Mortgage free - What next

Up_the_Creek_4

O.K. I read the books, did as I was told. Remortgaged every 2 years for the best fixed rate around. Saved like crazy and at the end of the 2 years reduced the mortage with my entireworldly savings. However, with 1 year to go to be mortgage free I have no idea what to do next - yes I will take the first holiday for 8 years, but what should one do in the existing environment?

wymondham

sip champagne and smile at the gloomy financial news on TV ?? :rotfl:

Well done you.

Dithering_Dad

How's your retirement planning going? Might be a good idea to pile money into your ISAs and Pension, especially while shares are nice and low, so that you continue the reduced stress lifestyle you gain by paying off your mortgage until the end of your life.

poppyoscar_3

Definitely treat yourself - the whole point of being mortgage free is to free up the cash you would be paying as interest isn't it?

at least enjoy it for a while before you start saving again!!

I will - but unfortunately not just yet!!!:D

farhad1965

Dithering_Dad wrote: »

How's your retirement planning going? Might be a good idea to pile money into your ISAs and Pension, especially while shares are nice and low, so that you continue the reduced stress lifestyle you gain by paying off your mortgage until the end of your life.

I second DD's recommendation.

Up_the_Creek_4

Thank you all. I am 32, soon to be 33, I am looking at the ISA'S as a means of setting up my PENSION. I like, all my friends don't trust pensions as our parents all lost a lot of money. Please expand upon the stocks and shares theory, do you use brokers or learn by yourself?

farhad1965

Up The Creek - I have Maxi ISAs and pay £14k into into each year for the mrs and I in total. My IFA suggested we use cofunds and I invest the £7k + £7k into 7 different funds. Every so often we review and switch funds if necessary.

arthur_dent_2

Have a party, enjoy life,
Do everything that you intended to do when you were 18 but couldn't afford to. Take at least 6 months off from being sensible and then if you have to you can do the sensible boring saving up for the future thing that we all know is the right thing to do but not the most fun.

tsharp

Buy canned goods and clean drinking water, stock up on ammo and head for the hills.

Up_the_Creek_4

:eek: Yes I have the cupboard stocked, and as a non smoker a few packets stashed, but assuming things are not too crazy:A does it make sense to:
:T make the most of full ISA allowances to make up my pension over the next 30 years, and make say 430k (I know the markets could take a hit over time).

Do I look out for reposessions over the next 2 years, or does the government spoil the fun with capital gains?

Where is the best place to put the money I save each month to cover my future tax bill as I am self employed?

All this has been a shadow against the goal of paying off the mortgage, but is now suddenly coming very important as the financial world goes insane, probably sending us with it.

owitemisermusa

Up_the_Creek wrote: »

Thank you all. I am 32, soon to be 33, I am looking at the ISA'S as a means of setting up my PENSION. I like, all my friends don't trust pensions as our parents all lost a lot of money. Please expand upon the stocks and shares theory, do you use brokers or learn by yourself?

Please do a diary/how i did it/roll of honour thingy please, pretty please? :T