DON'T Pay Your Mortgage Off Early!!!

Dithering_Dad

This article was posted on another "Don't pay off your mortgage" thread that was started up while this one was closed. Basically, these articles seem to be written by people who have steady, long-term jobs with a guaranteed, set amount of money each month to be able to invest.

If I were one of these people, then it would make sense to put a bit of money here, a bit there and a bit somewhere else, and then over the period of 25 years you would have your mortgage paid off, pension pot brimming over and 25 years worth of ISA savings.

However, we're not all in nice, safe jobs. Some people want to give up work and have kids, some people want to change from stressfull high paid jobs to more enjoyable lower paid jobs, some people (like me) have temporary employment so their income fluctuates. These people do not have the regular disposable income to build a balanced portfolio, so they reduce their debt to cover their reduced income and also to reduce their outgoings while out of work.

Nowt wrong with this - I don't understand why people jump on our backs about it so much?

auntie_brenda

Dithering_Dad wrote: »

This article was posted on another "Don't pay off your mortgage" thread that was started up while this one was closed. Basically, these articles seem to be written by people who have steady, long-term jobs with a guaranteed, set amount of money each month to be able to invest.

If I were one of these people, then it would make sense to put a bit of money here, a bit there and a bit somewhere else, and then over the period of 25 years you would have your mortgage paid off, pension pot brimming over and 25 years worth of ISA savings.

However, we're not all in nice, safe jobs. Some people want to give up work and have kids, some people want to change from stressfull high paid jobs to more enjoyable lower paid jobs, some people (like me) have temporary employment so their income fluctuates. These people do not have the regular disposable income to build a balanced portfolio, so they reduce their debt to cover their reduced income and also to reduce their outgoings while out of work.

Nowt wrong with this - I don't understand why people jump on our backs about it so much?

I agree with you entirely DD. i'm hoping to go from a well paid secure job to a less well paid s/e job but with a better lifestyle - so I'm trying desperately to lower outgoings, and something has to give.

I think TBH I'm too much of a worrier to invest a great deal in stocks & shares - those I do have, and my pension, I deliberately shut out of my mind apart from 6 monthly reviews. And as todays news shows, even a safe building soc account can still give you grief!

PS anyone know of an interest free credit card with a large limit? I hear Northern Rock are trying to balance transfer 115 million :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

David_Cd

Deleted_User wrote: »

The things I have gone without meanwhile include holidays, latest gadgets, large TVs, frivolous clothes shopping, and anything else not deemed essential.

I've also done without these things (and no car) - and I earn a decent salary - so where the hecks all my money gone!

IveSeenTheLight

David_Cd wrote: »

I've also done without these things (and no car) - and I earn a decent salary - so where the hecks all my money gone!

Maybe Auntie Brenda has the answer

Auntie_Brenda wrote:

Which has to be better than p*ss*ng it up against the wall every Sat night, surely?