Mortgage free before I'm 45!

mikecmr

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a quick update,

so I decided to buy a new car which has taken a massive chuck of my savings and my mortgage fund so this has put me back a while, but my old car was 15 years old so its done its time, plus the new one is a v8 haha!

I have no upped my game and with my ppi payout ive managed £900 this month!

My experiment with P2P loans has ended the returns were not what were advised I made money but not what I expected, so i'm back into stocks and shares.

Also putting more into premium bonds

My long term plan is to have 10 revenue schemes which I will blog about soon I think its a journey so might aswell try and make money off the journey :)
 
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Jon

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a quick update,

so I decided to buy a new car which has taken a massive chuck of my savings and my mortgage fund so this has put me back a while, but my old car was 15 years old so its done its time, plus the new one is a v8 haha!

I have no upped my game and with my ppi payout ive managed £900 this month!

My experiment with P2P loans has ended the returns were not what were advised I made money but not what I expected, so i'm back into stocks and shares.

Also putting more into premium bonds

My long term plan is to have 10 revenue schemes which I will blog about soon I think its a journey so might aswell try and make money off the journey :)


Damn that sounds very interesting!
 

mikecmr

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Damn that sounds very interesting!
I'm no financial expert but the passive income idea is a big thing to me at the moment so much I even looked into extending my house just to have an airbnb room haha but this has since been ruled out :D
 

Jon

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I'm no financial expert but the passive income idea is a big thing to me at the moment so much I even looked into extending my house just to have an airbnb room haha but this has since been ruled out :D
That's some dedication that.

I'm happy earning a passive income from my websites but I've never thought about things I could do to earn one in the 'real world'
 

mikecmr

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yeah it was a light bulb moment chatting to a client who has 40 ish rental properties and he said there no better feeling to waking up and seeing money in your bank with zero effort, this is not my direction but it hit home hes 50 has no financial worries so is infact made for life this is the position I want to be in, I want an easy retirement haha!
 

my side hustle

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I'm really curious to know what your 10 passive income streams will be.
 

Jon

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Haha wow, talk about seeing what you want to see

I really thought he said passive lol
 

The Reverend

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:D

If i had to guess.

1) Premium Bonds
2) Stocks & Shares Isa
3) Affiliate Marketing
4) Rent A Room Scheme
5) TCB / Cashback
6) Surveys
7) Mystery Shopper work
8) Day Job
9) ??
10) ??
 
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mikecmr

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yeah not all the streams are passive but a few are, but the idea is make some cash and slap it into the passive funds to in-turn make more money

Currently

1. Day Job
2. Rent a room
3. Stocks and shares -
4. Investment account - managed currently running at 9%
5. Premium Bonds
6. Gumtree selling - I've had good success with making a few things of late
7. P2P lending (not funding circle) still get 4-6% so not bad
8. Online earning's

In the pipe line
Renting garage - space is a premium :D another passive income if it pays off
Buy - t0 - let - another thing I am looking into

A lot rides on the economy as I believe there is a recession coming around the brexit time hope I am wrong!
 
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katykicker

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I have lots of ways that I earn money, and then I too use some of that money to invest in passive income streams like premium bonds, stocks and shares etc. Often people want the passive income when they start out, I do have some great passive money now, easily 4 figures a month, but I want to earn more money too to turn in to more passive income.
 
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Christine2

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I have lots of ways that I earn money, and then I too use some of that money to invest in passive income streams like premium bonds, stocks and shares etc. Often people want the passive income when they start out, I do have some great passive money now, easily 4 figures a month, but I want to earn more money too to turn in to more passive income.
 

mikecmr

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Quick update.

So 2018 has been really slow for me this year after xmas it hasn't really been top of my priorities not sure why but I lost interest in the online extra earnings and just focused on my rental incomes and changing mortgage deals not much to report really, i'll get back into it when my motivation returns haha
 
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mikecmr

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2018 update

I have knocked off 1 years this year not what I wanted but its better than nothing mainly due to my lack of interest in the first 6 months and then other matters one of which is we are going to vegas!

heres to 2019 :D
 

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mortgages are a bane on lives but we all need one if we want to be secure in later life, I was tempted to put actual figures but I thought time is a better way of measuring performance, interest rates could rise, circumstances could change so on so on

It is actually the main talking point between my group of friends we are all trying to achieve this milestone
Why do people take out mortgages instead of buying the house outright. Like in the 90s, my fam took out a mortgage to buy a £20K house. 20K ain't a lot and if you really hustled, you Could've made that back then.
 

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Why do people take out mortgages instead of buying the house outright. Like in the 90s, my fam took out a mortgage to buy a £20K house. 20K ain't a lot and if you really hustled, you Could've made that back then.
Well partly because house price rises are enormous so no one can afford to buy outright for a huge period of time. Plus if you put your savings as cash, you are losing money whilst you are saving as usually, the house price increases will outstrip cash by quite a lot.

However, probably it is better to buy somewhere really small and work your way up to get the house size you want. That way you can have just a small mortgage. I didn't do that, but it was due to various circumstances at the time.
 
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The Reverend

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Why do people take out mortgages instead of buying the house outright. Like in the 90s, my fam took out a mortgage to buy a £20K house. 20K ain't a lot and if you really hustled, you Could've made that back then.
Well partly because house price rises are enormous so no one can afford to buy outright for a huge period of time. Plus if you put your savings as cash, you are losing money whilst you are saving as usually, the house price increases will outstrip cash by quite a lot.

However, probably it is better to buy somewhere really small and work your way up to get the house size you want. That way you can have just a small mortgage. I didn't do that, but it was due to various circumstances at the time.
To add on this, I live in London where a 1 bed flat can be £500k+

I can't 'hustle' £500k, if I could, I'd not be working! :D

A £20k house in the 90's would have been 'in the norf' as in the south, a 4 bed house was £88k back in the late eighties.

I do know that in East Ridings you could get a student house for £15k in 1999 - So I suppose if you lived in that area, wanted to stay living in that area and were happy for a 3 bed house to 'student' standards, then you *could* buy a house. If you had a time machine today.

Anyone wanting cheap housing, my recommendation would be leave the UK. I understand that eastern european counties have very reasonable properties (size vs cost) however there are other challenges to living in these countries that shouldn't be under-estimated.
 
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Kimilsung

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Well partly because house price rises are enormous so no one can afford to buy outright for a huge period of time. Plus if you put your savings as cash, you are losing money whilst you are saving as usually, the house price increases will outstrip cash by quite a lot.

However, probably it is better to buy somewhere really small and work your way up to get the house size you want. That way you can have just a small mortgage. I didn't do that, but it was due to various circumstances at the time.
True, but putting down £90K for a 3 bedroom terrace don't seem that expensive... Then again, i get gassed if i have over £50 in my bank account.
 

Kimilsung

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To add on this, I live in London where a 1 bed flat can be £500k+

I can't 'hustle' £500k, if I could, I'd not be working! :D

A £20k house in the 90's would have been 'in the norf' as in the south, a 4 bed house was £88k back in the late eighties.

I do know that in East Ridings you could get a student house for £15k in 1999 - So I suppose if you lived in that area, wanted to stay living in that area and were happy for a 3 bed house to 'student' standards, then you *could* buy a house. If you had a time machine today.

Anyone wanting cheap housing, my recommendation would be leave the UK. I understand that eastern european counties have very reasonable properties (size vs cost) however there are other challenges to living in these countries that shouldn't be under-estimated.
In indonesia, you can get a nice house for £10K and that isn't even a 3rd wrld country
 

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