Quest To Pay Off My 150K Mortgage in 3 Yrs!

Dithering_Dad

Brilliant post Angela, thanks.

Hillfly

Thought I'd post my support as well.
I too am an IT contractor and know what you all mean about the permi 'moaning mini's' always having a dig about contractors being 'rich' or 'mercenaries'. The risks of contracting can be high but the rewards can give you some great benefits - not all of them fast cars!

I just fell into doing it from temp jobs and then realised I could make good money as a 'proper' contractor. We used the extra money to initially overpay our mortgage and enjoy some nice holidays. Then we decided to start a family and wanted a decent size house to save moving twice so we 've got a big mortgage and a big house.

My wife gave up work as we worked out that we could afford for her to bring up our 2 (soon to be 3) kids on one income.
As a consequence we are not flush at all (though by some people's standards we seem well off) - just have enough to live happily - but the pressure is always on to keep the dollar coming in. I have been lucky thus far and have had no breaks in contracts for 7 years but I know it's always a risk.

Basically contracting has allowed me a bigger house than I might have expected at this stage in life - but most importantly it has allowed my wife to spend precious time with our children while they are young. In my eyes that's what makes the risk worth taking. If ever a permi job comes along that means we can still balance the books I will probably take it.

Those who could but don't contract should not complain about those that do - they should simply consider the risks against the benefits and make a lifestyle choice. I made mine - and I have a nice house, nasty mortgage and little hair! But the kids are happy and the wife is happyish - as happy as a pregnant women looking after 2 under 4 years old can be anyway!:rolleyes:

Dithering_Dad

Hi Hillfly, thanks for your nice comments and congratulations in advance on the new addition to your family. We've done the calculations and feel that the new permie job will allow us to balance the books and have some nice treats. I did intend contracting for at least 3 years and possibly as long as it took to pay down the mortgage, but when the permie opportunity came along it sounded too good to miss. It's an interesting role, still with a bit of travel to break things up a bit and it has a good salary and pension plan. If I can get my Oil company money out of my company without too much taxation, we should be able to put another chunk on the mortgage (or offset) and then put the rest to one side for a really nice holiday.

baffcat

Well done, DD. I've been reading your thread from within a week of its inception, and it's still one of the very few I read every week. After two years of chasing the mighty doller/pound/euro/whatever, I'm sure you've made the right decision for you and yours.

None of us can know your circumstances well enough to challenge your decision to slow down a bit. I'd say getting to your present position after only a couple of years of the seemingly non-stop attack on your mortgage is bloody amazing, regardless of what you earn, or of how how you've been earning it.

I'd hazard a guess that your wife has really appreciated being able to spend time at home, but that she'll be at least as happy to know you'll be able to do the same now.

Getting rid of a mortgage is a great thing. Having a good work/life balance shouldn't be mutually exclusive to it.

Just don't buy those chequered mirrors for the Mini, they're naff.

Baff

Little_Mama

Good luck with the new role DD, I have to say that OH's move out of contracting back to permiedom earlier this year was the best thing for us, especially as we know of a lot of IT contractors who've been on the bench for over 9 months now but will not make the move back.

I never followed you DFW blog but can empathise re the loss of £24K, we lost a few thousand more than that (and a car) when I decided not to go back to work after the birth of our first child (I was the main earner, with OHluckily catching up!), it does knock you for 6 but you do learn to cut your cloth and I, personally, feel it set us up very well for times like this.

All the best to you and your family and thanks for this blog as it was reading this that got me started.

LM

uzubairu

baffcat wrote: »

Just don't buy those chequered mirrors for the Mini, they're naff.

Baff

Extremely!

Ignore those people moaning.
You are in control of your life, and sadly a lot of them are not.

The only people you have to please are you and your family.

abouttimetoo

Hi DD

I don't think I've posted to your thread before but I follow it a lot, yours and Financial Bliss' were real inspirations to me when I stumbled across MSE/MFW last year.

I'm not in the same game as you job wise but I've lived out of hotels for more than 6 years with my own job and it is far from easy isn't it; after the first week of not making your own bed and room service it kind of loses it's appeal.:rolleyes: It's easy for people to think the hotel/studio lifestyle is easy but I don't believe just anyone can do it as it takes far more out of you than people think.

What is clear to me is that you moved from permie (am I allowed to say that as a non-IT'er;) ) to contractor and back to permie again because you were putting your family first and thinking ahead and that's all to your credit.

Very best wishes for your new job

Regards
ATT

James240

Dithering Dad have you ever thought of doing matched betting? Ive made a tidy £7k in 2 years and this was only starting up with £130 i had made from using cashback sites If you are interested hop over to the GIOL board as there is a fantastic guide there on how to do matched betting and the guys and girls there are very helpful Im just small fry over there but people have made upwards of £10k very very easily just takes a little understanding of figures as well as using an Excel sheet

Desperate_Housewife_2-2

Hi DD just read some of your posts and wanted to say 'good luck' in your new job. I think you are right in trying for the right 'work/life balance'.

Take no notice of people who criticise, you do what's right for you and your family. Money is nice but its not everything and you can't get time back with your family. My BIL's wife has just kicked him out because he was working too hard and it ruined their marriage, he didn't see it coming either.

Work is a means to an end for me, I'm lucky that I enjoy it and earn good money really (this is all relative anyway) but I'm earning more than in any other job I've had. I work freelance too and it can be quite hard as you never feel that you are part of the team and if you upset anyone its curtains! No sick pay, only as good as your last shift etc... The flipside is that I've been here 9 years and it fits in with the family. In that time I have paid off credit cards, had stuff done to the house and (as you know from mfi3) have nearly paid off the mortgage. The permis at my place are up to their eyeballs in debt mainly due to feeling secure in their jobs which to me is a smoke and mirrors thing anyway.

I say well done! and good luck

Dithering_Dad

Thanks everyone for your really kind comments.