell, i think the fewer people who know the state of your finances the better. Also think very carefully about getting into debt again, especially for another property tempting though it may be. I do not intend to pay another penny interest to a bank as long as I live...!

Maryland_Cookie

Hi George, we've been MF for almost 2 years.....it's still getting some used to! I agree with your last comment, only our parents and very close friends know that we are MF, no-one else - except you guys!! The odd time I mentioned paying off the mortgage I was met with some very puzzled looks and raised eye brows!