£120k set you up “for life”? Where are you living? That barely even buys half a house.
Depends on the definition I suppose though. It’s a bloody good start.
I can only speak personally. It'd set me up nicely.
I've never fallen for the debt slavery con that is property ownership. It was a great idea in it's early stages & the returns were fantastic. But that's the essence of a good con, if it looks like a con from the start nobody will play.
Get in from 1985ish to the end of the 90s & you've scored big. Since the turn of the century not so much. Today you're utterly ****ed if you're starting out.
I had a friend who got repossessed 12 years into a 25 year mortgage. Which co-incided nicely with him being in negative equity. He sat there crying into his beer about it.
This same guy had spent the majority of the 12 years repeating the tiresome mantra of "dead money" when calling me out for renting. Literally at every opportunity. When no opportunity existed he'd create one. He ****ing loved it. It was almost a hobby.
So I told him that night that he shouldn't worry. He'd be fine...
...after all, if all my rent was dead money, that must mean that by definition his money wasn't. So clearly they'll just give him his 12 years worth of payments back all tied up with a pretty pink ribbon with a note saying "no worries mate, I'm not dead, I'm just resting"
Clearly I'm a massive ****. I don't deny it. I relished that conversation far too much. But the twat asked for it.
Equally clearly we're not friends anymore.
But I live with that remarkably easily (in my well maintained council flat with a brand new boiler & a nice garden in a quiet cul-de-sac for less than £300 a month)
£120K ? I'd be ****ing minted.