What do you want?

Old Aug 24th 2009, 3:53 am
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Default Re: What do you want?

Originally Posted by MartinH View Post
Can't - I can only pay 5% max extra off per annum
Don't pay off your mortgage! Your just making the bank money!

Blow it on fast cars and women.
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Old Aug 24th 2009, 3:54 am
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Default Re: What do you want?

Originally Posted by sonlymewalter View Post
Then put it into a long term investment account with the highest interest and pay off whatever you are allowed whenever you can. Alternatively change mortgage accounts whenever you are able and do it then.

Alternatively, look at investing in a business maybe?
I must admit the idea of a house in the burbs and 2.4 children scares the hell out of me.
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Old Aug 24th 2009, 4:27 am
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Default Re: What do you want?

Originally Posted by Lord_Farquar View Post
Don't pay off your mortgage! Your just making the bank money!

Blow it on fast cars and women.
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Old Aug 24th 2009, 4:39 am
  #19  
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Default Re: What do you want?

If you are into cycling what about a cycling holiday adventure - If you want a travelling companion I will come - I have got my bike ready!!!!

http://www.adventurecollective.com.a...php?code=EPA02
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Old Aug 24th 2009, 4:48 am
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Default Re: What do you want?

Originally Posted by Hebe View Post
If you are into cycling what about a cycling holiday adventure - If you want a travelling companion I will come - I have got my bike ready!!!!

http://www.adventurecollective.com.a...php?code=EPA02
http://www.otagorailtrail.co.nz/

When we get hold of babysitters wife and I will be off to do this little jaunt.
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Old Aug 24th 2009, 5:32 am
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Default Re: What do you want?

Casino.... "red or black"

You did say small amount.
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Old Aug 24th 2009, 8:20 am
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Default Re: What do you want?

Originally Posted by Brisben View Post

I would do a couple of big jobs around the home I always wanted to do.

:
. . . But shitting in corners is free . . . !?
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Old Aug 24th 2009, 8:23 am
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Default Re: What do you want?

Why not go and do something - take flying lessons, go on safari, book dinner at a 3* michelin restaurant, get front row seats at your favourite band's next gig (or hire yourself a couple of bouncers for the mosh pit, depending on the band) - stuff you can remember. And a decent camera to help the memories

HTH, and enjoy it!!


Vince
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Old Aug 24th 2009, 8:30 am
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Default Re: What do you want?

Take a years sabbatical from work, and do whatever the hell you want. Cos in the long term, you are only this young and healthy once. If you save it up till you're retired who knows if you will be in any condition to enjoy it.

Negotiate an unpaid year off work, and have a blast.

JTL
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Old Aug 24th 2009, 11:00 am
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Default Re: What do you want?

We got left some money and did the mortgage thing - I am with the others who say to change the mortgage, get a nice big offset and work out how much you save each period. We have done more in the last year with this process than any savings account.

Plus we spend some of the difference in savings when we want to without paying so much for it!
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Old Aug 25th 2009, 2:17 am
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Default Re: What do you want?

Isn't it better to invest the money into a mutual fun and earn the interest off that, plus get the tax break by having the mortgage? Don't pay off your mortgage early... it's the cheapest money you'll ever get.
Speak to a financial advisor before you blow it on fees swapping your mortgage. A mutual fund in shares would be a much better use of your cash imo.
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Old Aug 25th 2009, 2:29 am
  #27  
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Default Re: What do you want?

I'd learn to fly. In fact I want to learn to fly but can't afford it. Lend us a few bucks please
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Old Aug 25th 2009, 3:04 am
  #28  
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Default Re: What do you want?

Originally Posted by TiddlyPom View Post
Isn't it better to invest the money into a mutual fun and earn the interest off that, plus get the tax break by having the mortgage? Don't pay off your mortgage early... it's the cheapest money you'll ever get.
Speak to a financial advisor before you blow it on fees swapping your mortgage. A mutual fund in shares would be a much better use of your cash imo.
You call paying $20000 dollars a year in mortgage interest cheap??

It's the cheapest way to borrow money, sure, but if you are going to be financially secure you don't want to be borrowing money.

If you pay off your mortgage you have technically given yourself a $1000-$2000 dollar a month pay rise tax free. You can't get that anywhere else.
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Old Aug 25th 2009, 3:09 am
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Default Re: What do you want?

Originally Posted by Burbage View Post
You call paying $20000 dollars a year in mortgage interest cheap??

It's the cheapest way to borrow money, sure, but if you are going to be financially secure you don't want to be borrowing money.

If you pay off your mortgage you have technically given yourself a $1000-$2000 dollar a month pay rise tax free. You can't get that anywhere else.
I'm not sure about that B. It's all very well putting all your cash into a mortgage, but you'd better be sure you've got a redraw facility on it. Might be smart to have no mortgage, but if you haven't got any cash to draw on, you're screwed!
Say you lose your job and have your mortgage paid off and no money in the bank? Investments in other areas are a much wiser choice esp considering that some have a higher yeild than mortgage interest... depending on investment of course.
Like I said, see a financial advisor. Dumb to blow money on something that could make you money.
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Old Aug 25th 2009, 4:35 am
  #30  
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Default Re: What do you want?

Originally Posted by TiddlyPom View Post
I'm not sure about that B. It's all very well putting all your cash into a mortgage, but you'd better be sure you've got a redraw facility on it. Might be smart to have no mortgage, but if you haven't got any cash to draw on, you're screwed!
Say you lose your job and have your mortgage paid off and no money in the bank? Investments in other areas are a much wiser choice esp considering that some have a higher yeild than mortgage interest... depending on investment of course.
Like I said, see a financial advisor. Dumb to blow money on something that could make you money.
Disagree. Pay off your mortgage then look at investments. Your next invbestment may be another mortgage, but that will be then.

Look at it this way. If you don't own a property you can either pay rent or you can buy a home. Right. So let's say that either way it will cost you $1000 a month either in rent to a landlord or interest in a mortgage. Right.

So if you earn 5000 dollars a month, your actula income is $4000 right?

If you rent you can never change this.

If you buy a property you are able to eventually pay if off without incurring any extra cost. Interest goes down with time and rents go up.

At an interest rate of 5% you can pay off 100,000 dollars worth of your mortgage and you increase your income by about $414 a month. Tax free, since you've already paid tax on it.

Plus you've lowered a cost that you must pay.

And, believe it or not, you own more of your property, so if the worst comes and you have to sell then you'd be unlucky not to realise a profit on your home, which will net you even more money. And in Austlia you don't pay tax on capital gains from your own home, so that is safe too.

There is no other investment that can gain you so much.

Until you own your own home that is.
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