Mortgage free in 10 years

gallygirl

NorthernMonkey1 wrote: »

I had an interesting dilemma present itself today.

My one day a week job is still plodding along. It pays quite well. Really well TBH, £350 a day, plus 380 miles expenses at 45p per mile. Thats over £450 a day if I take away the tiny amount of fuel my little panda sips.

If I put the credit card of doom back on the mortgage, and sign up for a 20 year fixed rate, which drops the mortgage right down, then I can probably work one day a week. For ever more.

It's like 80% of retirement. Right now. It's kind of an insane thought, but it's also possible.....

Wonderful dilemma to have :T:T:T.

What about pension provisions? You're paying a lot in at the moment so you need to work out the impact. How does Mrs NM feel about it - and how have her hours panned out? How frugal would you have to be? No more new motorbikes! How do you feel about working one day a week forever rather than completely retiring early? How could you keep your skills up to date if you were only working one day a week - you're in a fast changing area.

Lots to consider - but, to repeat, wonderful dilemma to have .

NorthernMonkey1

My Sharesave doesn't pay out until the 1st of August, and then I've got 3 months notice, so even if I decide to do this, its going to be a little while.

Now the bikes are paid for, they don't cost a lot to run, but yes, it would mean no more new bikes... Hmmm

SuperSecretSquirrel

Awesome situation to find yourself in NM!

Any chance of increasing the one day a week job so its two or three days a week? If so I'd be ditching the day job!

NorthernMonkey1

I'm not sure if the people employing me one day a week want to pay any more money, its already costing a fair bit for me to be here.

It's a problem, because I can't keep up the current work rate. Im working my main job on compressed hours, but still 40 hours over 4 days, then working 8 hours in the second job, but its 4 hours drive each way away, so a 16 hour day.

I think I'm suffering a little because I can feel my pulse, and normally its something I'm unaware of. It's sat at 75 while I'm sat here (I'm an IT monkey. It's hardly a strenuous job)

SuperSecretSquirrel

I wouldn't accept a stressful life for any amount of money, but we're all individuals and we all feel differently about these things. I reckon there's no point being FI if you're unable to enjoy it.

If the one day a week job is secure, I'd definitely consider it, easy life and enough money to get by comfortably

I guess you could always look for a new full time job at some point down the line if you wanted one?

NorthernMonkey1

Still waiting for the 1st of August. Feel like I'm wishing my life away a bit.

I don't know what I'm supposed to be doing in my new job, and feel like someone is going to work this out soon. I'm quite good at pretending that everything is OK on the outside, but inside, I'm stressed out.
I've booked a holiday for me and MrsNM for a week in Turkey for Thursday. It was only £500, so a bit of a bargain. Hopefully feel better on my return, but I've got a heap of work to complete this evening for my second job. I couldn't get something to work yesterday, and I've not started packing yet, or got holiday money.

Hopefully I'll work out what this job is about, or I'll get made redundant, or something. As long as I'm not stuck in this odd void. It's melting my brain

Kittenkirst

Northern Monkey- your words ring so true to me! I've recently
Changed. Roles and have no clue what I'm supposed to be doing. I feel such a fraud and am working hard but worried I'll be exposed for not having a clue!

Hope
Your situation eases up and it gets easier x

NorthernMonkey1

It's been a little while since I've posted.

Its share save day. I'm not quite sure what happens. I've filled in (many) forms and the money should just appear in the account, but I'm not quite sure how long it takes. Because I don't have the money yet, I've not included this in this months totals.

The job is getting a little easier, not much though. Still feel like I'm making it up as I go along. I feel a little more comfortable knowing that my second job could (just) support me if anything goes wrong.

I'm also still doing a bit of work for myself. Not taken any money out the Ltd company yet, but I am charging the client mileage at 45p, and the difference between what my car uses as fuel and the 45p is going into the mortgage, which has been a fair bit in the last few months.

Mortgage now stands at £6256, and the credit card of doom at £14050, just making minimum payments on this as its at 0%.

Total debt stands tantalizingly close to starting with a 1, at £20306
savings comfortably above this now at £16350 in an ISA, and £14900 in the sharesave (this is the un-optioned value), leaving me £10900 in the black.

SuperSecretSquirrel

Awesome figures NM £6,256 mortgage remaining, and a big lump of sharesave cash on the way... Are you tempted to wipe it out completely?

Glad to hear the main job is improving, even if just a little

NorthernMonkey1

The Mortgage doesn't bother me, but the credit card does.

There is no logic behind this, as the CC is at 0% and the mortgage at 2.69%.

I've just got my share save statement tho. £7200 of options (all of the eligible options) have sold for £15400

That pushes my net worth up by £8200

I'm more tempted to pay off the CC, but I know its not a sensible idea. Got a few days to brew on it while the money transfers into my current account