My Story 1 Income, Spouse & 2 Kids

tomtim said:
There was no choice but to wait as we didn't have the cash to purchase without mortgage which was the goal but your right in the 3-4 years prior to us getting the house it went up 200k
Click to expand...
Not to take away from your incredibly impressive turnaround but I think you missed the point here.

Unless there were other reasons (e.g. credit report) that prevented you from getting a mortgage, then you would be in an overall better position had you bought (with a mortgage) 5/6 years ago.

I can understand your overall fear of returning to debt considering where you were ~15 years ago but equally not all debt is bad. It has cost you a significant amount of real value to wait and achieve the "buy with zero mortgage" approach.
 
_OkGo_ said:
Not to take away from your incredibly impressive turnaround but I think you missed the point here.

Unless there were other reasons (e.g. credit report) that prevented you from getting a mortgage, then you would be in an overall better position had you bought (with a mortgage) 5/6 years ago.

I can understand your overall fear of returning to debt considering where you were ~15 years ago but equally not all debt is bad. It has cost you a significant amount of real value to wait and achieve the "buy with zero mortgage" approach.
Click to expand...
Very true but yes we had zero credit for all those years, literally had to get pay day loans for a couple years to get by. We had a judgement with one of the banks which we paid off €100/m for years until cleared. All clear now and credit restored.
 
Last edited:
_OkGo_ said:
Unless there were other reasons (e.g. credit report) that prevented you from getting a mortgage, then you would be in an overall better position had you bought (with a mortgage) 5/6 years ago.
Click to expand...
While this is true, it's easy to look back and pick when was the best time to buy. But if we had a global recession, if TomTim's shares had tanked, if there were a potential world war, then things may have been different. Now he's debt free, in a potential rising mortgage market (based on the British press) so no matter now what life throw at him the family have a home debt free. And the family have learnt valuable life lessons along the way, about budgeting, not over stretching the problems with debt .....
 
Great update Tomtim, you sound like you grafted very hard to get where you are today in your career. How did your marriage and relationship cope with all those difficult years? I know you glossed over walking away from your apartment, and renting. This must have been so stressful. Both financially and mentally. Do you feel you and your wife were on the same page with getting out of debt, renting, saving, you taking risks with startups and career etc. Did your wife go back to work? How do you budget these days? What impact do you think it has had on the kids, you mention they have a home at last.

You’re 42 now and the kids are 15 and 19. What are your financial goals over the next 10-20 years?
 
You must log in or register to reply here.
Back
Top