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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Work hard now to pay off your mortgage by 30, and retire by 40

473 replies

Ieattoomuchsugar · 09/01/2022 07:38

And to buy a house at 19/20 whatever age

Maybe exaggerating with the ages a bit but these are examples I've seen.

People who've gone without holidays, new clothes etc, lived with the bare minimum and worked endless overtime for years in order to achieve the above.

Has anybody actually done this or in the process of doing it?

I do see the appeal but I personally wouldn't want/wouldn't have wanted to spend my 20s and 30s living that way. I do think life is to be enjoyed, I of course want to save but I am not prepared to go without things I enjoy for such a long time. I think it's better to strike a balance, and I'd rather enjoy life now just as much as when I am 50/60.

OP posts:
GoodnightGrandma · 09/01/2022 07:41

I agree. And I think retirement is overrated. All of my colleagues have come back on a temporary basis as they’re bored and welcome the money.
I suppose it depends upon what you plan to do and how you’re going to fund it.

haribofiend · 09/01/2022 07:42

Only very high earners can contemplate this, so YABU.

lljkk · 09/01/2022 07:43

wtf sounds so boring to be retired by age 40.

when is the article due?

OnlyFoolsnMothers · 09/01/2022 07:43

The obsession with paying off ones mortgage early on MN I don’t get, yes it’s great to lower ones outgoings but I would rather a holiday with my children every year than to pay off my mortgage 10years early living a minimal existence in my younger years

ChimChimeny · 09/01/2022 07:44

We are on track to be mortgage free at 45 after over paying significant!y but we've still been able to afford one big holiday a year (pre covid obvs) and nice UK breaks, but we aren't in a rush to retire as we have DD to consider and I want to travel in my retirement.

The money we save on the mortgage will go into pensions and better holidays Grin

Indecisivelurcher · 09/01/2022 07:44

I've got a couple of friends who have done this. On the one hand I envy them now as we're hitting 40's and they're mortgage free, going on lovely (expensive) family holidays abroad and both working part time. On the other hand I've got a couple of friends who died in their 30's and who would have just worked all that time for something they didn't get to experience!

SW1amp · 09/01/2022 07:45

@haribofiend

Only very high earners can contemplate this, so YABU.
I would say the opposite. This is for low paid or low expectation people

Buying at house at 19/20 is only possible if you’re working and not at university, and it’s going to be a pretty cheap house. Especially if you want the whole mortgage paid by 30

High earners will be looking at bigger houses to buy, no assuming the house they bought at 20 is their house for life

Maverick101 · 09/01/2022 07:45

Five people I knew all died in their early 40s in the last couple of years (none from Covid). Life is about balance whatever age you are. Financial security is fantastic but not at the expense of any quality of life.

QuiltedHippo · 09/01/2022 07:46

Each to their own, I don't get much joy out of clothes. They're bad for the environment and the people making them will never have such choices to make about how to spend their excess money. I'm happy to forgo them and put that money towards early retirement.

A lot of people in the early retirement community holiday by using travel rewards which is easier in the US. There's ways to keeping expenses low while still living life. I agree it needs a balance and imagine the most extreme examples are an absolute minority.

Roselilly36 · 09/01/2022 07:49

We cleared our mortgage in our early thirties, 50 now, but wouldn’t dream of retiring yet. Possibly at 60, people work for other reasons than financial. Unfortunately a lot of people I have known, have died very shortly after retiring. Keep going for as long as you can, if you enjoy what you do.

bullywee · 09/01/2022 07:51

I have kind of done this... Will be mortgage free by mid 30s (couple of years) having ploughed vast sums into my mortgage with only a holiday every few years. Aim to retire by 50. Could retire mid 40s but would rather save up extra and have a more comfortable retirement.

Mumoblue · 09/01/2022 07:54

This is only really a possibility for people who are in a good position already. If you’re able to live with parents in your late teens and 20s and keep your costs down, then why not?
If you have to hit the ground running and live in a place where the cost of living is high it’s much less attainable.
It’s not just a case of working hard or not.

gogohm · 09/01/2022 07:55

My DD's buying a house and she's 21, she's not going to live in it (military) and it's a 20 year mortgage so it is possible ish depending where you live but I can't see her not selling and buying a bigger house when she finishes her commission/leaves.

SNUG2022 · 09/01/2022 08:00

I wouldn't want to miss out on life experiences. Also a commitment to a house and mortgage means that you may not be able to risk leaving jobs and trying something new. I did a lot of travelling too. I suppose we could have paid our last house off but it wasn't what we wanted to stay in forever. We now have something bigger and more expensive.

TheDaydreamBelievers · 09/01/2022 08:00

We are reasonable earners but could not in any manner both overpay our mortgage and save enough to retire on Hmm. You'd have to bringing in a lot and also have bought somewhere cheap. Not to mention you pay fees for overpaying too much of your mortgage and then for paying it off.

Toadsinholes · 09/01/2022 08:00

Those of you who have nearly or paid it off before 40, can I ask how?! Is your house very cheap or do you earn loads, or have inherited some? We have a very average house (200k mortgage) & earn average salaries (60k combined) - there is no way we could ever pay that off early! Surely it’s out of reach for ‘normal’ people?

Redsquirrel5 · 09/01/2022 08:01

My eldest has nearly paid off his mortgage. He bought his house when he was 21 as he realised it was better and cheaper than paying rent. We did a lot to the house when he first bought it and recently had to do some work which turned out worse than first thought so he took the opportunity to change some structure and put a new kitchen in ( did this originally) and it looks great. He’ll be 46 when he finishes paying for it. He could have paid it off sooner but he enjoys his life as it is with time off for walking and holidays.
It would be a shame not to have fun in your twenties and thirties.

TravelDreamLife · 09/01/2022 08:02

H &: started down this path 20 years ago.(at 20). I was miserable. I wanted to travel, to enjoy.life... but, no... It's 'pay now play later'...

Then at 23 I had a colleague who got sick. They recovered & then one day were just...gone. I'll never forget that feeling. It took me a couple of months to figure out it was because I knew she'd led an awesome life so far & you didn't know how many days we had left. I didn't want to spend my life saving for a future that might not arrive.

Started travelling, started living, but with a balance (we live pretty frugally). We're mid 40's now. Have been to incredible places, have a small mortgage & pensions way above average, but nowhere near retirement.

I wouldn't change it. I've seen too many people try it & financial or health problems, death, divorce, etc. has stopped almost every one of them. It's great for those it works for, but it's too much of a risk for me.

Toadsinholes · 09/01/2022 08:02

@TheDaydreamBelievers cross post!

ufucoffee · 09/01/2022 08:03

Wouldn't want to retire by 40.

Porfre · 09/01/2022 08:04

I'd love to be a SAHM.
So I'd love to retire ASAP.
I havent a hope in hell though.

Best i could probably do is work as much as i can in the next few years and then work less hours.

NewPapaGuinea · 09/01/2022 08:06

Why put off enjoying life now for some future you might not live to see?

UpDownRound · 09/01/2022 08:09

My parents paid off their mortgage in their early 40s (obviously houses were cheaper then!). They have since given me and my sibling large sums of money which has helped us pay off some of our mortgages. Honestly though I wish they'd loosened the purse strings a bit when we were children. We never quite had the proper clothes for the occasion (e.g. We did lots of walkinf but no walking boots) and were never allowed to get a drink or snack when we were out. I get real joy out of buying my children very simple things like a snack when we're at soft play. It's the small things in life!

silentpool · 09/01/2022 08:12

While it would be nice to have a paid off house, the experiences you have when you are in your 20's and 30's cannot be replicated when you are 50+. You just don't want the same things/won't take the same risks etc. You'll be wanting staid package holidays and walking tours...

Plus, the world has changed markedly since I was 20-30. It's harder to travel & less safe (in many of the developing/even developed countries I visited or lived in). Yes, I won't be a wealthy, early retiree but I also have no regrets.

Trinacham · 09/01/2022 08:15

No way! We're planning to be mortgage free by the time I'm 33 (31 now) but that's only because we are going down to one salary whilst I am a SAHM for a few years. We may well outgrow this house and get another mortgage somewhere down the line, when we can afford one again. Certainly wouldn't like to retire by 40! Even as someone who doesn't really like socialising that much, I'd feel very isolated, and I'm not really looking forward to these next few years of being a SAHM where I won't be mixing with my colleagues (of course happy to be raising my child though)

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