Clear your Mortgage in 2 years!

Yep - at the time I was convinced by all those GURUS who told us the property market was heading for a crash, so I hunkered down. Of course the GURUS have been proven wrong...again...and again...and again.....
 
I saw the program and thought it was very poor. I also saw the belly dancer program and thought it was equally poor.
Little or nothing of the importance of budgeting in either programme.
Even something as simple as having a budget box in one's house to allow for day to day expenses.
For what it is worth we live off one of our incomes and use the other for investments and have a household budget.
Regarding investments like pension and savings I am a firm believer in paying yourself first.
The first cheque each month is for savings.
By doing this we hope to have a better chance of reaching our goal of an early retirement.
Do others do similar?
 
By paying yourself first do you mean that you'll always pay X amount into savings even if you've got a personal loan/credit card balance outstanding?

For what its worth I set a budget and save set amounts every month according to a big target like a house deposit. I don't list all my expenditure but watch my balance on-line and will postpone non-essential spending until there's money in the account.
 
If I dont have the money for something will not put it on credit card or on personal loan.
Yes always money into savings first as this is to fulfill long term goals. My future is my most important expense.
The three month emergency money is in deposit account covers unforseen expenses.
 
I have now watched the first two programmes in the series, and they really are stupid.

The second programme was about a couple of around 40ish with three teenage kids. Their income is around £50k and their mortgage is around £50k on a house worth £350k.

Why on earth would they want to pay off that mortgage in 2 years? It makes absoultely no sense at all. They were eating porridge. They grew vegetables in an allotment. He was working weekends, having said that their family is their first priority. The kids gave up their horses. He gave up his flying lessons.

They were a nice couple at the start of the programme. They give 10% of their income to charity. They spend time with their family. Then this guy "who has turned major businesses around and who has advised world leaders" tells them that it is good financial planning to pay off their mortgage. It's complete nonsense.

They both got involved setting up new businesses and neither of them have good business skills. They were taking ridiculous risks for a pay off which was not really necessary.

I have been critical of Show Me the Money, but at least, it's occasionally entertaining, and Eddie's advice is usually good.

Brendan
 
I didn't see the show, but I presume that they ate porridge because they couldn't afford to eat anything else because of their obsession in paying back the mortgage over 2 years.

Madness!

Marion
 
They were eating porridge every day and the programme focussed on it a good bit. The kids said they liked it occasionally, but not every day.
 
I'd only worry if you were eating porridge 3 times a day - as in the movie My Left Foot
 
I saw the progamme last week too. It was the biggest load of horse crap I ever saw. I definitely won't be tuning in again, not even out of curiosity. There's nothing wrong with eating porridge (even though I absolutely detest the stuff!) but this family took it to the extreme. Correct me if I'm wrong but I think they were eating it as a meal other than breakfast. The kids faces said it all, they were in sheer agony having to eat so much of it. I'm sure you could cut back on your eating habits some other way. Not only did the poor family get porridge in a bowl but they also stopped buying biscuits so they made Flapjacks instead to eat ...... flapjacks being made with porridge oats!! I'm sure their digestive systems were thrown out of kilter

The mother also decided to set up a business selling hampers and when asked what price she was going to charge she was able to quote a price of something like £90 but she had absolutely no idea how much profit she was going to make out of it. I can't even remember what the husband's second job was it was so boring..........
 
Are you all sure that this programme is not some form of comedy or reality show? It sounds great so far!

She wasn't selling porridge hampers by any chance? Did they wear clothes made out of porridge?

 
In the first series the couple were arguing a lot.
I'd draw the line scouring second hand shops for clothes suitable for her daughter. In the 2nd episode the couple owed only 50K. Why would paying off the mortage be so beneficial to them ? I had to laugh when I saw the hens. Still I'll watch it again tonight.
 
892896 said:
Why would paying off the mortage be so beneficial to them ?
Click to expand...

They said that in a couple of years their children would be starting to get to the age where they'd go to university and wanted to have the extra income to fund that.
 
Okay, it's killing me to know what happened last night. Did anyone watch it?? Was it as whacky??
 
It was about a gay couple living in Cornwall. One worked full time as a social worker, I don't think the other worked, but was an artist ( paintings). Their mortgage was about £90,000.00. By the end of the year, they had tried a decluttering business ( never took off, got one job only), a childrens party business ( which was doing very well until the artist decided to concentrate on her paintings and abandoned it) a gay wedding coordinator business ( had only started this), and the social worker was training to become a life coach at night as well as organising gallery space and an exhibition for her partner who was a bleeding heart too fragile for this world and couldn't do anything for herself. There was a fair bit of bleating on about wanting to donate to charities and being honest and Christian in all their dealings with others. I liked the social worker, she was hard working and genuine. I found the artist a little self-centred, but that was the dynamic of the relationship I suppose. At the end they said they had thought of an idea for an internet business which might well do fantastically but wouldnt disclose the idea just yet. I will probably keep watching the series just because there is nothing else worth watching anyway. But frankly the more I watch the less I am enthused.
 
Yeah, I thought the one who started the children's party business should have stuck with that while painting in her spare time. She said she needed to paint in the same way that she needed to breath but why the exhibition idea took off I'm not sure. She ended up cancelling party bookings which had obviously come about because of their work in publicising it to focus on getting 40 paintings done in 8 weeks. They both had some good ideas which they were great at starting but continuing something through once it got started was a real problem with the couple.
 
Similar story with the porridge in the last show - these two were cutting costs by making pots of vegetable soup, which cost £1.50 a go and lasted for two days! Thereby knocking I think around £300 off their annual grocery bill. I think it's a bit extreme.
 
Thought the espisode was a bit dull last night.
There is nothing groundbreaking in the series.
 
Hi guys

What is the point in saving and scrimping like mad over a long period of time, is everyone missing the bigger picture here, that is not what life is all about - can people not live comfortably, and do the things they want to do, as opposed to live a restricted life, I have known people who saved, invested and scrimped all there life, you won't bring it with you at the end of the day. Life is for the living guys!!!
 
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