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MF Motovation
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kempiejon said:CrazyBee787 said:kempiejon said:CrazyBee787 said:kempiejon said:I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.
Housing has a cost, one generally has to pay it, there are different ways.
There are positives to not owning a home, you really can't see any?
How about not being in debt, not have property maintenance, having to occupy the same place while you own it.
I can see it's awkward me chiming in on this board with my fairly specific ideas of not having a mortgage, or with a mortgage not wanting to clear it as soon as possible while money can be working elsewhere.I personally see renting as a waste of money.To each their own.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
kempiejon said:CrazyBee787 said:kempiejon said:CrazyBee787 said:kempiejon said:I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.
Housing has a cost, one generally has to pay it, there are different ways.
There are positives to not owning a home, you really can't see any?
How about not being in debt, not have property maintenance, having to occupy the same place while you own it.
I can see it's awkward me chiming in on this board with my fairly specific ideas of not having a mortgage, or with a mortgage not wanting to clear it as soon as possible while money can be working elsewhere.
Not being in debt, repeat of above however when will you ever not owe someone something (rent), you will always have to find the money and unless you have 100% fullproof way of keeping enough money for rent, where you have managed to be ultra savvy and keep a massive pot to earn interest to help live off should you fall into hard times or retire. However I am of the traditional sense there is security in bricks and mortar. I have seen stock markets crash and the interest rates drop, yet your house is still there and hopefully even after a storm.2 -
CrazyBee787 said:I see yes, there are benefits to not having a mortgage like being able to upsticks whenever you should choose
.../
However I am of the traditional sense there is security in bricks and mortar. I have seen stock markets crash and the interest rates drop, yet your house is still there and hopefully even after a storm.
There are warnings on both sides of the opinion. Owning a house comes with lots of property costs.
But my point being owning a house and clearing the debt isn't the only way to acquire quality housing nor necessarily the best.
The specific cannot really inform the general and vv.
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My motivation is simple. The quicker I pay it, the thousands I can save over the years to pass that onto my wife and child. We get better holidays, nicer things in the long run. Over paying is a must (in my head), whilst balancing it with wanting to lead a comfortable life right now as you don’t know what’s round the corner.3
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kempiejon said:CrazyBee787 said:I see yes, there are benefits to not having a mortgage like being able to upsticks whenever you should choose
.../
However I am of the traditional sense there is security in bricks and mortar. I have seen stock markets crash and the interest rates drop, yet your house is still there and hopefully even after a storm.
There are warnings on both sides of the opinion. Owning a house comes with lots of property costs.
But my point being owning a house and clearing the debt isn't the only way to acquire quality housing nor necessarily the best.
The specific cannot really inform the general and vv.I lived the life you're talking about for the last 18 years, I've been renting and consulting around the UK, took privilege to being able to relocate without the constraints and added burden of property maintenance. But the reality is, job security is not guaranteed! We know you could be made redundant any minute, even with your own business The Company House says lots and lots of companies have closed down higher than it was 10yrs ago, the average life span of a company is also lower now than it was before. You'll get to a point where you either have children that require stability and you can't be moving around, and you can't guarantee your life for them, or reach the old age where you will struggle to find a job even if you wanted it. Even if you talk about saving up money, inflation is making money worthless.Your age and mindset plays a role in your way of thinking, the younger you are the more risks you take, when you start a family with children, it's no longer about you.Note:I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.Mortgage debt start date = 25/10/2024 = 175k**/2024 = 139.3k01/2025 = 137.3k2 -
beanielou said:kempiejon said:CrazyBee787 said:kempiejon said:CrazyBee787 said:kempiejon said:I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.
Housing has a cost, one generally has to pay it, there are different ways.
There are positives to not owning a home, you really can't see any?
How about not being in debt, not have property maintenance, having to occupy the same place while you own it.
I can see it's awkward me chiming in on this board with my fairly specific ideas of not having a mortgage, or with a mortgage not wanting to clear it as soon as possible while money can be working elsewhere.I personally see renting as a waste of money.To each their own.0
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