Mortgage free - What next

Up_the_Creek_4

Oh well, not quite like City Slickers then.

I have managed to convince hubby to go for the ISA cash allowance this year, just finished on-line and hope all is sorted. We used some of the 10k never to be touched fund for this, so the documents will be put away and padlocked!!

I forgot to mention to others reading this I use the children's family allowance to save for their 18+ whatever they will need it for fund. The eldest missed out on Child tax credits so I have been using my stocks and shares element of the IAS scheme (as at the moment we have insufficient money available to use this, being focused on paying off the mortgage) and put in the £55 per month - it has not done too well this year as I just called for a balance, but that is probably more to do with existing circumstances, I will stick it out for another year. My 2nd did get the £250 voucher and I top it up monthly with the other half of the family allowance. It was the only way I could be disciplined and guarantee a set sum of money to pay those darn Uni fees!

For now watch this space until the magical May 17th and see how we manage to wangle the mortgage with all the sensible advice of getting the ISA's.

swiss69

Paying your mortgage off in such a short space of time is certainly an achievement. Well done!

I have the opposite view of mortgages. If you have a decent pension (final salary and progressive career) then the mortgage debt will pretty much become irrelavant over a period of 25 years or so. I pay £500 per month on the debt - This will pretty much stay the same as long as interest rates are constant (This is in your control too with fixed rates available). Salary will increase and as such so will pension at the end. I plan to continue paying it forever! - Not for everyone though!!!

Up_the_Creek_4

Hi Swiss,

To me the final salary pension is like a mythical creature, in our industry they just don't exist. It would be lovely to know my salary would always increase, but being a mum with 1 child just at school and the other at nursery I am afraid my salary is somewhat stale at the moment, and significantly lower than it would be if I could work from 7-7. It also frightens me when I see people I know in the financial world, very dedicated to their jobs, suddenly become redundant overnight, most at the moment are just in contracting work. I think I must be a control bunny, in that the thought of trusting my money in a normal pension scheme to the forces of the market out of my control does not make me feel comfortable. I wish I could be as confident as yourself, but keep on saving and enjoy the golden years.

kazwookie

UTC well done for all your hard work.

BUT

£700 for a puppy! :eek:

Why not try the local RsPCA or dog trust in your area.

Good luck

swiss69

Up_the_Creek wrote: »

Hi Swiss,

I wish I could be as confident as yourself, but keep on saving and enjoy the golden years.

Your approach has certainly paid dividends for you and it must be a great feeling to own your property without any debt hanging around your neck.

The one thing I would say is don't become obsessed with money. I work as a Financial Advisor and have seen so many people "save for a rainy day" - In reality the rainy day rarely comes (Even if it does most people have insurance to cover large disasters) and they end up with a stash of cash when they retire - There are then two types of people in my experience , the ones who will spend that cash and have a fabulous retirement and those who have become obsessed with saving and either want to continue to do so in retirement or will not spend a penny as they like looking at their wealth in figures in building society passbooks. It can take over peoples lives if you are not careful.

Up_the_Creek_4

If you have ever owned a Rhodesian Ridgeback you will understand, and the other 2 were rescues. I would end up bringing the whole kennel housing home, having to move to a bigger house and starting all over again:rotfl:

Up_the_Creek_4

O.K. 2 weeks to go before I make the final decision. I am still no further forward on what to do next. After following the share investing threads I am far too inexperienced and do not have sufficient capital to make significant gains from the market. I have also received my statement from my CTF and the stocks ISA I use for saving for my son and the ISA has not made any money, it has not lost either, but it would seem to back my fears from making returns in the markets.

More suggestions needed. How can you see which are good performing ISA's and funds etc?