What do you do when mortgage free?

Di-Dough

I would love to have savings and go on holiday if and when I liked

Jillinoz

Can I join in this one, even though I've already completed my MFW journey? To be honest, I'm always hesitant to contribute to these threads, lest anyone think I'm a smug so-and-so, but I personally always like to have a perspective from the other side of the fence, so I'll muscle in anyway!

I achieved mortgage freedom three years ago (at the age of 37, for anyone who needs to know this level of detail ) and since then I have:

participated in a round-the-world yacht race

downshifted from a professional and high-stress career to fund myself through floristry training with Jane Packer (very well regarded by those in the know).

arranged my working hours to suit my life and only take on jobs / work I know I will enjoy and working with people I like and respect

begun the process of adopting my first child - as a singleton, I would only have the confidence to commit to this without any large financial outgoings given that a requirement of a successful application is that a carer is at home with their child for a minimum of six months

invested in the bikes of my dream (can be an expensive hobby, as I'm sure DD will attest)

become a more active member of my local community now that I'm not commuting and only spending hours of darkness at home, and consequently made lots more friends and social acquaintances

committed to taking every Thursday morning off work so I can go to the special elevenses feature at my local art house cinema (free cuppa and a biscuit, so it appeals to my ingrained MSE habits!)

continued to be frugal so I can build up a healthy savings pot / pension fund (to be honest, going to work to do a big job is expensive what with all the commuting costs, the lunches out, the team collections, the appropriate wardrobe, the 'i've had a rubbish day, so I'm going to go shopping and blow £xxx on even more things I don't need and probably don't really want' etc etc)

treated myself to a long weekend away (UK and abroad) whenever I can (the plan is once a month in 2008)

May all your MFW dreams come true, too. Good luck.

Jillinoz

Squiggly_Diddly

Same here, will work part-time (although a stressful job as I'm currently at uni training to be a social worker!). But to be able to have time off to relax when I'm not doing that, potter at home, do some crafting, visit the spa more often, help the kids out if needed. Just have a better quality of life really....

FreedomGirl

Hi Jillinoz (and other MF guys and gals who are lurking),

Thanks ever so much for posting - It's great to hear what it's like from the other side of the fence...:D

We're going to be MF in about 6-12 months (and I'll also be 37!) and both me and the OH are looking forward to it. It's been a hard ol' slog getting to this point, with the usual life hurdles that get in the way. In fact, I can't predict accurately the MF date because of some job uncertainty, which might delay things to the end of 2008!

What you said about only working on jobs you want to, and with people you respect (very much) struck a chord with me. I'm contemplating what's next in terms of ways to earn money, but I expect I'll be a freelancer (have done this in the past, so am OK with money cashflow, and the whole process of getting work).

But, apart from that, I haven't done much thinking about how the post-MF life will look and feel for us. All the effort so far has been on getting good info on our monthly spends, and practising setting and hitting budgets (e.g. on food).

Actually, I'm a bit horrified at myself for not having done a bit more dreaming!

When did you start planning out your MF life (any dos and don'ts as well)? Can I be cheeky and ask how many months running costs did you have banked when you went MF?

I think us MFW-ers might need MF "L-plates" (and a guide from the MF-ers on how to have the best MF life)

Thanks again for posting

FreedomGirl

thriftyget

Hi,
We hope to be free in just under 3 years. We have thought the usual-part time, less commuting, take the dogs around Europe in a campervan! The thing that appeals the most (very sad) is to get a cleaner! Maybe pay for contractors rather than struggling on ourselves-currently demolishing/plasterboarding.

lilac_lady

I'm MF but living on my own I have to keep working till I retire at 60. The benefit is being able to save a bit so that my retirement should be a bit more comfortable for me. It's also good to have a reseve in case of emergencies.

ailuro2

The way the market might be headed, I foresee that once the mortgage is paid off we may be able to afford a nicer home for ourselves- one that ticks every box, mind, open fireplace, stone built, right catchment area for school etc. etc.

It would mean another mortgage, but we know how quickly we can get rid of it now we have started really putting our minds to it,even though we're pretty much working class folk on average or less wages.:j

chappers

Quit working and commit to my property developing full time, but be much more hands off. Oh and go back to spending money like it's going out of fashion.
All being well in 5 years time.

BRING IT ON.

do_it_today!

Hello :hello:
Id Like to work part time walk dogs more, travel without the two week restraints paint more. get involved in my community.
Im sure theres much more - will have to do abit more thinking then come back

[Deleted User]

Our current options include:

- Save up for refurbishment of the house
- Get a better house
- Get a second house
- Invest the extra money so we can retire early
- Two or more of the above