Freedom is never free; MFW in 2 years?

MissCreative

Hi, how are things going Gen?

I think the problem I have with wanting to get more thrifty is already being at the limit of what DH sees as thrifty, so it's hard to come up with things he won't object to and see as going too far

Gen_Y_Saver

It’s been a while since I last posted.

I started this blog 16 months ago. My aim was to pay the mortgage in 24 months. In short, I’ve paid off 22.5K of my £65K mortgage (around 35%) in this time. However, I also have built up £35K of savings. I could, therefore, reduce my mortgage to £7K right now, if I wanted to. I’ve not decided if I want to do this yet as my mortgage is only £195 per month.

Message to everyone out there. It is possible to clear a mortgage quickly. Become a money ninja and reject being a Consumer Sucker.

Peace all

Tropically

Wow! You are doing a great job! I would love to have a £195/month mortgage!!

themadvix

Well done Gen_Y, sounds like you've beaten that depression from the summer too...

I agree with Tropically - I'd love to have such a small mortgage left! You'll be done completely soon!

seatbeltnoob

What does it really mean to be mortgage free by 30? You couild die before age 30 and never live to fulfill your wish. You'd have not experienced holidays, experiences, fine dining etc with your other half. You have to live a little.

Gen_Y_Saver

Hi all,

Thanks for your support.

Seatbeltsnob – I went on holiday twice last year. However, if you think “fine dining” and a few bits of random junk are worth exchanging for a significantly longer worker life, then you are institutionalised by external ideas about how people should live their life. People buy into the that you have to eat out to have a meaningful and enjoyable dining experiencing with your other half. This is BS. People buy into the idea that if you spend more money on a diamond ring for your wife, you love them more. This is also BS. People buy into the idea that a sports car makes them more important. BS (the list is endless).

Real fulfilment doesn’t come from acquiring material items. It derives from having the ability to live a free life. Having the choice to do what you want, when you want. The only way to achieve this for the average person is sacrifice. The alternative is sitting in an office for 30-40 years for 80% of your day. A few meals or toys only ever provides temporary respite to this problem.

To answer your question, though – I agree; mortgage freedom doesn’t really change that much. It merely lowers living expenses. The real goal is to generate enough income from assets to cover my living expenses. This is a lot harder than becoming mortgage free!

Peace x

ratrace

seatbeltnoob wrote: »

What does it really mean to be mortgage free by 30? You couild die before age 30 and never live to fulfill your wish. You'd have not experienced holidays, experiences, fine dining etc with your other half. You have to live a little.

It means you can be free
It means you can work part time and enjoy the rest of the day
It means you can tell your boss to stick his job
It means you get to enjoy family time
It means you can invest in your health
It means you can reduce your stress levels and get off the fags and drink
It means you are not working for the bank anymore

It means CHOICES

Gen_Y_Saver

...Or what ratrace said!

Swash

Well done on your progress so far! I'll be subscribing, and hopefully starting to overpay next year.

seatbeltnoob

ratrace wrote: »

It means you can be free
It means you can work part time and enjoy the rest of the day
It means you can tell your boss to stick his job
It means you get to enjoy family time
It means you can invest in your health
It means you can reduce your stress levels and get off the fags and drink
It means you are not working for the bank anymore

It means CHOICES

there's a saying if you think your home is yours, just stop paying council tax for a few years and then you'll find out who really owns the property.

You'll be imprisoned and if you still refuse to pay your house will be seized and sold to recover their fees.

There is nothing wrong with being in debt, provided it's the right sort of debt. I once believed in this idea of "debt is bad" and never borrowed money from friends or the bank for my business. I very S-L-O-W-L-Y grew my business debt free. Then after 2 years of trading I was eligible for a business loan and got one. I got much needed investment to quadruple my trade, hire staff, get a decent office space and become much more successful.

You just can't be a risk averse hermit and shy from debt if you want to be successful in business.

I would say the same is true for personal debt. I'd rather go all out and get a great big house that I'd want to spend the rest of my life in than try and "get on the property ladder" with a tiny house that I'd outgrow as soon as kids become tweens.