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Am I trapped by my mortgage?
Comments
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InMyDreams wrote: »I still think that *most* people couldn't, with or without b0ll0cks.
Of those that could and don't, I'd say that the biggest reason is not apathy or lack of self belief as you suggest, but the risks involved. Even if you believed you had a 90% chance of realising returns twice your current salary, would you be prepared for the consequences of not? How long would you give yourself? Those consequences will be greater for some than for others. And when there's children/family involved so it's not just your life you're risking, what chance do you have to give yourself to make it worth it? There are also consequences of making it too, that have to balance out the extra money. If it is going to mean you spending less time with said family, is the money/stress worth it? If you have to relocate, is that worth it? My husband has a stressful job, but at least we don't have to worry (unduly) about his income being there each month. If that wasn't the case then we'd probably consider higher risks too.
Let me guess... you are a Careers Advisor, right?
All joking aside, the 'risks' you speak of and the 10% chance of failing etc etc... would that all not fall into the 'lack of self-belief' category?
Someone wise once told me this: "Successful people are willing to do what unsuccessful people aren't." It's true.
Now I'm not suggesting for a second that people who earn less than £70k are by any means unsuccessful, but I'm sure you 'get' the sentiment.↑ Things I wouldn't say to your face
↖Not my real name0 -
It's mostly down to luck, 70k is a lot and I work with very incompetent managers who earn in excess of 100k. True they work long hrs but do not produce much at the end of it and it could be argued if they can't do the job in normal time they are doing something seriously wrong. If you don't think 70k is (rich, well off , comfortable call it what you will) you are living in a dreamworld.
You don't need an education to be rich, just a big mouth and good sales pitch
Looks like I'm in a minority here as normal Joe Bloggs would have left the thread after reading 70k.. So "I'll get me coat".
Have fun and remember to enjoy the money you save, also try and give some to charity that would be a nice gesture
PS I agree with most of inmydreams comments, I've never seen the word "rich" defined in so many ways haha!! Semantics are very boring0 -
I just set up my online banking with Nationwide so i can keep an eye on the mortgage, and in the transactions section it has all the monthly payments we have made as credits (this makes sense) and in the debits section it has a an amount marked as 'interest calculated as £xxx'. I assume this can be added to what I have outstanding on the mortgage? And if i make additional payments, this will reduce?
Any ideas?"I have enough money to last me the rest of my life, unless I buy something."0 -
Dithering Dad- "I was pointing out that people who earn 12k can work like hell for the money, but so do people who earn 70k, which seemed to be implied by our socialist worker pal that it wasn't the case."
Yes you have over 900 posts and are in these forums regularly so you are a very hard worker0 -
At least half a million a year seems like a reasonably well accepted definition of rich, getting the support of 83% of MSE poll takers.
You're in a minority here if you think it takes less than 100,000. Even at a million a year one poll taker in twenty doesn't think you're rich if you're single with no children:- A. £20,000/year 1% - (70 Votes) cumulative 1%
- B. £40,000/year 4.5% - (307 Votes) cumulative 5.5%
- C. £60,000/year 10% - (668 Votes) cumulative 15.5%
- D. £100,000/year 27.5% - (1842 Votes) cumulative 43%
- E. £200,000/year 18.9% - (1263 Votes) cumulative 62.9%
- F. £500,000/year 21.4% - (1431 Votes) cumulative 83.3%
- G. £1,000,000/year 11.1% - (743 Votes) cumulative 94.4%
- H. £5,000,000/year 5.2% - (353 Votes)
Erm, not sure if I've read this right it's late and my eyes are going.. 43% believe up to £100k is rich (or whatever definition/ variation), quite a sizeable chunk! You're 83% includes people who voted 20k/40k etc a yr (ie cumulative). Only 11.1% think 1mil is rich. I've not seen the survey so feel free to correct me if I'm wrong? And what happened to 0.4%? 94.4+5.2 = 99.6?
Please can some one confirm this? thanks0 -
tsharp, you're correct. The monthly interest charge will reduce as your capital amount owed reduces. If the interest calculation is yearly it may not happen until the next year end.
IFA, I added up the percentages for each answer, so the numbers don't add up to 100% due to rounding on the individual row percentages in the poll results post I linked to.
Yes, 43% believe 100,000 or a lower amount is enough to make someone rich and that is a sizeable chunk. There's a simple majority somewhere between 100,000 and 200,000. To get agreement from 4 out of 5 took half a million. Since I wanted a number that would get a fairly high degree of agreement - only 1 in 5 disagreeing - I ended up with the half million figure.0 -
It's mostly down to luck, 70k is a lot and I work with very incompetent managers who earn in excess of 100k. True they work long hrs but do not produce much at the end of it and it could be argued if they can't do the job in normal time they are doing something seriously wrong. If you don't think 70k is (rich, well off , comfortable call it what you will) you are living in a dreamworld.
You don't need an education to be rich, just a big mouth and good sales pitch
Looks like I'm in a minority here as normal Joe Bloggs would have left the thread after reading 70k.. So "I'll get me coat".
Have fun and remember to enjoy the money you save, also try and give some to charity that would be a nice gesture
PS I agree with most of inmydreams comments, I've never seen the word "rich" defined in so many ways haha!! Semantics are very boring
How much do you give to charity IFA? Oh, let me guess, the "like of us don't have spare cash for charity, only youse rich can afford it"
If your managers are so incompetent then what is stopping you from being a rising star within your company and moving through these "incompetent" managers like a hot knife through butter?
I'll tell you why, because people like yourself are happier moaning about other people who have taken the plunge and made something of themselves than actually doing it yourself.
If the managers are so bad at their jobs and you're so good, then there is no reason why you shouldn't be on 70 - 100k yourself.
If being rich is all about having a big mouth, then you should be a billionaire!! :rotfl:Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Dithering Dad- "I was pointing out that people who earn 12k can work like hell for the money, but so do people who earn 70k, which seemed to be implied by our socialist worker pal that it wasn't the case."
Yes you have over 900 posts and are in these forums regularly so you are a very hard worker
Actually, most of the posts I made on MSE were done during the evenings and weekends I had to spend away working in Norway. Something that I suspect you wouldn't do. During work time I post on MSE when I am waiting for people to get back to me, waiting for the system to finish its processing and during lunch.
I suspect IFA that you have a job where you sit around b!tching all day about how crap everyone else is at their jobs, how downtrodden you are, how craply paid and how terribly unfair life it to you.
In short you're a bitter failure, who doesn't enjoy his life and job but hasn't the balls to do anything about it.
I pity you IFA, but not because of your lot - you can change that if you try, but because you'll read this and not have the vision to see that I'm right. Here, I'll join you in some bitter tears on how crap your life is.. Ohh, woah is you.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
InMyDreams wrote: »...might clarify my misunderstanding of what you said about people who earn less than £70k.
That's my whole point. I didn't say a thing about people who earn less than 70k. Not a single word. I suggest you read my original post and highlight in red where I said something about people who earn less than 70k. I look forward to seeing this post as I suspect your red ink will remain in the bottle.
Do you tell your children that because of their working class background, or because they didn't go to the right school or because of any other number of reasons that they shouldn't try to make anything of themselves? Do you tell them that it's better to aim low because then they won't be dissappointed? Do you tell them it's better not to try because they may fail?
My folks didn't, they just pushed me and my siblings to do the best we could, supporting us all the way. I was taught that anything is achievable if you really want it and are willing to put the effort in.
An electrician working for a company could start his own business and make double his take home. So could a plumber, a teacher doing supply work, a mum who starts childminding then moves on to open a nursery.
The main risk involved in doing this sort of thing is not researching your business properly before you start (i.e. supply & demand, how to do the bookkeeping, finding a good accountant, looking for a niche in the market, finding out about what competitors offer and either offering a better or cheaper service).
In the end, the only thing holding people back are their fear of failure and the "naysayers" who concentrate on all the negatives and none of the positives.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
I asked my DH this morning how much we would need to earn for him to think we are rich. He said 'hundreds of thousands a year'. We currently manage ok on a combined income of 20k and don't really do without anything we want, and would do extremely well on 70k but doing extremely well is not the same as being rich.
I don't think that just anyone can set up their own business though. I'm a scientist - what could I do to earn more?0
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