Jump to content
House Price Crash Forum
SimonSays

The What Did You Do Instead Of Getting Into Mortgage Debt Thread

Recommended Posts

We know that other poor wretches lives are all about sucking up to their boss, paying an enormous mortgage, having sleepless nights about mortgage rate increases with a weekend pilgrimage to B&Q as the hi-light of their week.

Having not made that choice, what have you done instead that you couldnt have done as a mortgage slave?

I did some travelling, moved around the country experiencing different locations and work places, had some fun with a flash car for a few years, took months off work at a time, started my business.

How about you?

Share this post


Link to post
Share on other sites

Lived frugally. Saved and invested like a *******. Bought[1] for cash. Quit work and am living the FIRE dream.

Also worked hard - but never worried about losing a job. In fact, I think this helped my career (and therefore my income, and therefore my savings) as I never had to ****-lick an insane boss or toe some obviously insane party line. People valued my ability to say "that's a feckin stupid idea".

[1] Yeah, I know. I'm going to lose money. But as I'm not leveraged, I can afford it.

Share this post


Link to post
Share on other sites

Got on the property ladder via shared ownership back in 2001 - a half share in a new build 2 bed terrace was £21,000. Worked my ass off to maximise my earnings while saving as much as was possible while still living a half decent life. Bought the other half of the house in 2004 & kept going until offered redundancy in early 2013 by which stage I could afford to pay the mortgage off - took the redundancy. Sold up & bought a cheap house for cash (£30,000) and put the leftover money into setting up my own business, something I'd always dreamed of doing, and doing the house up. Mortgage free & out of the rat race at 42. Best decisions I ever made.

Share this post


Link to post
Share on other sites

I've travelled around the UK and Europe. Germany, Holland, France, Wales. Just doing my thing, enjoying life and not worrying about any bills, commute or office politics.

Became frugal to keep my slush fund going, and it's quite an enjoyable lifestyle. Opting out of consumerism does show you don't need half the crap you think you do.

Edited by honkydonkey

Share this post


Link to post
Share on other sites

Bent over and took it good, and then to my overlords, I looked up and smiled, saying, thank you, my master...

Share this post


Link to post
Share on other sites

Launched a few businesses. So glad I did this while young, it's nearly impossible when you're spending 2/3 of your income on mortgage / kids.

Share this post


Link to post
Share on other sites

Lived in dodgy but cheap rentals for close on eight years. Saved. Once I realised that saving as an employee wasn't going to be enough - set up microbusiness. Bought small house for cash. Close to being able to retire (very frugally). Early 40s. Kinda still like the day job, but nice knowing I could survive without it.

Share this post


Link to post
Share on other sites

Living a more varied, not as conventional life and hoping it stays that way.

Even though I make nowhere near as much out of the freedom the lack of responsibility gives as I could (lazy, lazy boy), just knowing that I *could* do whatever I want is a very good feeling indeed.

Share this post


Link to post
Share on other sites

Worked and saved hard and paid off house in 6 years back in 1998.Had a few 6 month stints off work at different employers, but then packed in employed work at 38.Set up own small business but only make whatever the tax allowance is and then relax.About 6 hours a week work.Living expenses now lower than they have ever been.Gumtree and discount shelf at supermarket mean we spend in a month what most of our friends spend a week.

Im still saving a small amount to get my dividend income up as soon it will mean with a small pension in 10 years id be able to get up to the tax allowance.

I have no interest in foreign holidays,new cars,lots of consumer tat i much prefer not paying into the system anymore mostly and being pretty much retired.

In a lifetime il of worked only 12% of the hours most of my friends work.

Share this post


Link to post
Share on other sites

Stayed a dirty renter, was ruthless in my career focus/work ethic to maximise earnings (now earning in the top 1% of wage slaves), learnt to live frugally (my personal inflation rate last year was -7%) and learnt to invest sensibly (have achieved return of 5.9% since I started in 2007 which includes the GFC). Just rolled all that up for Q1 2016 today and with £915k I'm on plan for an early retirement to the Med at age 44 in about 8 months. Very happy with Plan B which has now become very much Plan A.

Share this post


Link to post
Share on other sites

Let the house go in a divorce, Kept the rest,

Rented and watched the minions get further and further into debt...scared to say boo to a goose at work for fear of losing their jobs,

Raised the kids who went on to Uni,

Left the UK to work abroad, earned stacks more than if I stayed,

Saved by under consumption,

Enjoyed life,

Now about to buy in the next year...either in one of the cheaper UK areas or abroad,

Will also semi retire,

Aim to work when and how I like for the next 20 years.

Share this post


Link to post
Share on other sites

Between us my girlfriend and I have paid over 6 figures in rent in London/SE. This is a combination of house shares and 1 bedroom flats in cheaper neighbourhoods. We're 1980s babies, so if we'd been born 10 years earlier and could have accessed mid-90s prices we could have bought an average house in London/SE and paid it off for the same nominal sum.

Share this post


Link to post
Share on other sites

Bought a business and now have enough in the bank to pay off all of business mortgage. - or soon enough to pay cash for a house if I choose to. Willbe retiring in 5 years when i AM 60. Wife who is six years younger will retire too! - business should look after itself then.

Share this post


Link to post
Share on other sites

Married & mortgaged but became sole trader so left the rat race. Never worked for the big man again

Divorced with no debt. but nothing else either...literally bereft but still no rat race.

Travelled, played around, got lost a few times....Drifted, still no rat race.

Drifted. Still no rat race

Drifted.Still no rat race

Drifted for fifteen years

did I say drifted

Married again, small mortgage. Small inheritance paid of the small mortgage.Still no rat race.

Now focussed on living & still no rat race.

F*ck the big man

Share this post


Link to post
Share on other sites

Let the house go in a divorce, Kept the rest,

Rented and watched the minions get further and further into debt...scared to say boo to a goose at work for fear of losing their jobs,

Raised the kids who went on to Uni,

Left the UK to work abroad, earned stacks more than if I stayed,

Saved by under consumption,

Enjoyed life,

Now about to buy in the next year...either in one of the cheaper UK areas or abroad,

Will also semi retire,

Aim to work when and how I like for the next 20 years.

As a matter of interest RR -- Where/which country did you go to abroad? And what work did you do?

Share this post


Link to post
Share on other sites

Bought a business and now have enough in the bank to pay off all of business mortgage. - or soon enough to pay cash for a house if I choose to. Willbe retiring in 5 years when i AM 60. Wife who is six years younger will retire too! - business should look after itself then.

What's the business???

Share this post


Link to post
Share on other sites

Never owned property in the UK.

Not been in debt since 1993, well over 6 figures in savings.

Last even slightly-boring job I did was 1995. My last it's-Monday-tomorrow depression I had was circa July 1995.

Last 9-5 Mon-Fri job was 2002.

Set up my own one-man-band business in 2004.

Have worked remotely in various countries since then.

Planning to move to Thailand later this year (was there last week, signed up to a yearly rental contract even though I'll be in the UK the next 3 to 4 months), but it's so cheap (£200 a month, 15 mins by BTS to city centre, big swimming pool), and if you like a place... I own property in Thailand, but a couple of hours outside of Bangkok, and fancy living in the city as I would like to buy an apartment there eventually.

None of the above is possible if I were starting from scratch today, and buying a property in the UK. In many people's eyes I'm a down-and-out loser as I'm currently renting in the UK in my mid 40s. So be it.

I don't even earn that much - but I think I've had a good life and seen a lot. I don't want to retire, and hope I can work in some capacity into my 70s and onwards. I love work.

One of the most important lessons I learnt in life is not to let your peers influence you at all. That stuff is dangerous.

Edited by canbuywontbuy

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   90 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.