Mortgage Free in Three Yrs

Trying_to_be_good

ailuro2 wrote: »

... the best advice I found that has worked for giving a presentation is the Rule of Three. People can't remember more than three things, so have your welcome, summary of three things, talk at length about the three things, then summarize and ask for any questions.

Cupid S and ailuro2

Another little saying that I've found helpful is "tell them what you're going to tell them, then tell them (in detail), then tell them what you've told them" - i.e. ailuro2's summary, talk, summarize. It just helps me remember to do the first and last bit, not just the middle bit!

Good luck, both.

catshark88

I always found it helpful to make eye contact with people in the audience as that creates empathy and you can generate quite a buzz of support as people start nodding as you are talking.

If there are too many people or the room/ hall is too large, try the old actors trick of identifying a point at the back and more at the side and in the centre and talk to those points (as then everyone thinks you are singling them out).

My other bit of advice would always be to really know your material, then you feel more confident and ready to go, get 'em. Good luck!

OverlandLandy

mojo_jojo wrote: »

The shares were from an employee share-save scheme which ended. I put in £9k and they are worth £18k ATM (£9k profit - probably a bit less ATM due to the market). As I understand it I only pay CGT if it's over approx £10k profit?

Its possibly best to phone HMRC.
The level used to be around £9k ...there is also a handy thing called Indexation (now ended - but still applies depending on how long you have held the sahres)..... but you will need to look on-line for it as its easier to understand than me explaining it!

If in doubt - sell over 2 tax years and you will be OK.

I dont regret cashing my shares in. You just need to work out what you save in Interest payments if you do this. As a VERY ROUGH guide for every £1 you pay off you will save almost £1 in interest charges (but this is quite personal and depends on the term remaiing, interest rates, penalty charges etc....). Try playing with this calculator......just plug in your own numbers.



http://www.charcol.co.uk/knowledge-resources/calculators/flexible-mortgage/

Move_To_Portugal

Just wanted to point out an article on MSN today. 'What does the US recession mean to us in the UK' which at the end of it has a quote from Warren Buffett, richest man in the world.

but my main suggestion for just now would be to echo Warren Buffett's advice, which is that "the best investment anyone can make is to pay off their mortgage as early as they can." With the cost of home loans rising, that makes more sense now than ever before.

mtp

molit

Well I've just found out I've hit my MFI3 target which is good news:beer: - the down side is that its through redundancy. :eek:


It sounds more dramatic than it really is though - have ended up with about 2 years worth of salary after tax, and I suspected this was coming, so already have three job interviews lined up, for jobs with more money.
Think I'm quite happy although still a little shocked. Question I do have is what should I do with the money - should I put it all into mortgage as soon as I get a new income, or should I invest some in stocks and shares/housing/lottery tickets in the hope that itll grow at more tha the rate of my mortgage? Would welcome peoples views as I've never had such a large amount of cash

TheBees

Hello everyone

We've not been on here for months although we are still working towards our target. (Members number 122)

Each month we've been sending £125 to a savings account which has now reached over £1000. When we get to £1500 I'll withdraw it and send off to make a capital repayment. It's nothing like as much as some people have paid off of whom we are very envious but never mind.

Good luck all
TheBees

ailuro2

The Bees- £1500 is still a lot of money- well done!! That can save a good lump of time and interest on a mortgage if paid in early enough in the mortgage!

Molit- good luck with the job interviews, sounds like you've already found your silver lining in your cloud.. As always, find the highest interest rate for your money, top up your ISA before the end of the tax year, etc. Personally I'd keep a little money back and treat myself once I have a permanent contract in the new job, to reward myself for those months of stress wondering about redundancy. We all have to live a little.:D

Trying_to_be_good

Molit

Sorry/Happy to hear your news - whichever is appropriate! I think if it were me I'd probably go half and half. Once I had a new salary coming in I'd pay half of the payment off the mortgage (assuming no penalties etc), and split the rest between ISAs (cash), maybe something a bit more risky (equity ISA) and some high interest savings. Oh, and a bit of a treat - nice weekend away or fancy meal out!

Kaz2904

Molit, I tend to agree with TTBG. I think a treat must be factored in when you get a new job. When will you ever get "Given" that amount of money again?
What kind of mortgage do you have? Can you offset it?

hughmungas1986

I remortgaged at the beginning of the year ( Woolwich / Barclays lifetime tracker for £56000 over 14 years), I have been into the local branch today to overpay by £2500. Hoping to reach the MFI goal I've set myself of owing £20000 by April 2010. Thanks to all who post their great ideas on this forum.

hughmungas :j