What are your plans for your money after mortgage paid?

minimoocow

I agree with Baz although there are so many variables (i.e. interest rates, salary changes, new products) that it is very difficult to know what to do for the best! Is it better to pay off mortgage in 3 years and then put the money saved each month into a pension or to pay off mortgage over the longer term and put more money in the pension now? I suspect the overall effect will be much the same.

From my point of view I think the key is to do SOMETHING! So many people I know talk about what they are going to do (overpay, get a buy to let, start a business) but never do it.

I should also add I am on the MFiT challenge but we are not attempting to do this by neglecting other investments - me and Megamoos both have pensions which we pay into each month and we have savings which whilst are currently offset against our mortgage we are not counting as part of the challenge so I think it is possible to do a bit of everything!

MMC

minimoocow

PS - forgot to answer the original post!

When the mortgage is paid off we are hoping to start a family so will probably end up getting a family house but with a much smaller mortgage than we would otherwise need which will mean I won't have to work.

Although I think we will have a big party first!

That's the plan anyway - watch this space (or rather the MFiT thread!!!)

daleyd

sloppy_saver wrote: »

To retire. Unlike the many Mortgage Free ASAP clowns, I'm paying my mortgage off over a reasonable timespan so that I have the resources to not only be mortgage free, but to also be totally financially self-reliant when I am old.

That entails making a broad spectrum on investments, not just in a single asset (my home), but in pensions, ISAs, Funds, Shares and property (both domestic and retail).

After 10 years of squeezing every penny to puy off their mortgages, these dumbasses will have a house paid off. I will have a proportion of my house paid off, a proportion of my pension investment paid, used up 10 years worth of ISA allowances and have had many years growth on my savings and investments.

Ask yourself who is the better off by the time we retire. You morons.

I.m sure you will be very happy.

Moron.

Dithering_Dad

daleyd wrote: »

I.m sure you will be very happy.

Moron.

:rotfl: :rotfl:

My next aim will be to put away enought money to pay for my little one to go to private school. She had learning difficulties (she has Dyspraxia) and we feel she would do better at a school with smaller class sizes where she will get more attention. With no mortgage or much reduced one, we should be able to afford this quite comfortably.

At the moment we are reliant on the local authority to supply teaching support, but it's such a struggle. She is at the local primary school and doing OK, and we know her current teacher and the one she will have next year and they're really good. After that, we don't know so will probably think about getting her private then. We'll see how she goes though.

daleyd

When ours is paid off (And just for you SS, I will also have savings and a pension, !!!!!!!!) my aim is to give up my current job which involves a lot of travelling and get something more local.

Probably mrs D will also give up work and we can have a few little Ds running around as well.

With the money saved on mortgage payments, our standard of living will hopefully stay the same, but we wil have more time/less stress to enjoy things - I don't know why but for some reason the caburys Caramel bunny just popped into my head.

Now she was fit!!

keeperbear

sloppy_saver wrote: »

To retire. Unlike the many Mortgage Free ASAP clowns, Ask yourself who is the better off by the time we retire. You morons.

Sloppy saver is a complete troll who has been banned from these forums many times before. Just ignore him as he is an idiotic muppet trolling for attention. I suspect he will neglected as a baby or something. Report his posts to a moderator, and then we will see who the true moron is.

Hopefully, his new account will be banned again. Just add him to your ignore list.

roswell

sloppy_saver wrote: »

used up 10 years worth of ISA allowances and have had many years growth on my savings and investments.

Already had my fun with you in the past sloppy saver, so just explain again ... if in 10 years time your isa value is 10 years contributions and a negative return how does that help your retirement plans ?

Will ISA`s be around in 10 years time ?? will they stil be tax free in 10 years time ?

At least you can keep warm and dry in a house.

Martinslovechild

Each to their own. There will always be sloppy savers out there. It's down to each & every individual to determine whether they should pay off their mortgage early, invest more in their pension, bump up their savings or indeed a combination of all 3.

Sadly there's no one answer - it's all down to personal circumstances. However, with the previous 10 years being a generally low inflationary environment (and thereby reducing savings rates), it's made more sense to pay off the mortgage rather than saving. The flip-side is that shares have done very nicely indeed since mid-2003, so it's also made sense to invest in equities.

Frankly, knowing that the house is mine & paid off is a major incentive. That way, If I lost my job, at least I would have the security of knowing that I wouldn't need to struggle or god forbid, sell up & move out.

nrsql

sloppy_saver wrote: »

To retire. Unlike the many Mortgage Free ASAP clowns, I'm paying my mortgage off over a reasonable timespan so that I have the resources to not only be mortgage free, but to also be totally financially self-reliant when I am old.

That entails making a broad spectrum on investments, not just in a single asset (my home), but in pensions, ISAs, Funds, Shares and property (both domestic and retail).

After 10 years of squeezing every penny to puy off their mortgages, these dumbasses will have a house paid off. I will have a proportion of my house paid off, a proportion of my pension investment paid, used up 10 years worth of ISA allowances and have had many years growth on my savings and investments.

Ask yourself who is the better off by the time we retire. You morons.

Can only tell by hindsight.
What happens if rates rise to say 15% again or more and the stock market crashes and you need to eat into your savings to pay the mortgage and stop paying in to the pension?
Those that have paid off their mortgage early would be feeling very smug.

You are just making the decision that money will work harder elsewhere than paying off the mortgage - and also, crucially, that you will not squander money not applied to your mortgage. Everyone has to make there own decision and no one knows in advance what will happen (I could say it's the people who don't realise this that are the dumbasses and morons).

ailuro2

I rarely post new topics, and now when I do I go away for two nights and come back thinking I had twenty new suggestions as an answer to my original question:D

...only to find a sh!tstirrer had come in and put people off answering the original question:mad:

sadly it's not that the answer was bad, just the attitude! I hope when you grow up you can learn to be more polite and perhaps have people consider your opinions valid.:p

Thanks for all the ideas, everyone- having more kids isn't an option we'll be taking up anytime soon, though.:A