Living a Completely Debt Free Life

[V8Triumph]

After being an idiot with credit aged 18-19, I have lived the last 3 1/2 years completely debt free and for the last 2 years have been saving up for a deposit on a house (currently renting). However, I've come to realise that a. it may be hard for me to get a mortgage (number of reasons - 1. irresponsibility at a young age and never had anything on credit since and 2. I'm self employed.)

So, I've been number crunching and realised if I lived like I do now (i.e. rather frugally! ) I could have £100,000 saved up within 6 years. I would not beable to apply for a mortgage for three years due to the amount of books I would need. So, what is another 3 years in rented and buy just a modest house? Mortgage free and save up the next £80,000 to buy a nicer place (which would be easier with no rent / mortgage). Houses are fairly cheap where I live.

Are there any real disadvantages to doing this? And has anyone ever actually done this? I know it's unusual to say the least but I have no desire to ever have any debts again and am very disciplined when it comes to saving for something I want. Unfortunately I'm not disciplined when it comes to buying things on the 'never never'.

[Rugbyman]

Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course

ETA - I didnt do any of the above you understand ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41

Edited by Rugbyman on Thursday 12th July 12:42

[Chilli]

How do you know that house prices won't double in 2 years time? Unlikely, I agree. How do you know you won't get runover and killed to death in the next couple of years? How do you know.....get my point, Stop planning what's plan is slightly better than another, and get living. Life's too short.

Nick.
(recently turned 40)

[Chilli]

Rugbyman, I swear on my Bulldog's life (who I love more than Mrs C, I didn't see your post before posting mine.

See OP, we must be right. Stop fannying around and get stuck into life.

[V8Triumph]

Rugbyman said:

Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course

ETA - I didnt do any of the above you understand ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41

Edited by Rugbyman on Thursday 12th July 12:42

I've got a 'silly V8' Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' in lots of silly old cars

[Rugbyman]

Chilli said:

Rugbyman, I swear on my Bulldog's life (who I love more than Mrs C, I didn't see your post before posting mine.

See OP, we must be right. Stop fannying around and get stuck into life.

Ha ha no worries .....

I hope Mrs C isnt reading ...;)

[Vytalis]

On those figures, surely it would be better to build your own by knocking CAPEX off in chunks. Small plot of land, maybe a timber frame house bought / paid for in bits (buy the bits you need as you need it) with a static caravan in the interim on the site. Within 6 years you'll have your own house which would be worth a fair bit more than £100k and you'll not have had to pay for rent for many of those six years

James (aged 35 and three quarters with an epic mortgage and some great memories from my 20s)

[Rugbyman]

V8Triumph said:

Rugbyman said:

Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course

ETA - I didnt do any of the above you understand ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41

Edited by Rugbyman on Thursday 12th July 12:42

I've got a 'silly V8' Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' in lots of silly old cars

Male hookers ..... Im sure there are some on here come to think of it ...

[V8Triumph]

Vytalis said:

On those figures, surely it would be better to build your own by knocking CAPEX off in chunks. Small plot of land, maybe a timber frame house bought / paid for in bits (buy the bits you need as you need it) with a static caravan in the interim on the site. Within 6 years you'll have your own house which would be worth a fair bit more than £100k and you'll not have had to pay for rent for many of those six years

James (aged 35 and three quarters with an epic mortgage and some great memories from my 20s)

Never even considered building my own place - would be something of a dream and thought you had to be 'epically rich' to do it! Definitely worth looking into.

I understand the get on and live your life. However, I'm settled down with a long term partner and will want to have a child once I'm about 30. I grew up in an unstable home due to epic financial irresponsibility on parents part so don't want that.

[davepoth]

Get a credit card, buy something small (like a packet of crisps) on it each month, and pay it off in full each month. You'll pay nothing in interest, but it'll get you some good credit history fairly rapidly.

[mattnunn]

Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons

[Mx5guy]

mattnunn said:

Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons

Good job she's not a guy then!

[AndrewW-G]

Rugbyman said:

V8Triumph said:

Rugbyman said:

Shirley at your age life is for living .....go out and do some

Buy a silly V8 ........ go explore some wild place ...... spend some on hookers and coke

Dont , dont , dont waste your youth...you will never get it back

IMHO of course

ETA - I didnt do any of the above you understand ( Phil 46 )

Edited by Rugbyman on Thursday 12th July 12:41

Edited by Rugbyman on Thursday 12th July 12:42

I've got a 'silly V8' Travelled lots a few years ago and being a girl I'm not interested in hookers! Never opposed to 'investing' in lots of silly old cars

Male hookers ..... Im sure there are some on here come to think of it ...

Standards are slipping on here . . . the obvious gag is finding a couple of male hookers in every scrum!

[mattnunn]

Mx5guy said:

mattnunn said:

Are there any real disadvantages to doing this?

Yeah chicks don't cig guys who live like hobos and appear tight fisted, for whatever reasons

Good job she's not a guy then!

Oh yeah, sorry...

It makes sense now.

[DJRC]

The build your own gaff route is where I would recommend.

[PeanutHead]

DJRC said:

The build your own gaff route is where I would recommend.

As long as you got a year or two, would be my choice also.

[hapless]

anonymous said:

[redacted]

It doesn't seem so at the time though, does it? And I suspect the same is true for anything you used to do but now don't - it's hard to quantify the value you got by spending money on experiencing things.

[Adenauer]

DJRC said:

The build your own gaff route is where I would recommend.

Me too.

But be very careful as it can turn out a lot more expensive then you had budgeted for. About 50% more expensve in my case

[V8Triumph]

PeanutHead said:

DJRC said:

The build your own gaff route is where I would recommend.

As long as you got a year or two, would be my choice also.

Time is not an issue

[V8Triumph]

hapless said:

anonymous said:

[redacted]

It doesn't seem so at the time though, does it? And I suspect the same is true for anything you used to do but now don't - it's hard to quantify the value you got by spending money on experiencing things.

To me 'experiencing things' is not anything to do with going out drinking. I have no particular desire to do that.

I also do not 'live like a hobo' I just don't buy things because of the labels and eat out once a fortnight instead of every week etc.