Reply to: What do you do with your money if you've paid off your mortgage?

[Jeebo72]

Make a list of everything else you spend money on, in order of priority, invest money to fund purchase of life-time supply of each.

Highly over-simplified illustration
Food £3000 per year = 25*£3000 = £75,000 invested
Then Beer £6000 = £150,000 invested
Then Hookers £20,000 per year = £400,000 invested.

Once a lifetime supply of each is obtained, stop working.

The point of treating each item separately is that it may make you think twice about spending habits once you see the capitalised cost, which can be translated into extra years you'll need to work.

(Or was "mortgage paid off" short-hand for you've already done all of the above?)

(I realise a serious answer wasn't actually wanted.)

Done both, but was just lucky, not really by design ...

[Sysman]

How much is that trip to Zurich?

Free when you have one of these. (Prices).

And yes, it's tax deductible

[Churchill]

That's depressing. What if that calculation leads to the conclusion that life is not worth living because I either need to work forever or give up nearly everything including most food, or both? How much is that trip to Zurich?

6 weeks!

[expat]

Make a list of everything else you spend money on, in order of priority, invest money to fund purchase of life-time supply of each.

Highly over-simplified illustration
Food £3000 per year = 25*£3000 = £75,000 invested
Then Beer £6000 = £150,000 invested
Then Hookers £20,000 per year = £400,000 invested.

Once a lifetime supply of each is obtained, stop working.

The point of treating each item separately is that it may make you think twice about spending habits once you see the capitalised cost, which can be translated into extra years you'll need to work.

That's depressing. What if that calculation leads to the conclusion that life is not worth living because I either need to work forever or give up nearly everything including most food, or both? How much is that trip to Zurich?

[IR35 Avoider]

It's embarrassing the thousands accumulating in my account every month.
Don't really know what to do with it.
My only indulgences are fine whiskies and books, and these don't eat into the cash fast enough.

Make a list of everything else you spend money on, in order of priority, invest money to fund purchase of life-time supply of each.

Highly over-simplified illustration
Food £3000 per year = 25*£3000 = £75,000 invested
Then Beer £6000 = £150,000 invested
Then Hookers £20,000 per year = £400,000 invested.

Once a lifetime supply of each is obtained, stop working.

The point of treating each item separately is that it may make you think twice about spending habits once you see the capitalised cost, which can be translated into extra years you'll need to work.

(Or was "mortgage paid off" short-hand for you've already done all of the above?)

(I realise a serious answer wasn't actually wanted.)

[Fred Bloggs]

Yes, I have no debt. I'm paying to put the kids through University and as much as possible into my SIPP. In a couple of years time I might just blow a few quid on a nice shiny new "waste of money" motor though, if all goes well.

[Jeebo72]

It's embarrassing the thousands accumulating in my account every month.
Don't really know what to do with it.
My only indulgences are fine whiskies and books, and these don't eat into the cash fast enough.

I'm in the same position. Paid everything off 4 years ago. I like fine wines and buy pointless stuff every week. Apart from that no idea what to do with my money...great init.

[doodab]

There is no such thing as too much money. Just too little imagination.

Why not learn to fly, buy a yacht or take up motor racing?

[Gibbon]

how about superstious peadophiles and charity begins at home? Helping people less fortunate than yourself?

I would help people less fortunate but I haven't found one yet.

HTH

[Sysman]

Gold and silver bullion.
Weapons.
Tinned food.

Buy a disused MoD establishment as your hideout.
Get a monocle and a fluffy white cat.
Buy a full size train set (every proper hideout has a railway).

[Scary]

Gold and silver bullion.
Weapons.
Tinned food.

[contractor79]

It's embarrassing the thousands accumulating in my account every month.
Don't really know what to do with it.
My only indulgences are fine whiskies and books, and these don't eat into the cash fast enough.

how about Church and charity? Helping people less fortunate than yourself?

[ChimpMaster]

Invest more? Perhaps overseas to remove dependence on the £. Pay off BTL mortgages to create a loan free income (you'll get shafted on tax though).

Extend your home to enjoy a better quality of life as well as add value to it.

Give to the needy?

Plan for the years in which you won't be working?

I have the same problem, but I'm young-ish and have a lot of expenses coming up in the future... so I can't just go spending it all (doesn't stop my wife trying though).

[Scrag Meister]

Paid off mine in July last year, bought another house in London in November.

Mortgaged til I die.

Edit : Oh yeah, and a Nissan 350Z and a new motorbike.

[MarillionFan]

buy yourself a woman

it will probably stop you going blind

He did.

But he punctured it.