• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Urban Myths of Contracting?

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    #11
    I wish....once the missus realised how much I was earning it was private school for the kids and new cars all round. This resulted in us having to downsize our house last year to pay off the credit cards.
    Blood in your poo

    Comment


      #12
      Originally posted by too_many_details View Post
      1. Being able to pay off your mortgage in a matter of a few years (a guy I worked with almost 10 years ago was a contractor and said he did this).
      My parents paid off the first mortgage in 7 years.

      When they took it out they had enough for the first payment but didn't have enough for the second mortgage payment.

      So even permies should be able to do it. This was in the 1970s though.

      Comment


        #13
        Originally posted by Sausage Surprise View Post
        I wish....once the missus realised how much I was earning it was private school for the kids and new cars all round. This resulted in us having to downsize our house last year to pay off the credit cards.
        thats a job.

        I've got my Mrs well trained, any signs of extravagance ( and me having to work for longer ) and I threaten her with going back to work, she soon drops it. This burst of inflation is making me worry, when I'm really fed up at work I do a quick calc of how years I have to suffer infront of a VDU, I think it is climbing at the moment. The gas bill was a job !

        Comment


          #14
          Originally posted by rootsnall View Post
          thats a job.

          I've got my Mrs well trained, any signs of extravagance ( and me having to work for longer ) and I threaten her with going back to work, she soon drops it. This burst of inflation is making me worry, when I'm really fed up at work I do a quick calc of how years I have to suffer infront of a VDU, I think it is climbing at the moment. The gas bill was a job !
          Me too - 8 possibly 9 more years to get the kids through school. Permie salary wouldn't cover it.
          Blood in your poo

          Comment


            #15
            Originally posted by zeitghost
            Bought my house for cash... the only thing I've ever done right...

            Mortgage?

            Wot's a Mortgage?

            But you also threatened to eat the sellers family if he didn't sell up for £1.

            Comment


              #16
              Originally posted by zeitghost
              Bought my house for cash... the only thing I've ever done right...

              Mortgage?

              Wot's a Mortgage?
              Me too. Then I got divorced and the Judge said half of the house belonged to her.

              She paid me off!

              Comment


                #17
                I have thought people (allegedly contractors) here were more business savvy than Milan.

                What's the point in using a large pile of cash for a house? There are so many better investment opportunities. Or indeed instead of just having all your cash stuck in one property, it would have made more sense to have 20% deposit in 5 similar properties and then paying them off with the rent that would cover the interest. And that is only if you think that the only investment is the house (obviously far from the truth). I would expect my parents to believe that using all your cash for a property would be a great idea but not contractors on a large pot of money which eventually goes stale with such a risk-adverse attitude. And yes seeing the prospect of the housing market I guess my parents would be right that stucking it all inside the mattress was the best investment idea.
                I've seen much of the rest of the world. It is brutal and cruel and dark, Rome is the light.

                Comment


                  #18
                  Originally posted by chicane View Post
                  If you've got a modest house (preferably bought more than 5 years ago), no dependants and a degree of financial discipline, you shouldn't have any problem paying off your mortgage in 2-3 years. Unless you're a support monkey on 12/hour of course.
                  I was thinking of course you can pay your mortgage off in a few years. Then I realised people have motgages running into 100s of K now rather than 10s of K as mine was in the late 90s.
                  The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

                  But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

                  Comment


                    #19
                    My wife earns (and spends) quite good money, and I reckon we "could" pay off our mortgage in about 5 years with some frugal squirrelling, but "we" will probably opt for a flash motor and exotic holidays instead.

                    Comment


                      #20
                      Originally posted by zeitghost
                      No one has ever accused me of being business savvy... I bought it coz it was convenient & buying it solved a couple of problems at the time...

                      And since I live in Wales it wasn't hundreds of ks anyway... though it has crawled slowly towards it since.
                      Sorry ZG. In any case nothing here can apply to giant lizards.
                      I've seen much of the rest of the world. It is brutal and cruel and dark, Rome is the light.

                      Comment

                      Working...
                      X