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pay off mortgage with inheritance or invest?

Forum: Retirement
Suzanne Boisvert
I am thinking I would like to pay off my mortgage and save the interset which now is at 4.875% interest portion is at $230 a month. I asked my financial advisor and she ran the numbers and said yes. Then she called me back and said not to pay it off and to invest it. I plan on only working two years or so before I retire. I am now 68. I still feel that paying off the mortgage would be better and I could continue to save.the extra 1000 a month. I am not sure what to do now... What is the best...Read More...

Gig Work Taking Property Photos in the US

Forum: Make Money
Luke Tomaszewski
ProxyPics is the perfect side hustle. People in different industries need up to date photos of properties. Kind of like Uber for photos; we let you know when there's a job near you and you get paid to take the photo! Get paid $3.25 for each photo you take, most assignments have more than one photo and some come with short surveys. We have clients that have work all across the country, it’s easy and free to download on Google Play or iOS.Read More...
I downloaded the app and found only 2 jobs that weren't very close to where I lived. One was about a 45 minute drive, the other I'm not sure how far it was. It's not a very useful app for me at this point.Read More...
Last Reply By lismox · First Unread Post

Student loans

Forum: Debt
Does anyone have advice for out of control student loan debt? I can’t afford the monthly payment no matter what plan they offer.Read More...
Are you able to get them deferred? While that's not going to get them paid off, it will give you time to get in a better situation to make the payments. Did you request an income based payment? A lot of times, depending on your income, that can be as low as $0 a month. If you don't qualify for income based payment because you make too much money, then you may need to take a look at your finances and see if there is anything you can stop in order to make the payments.Read More...
Last Reply By JeremyM · First Unread Post

Home Debt Question

Forum: Debt
Dear Penny Hoarder, My husband wants to retire from his job in about 7 years and we owe about 60k on our mortgage and have a 10 yr loan. This is a new loan for us and we are going to begin paying that one year interest. My question is, is it better to pull from retirement and pay off the mortgage and then put his paychecks back into his IRA for the next 7 years and take the tax hit? Would it be better in the long run and not pay the mortgage company all that interest money or leave...Read More...
I know it's tempting, but it's not a good idea to take money out of your IRA or to even borrow against it. You may not pay it back and there's the big tax hit. I would sock as much money as I could on the mortgage and get it paid down as fast as possible. Look for additional income methods. If something bad happens, you have time to work at getting it fixed before retirement. If you've taken the money out of your IRA, you could be scraping for pennies in retirement. The cost of living goes...Read More...
My personal opinion is not to take money from his IRA. You and your husband may have good intentions on paying it back, but it may not happen. You will also have the tax hit, as you mentioned.Read More...
Last Reply By dboothe · First Unread Post

rewards debit accounts

Forum: Banking
What are the best rewards debit/checking and savings accounts around? So far I've found Discover Cash Back Debit and Wells Fargo save as you go that deposits your rounded change daily.Read More...

Pay off high Debt

Forum: Debt
Nancy Murray Dupont
Hello, I need some advice actually. I just want to get rid of debt and I don't have a good credit score, so loans are out of the question. I have looked at refinancing our house (in which) I discussed options with them and we could actually pay out mortgage off 1 year early if we did take money out to pay off debt. We owe 7 years on our house, we take a re-fi (get rid of the high interest) and paying on the mortgage 600 + our payment we could actually pay it off in 6 years. I thought that...Read More...

Low income high debt

Forum: Debt
Sonja Setoute
I had to leave my job suddenly for personal reasons which left me unable to make payments for 6 months until I found a new job. The new job pays less and I'm barely about to make payments on one card/loan. How do I handle this?Read More...
That sounds like a great idea to start with. Take a look at how much you spend on food or other necessary items. See where you can cut back. That money may seem like not very much, but it is something.Read More...
First thing I would do, and one of the hardest things to do, is to call the bank and explain the situation. Communicate with them. Its been 6 months, so it will likely not be a fun conversation, however, it needs to be done. You may have done this already, but if not, consider reaching out. Make a payment plan- pay something. It doesn't sound like it's gone to collections yet, so that's great. And congratulations on the new job! I know it pays less, but I'm happy for you that you found...Read More...
Last Reply By MsKimberly · First Unread Post
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