When disaster strikes at home, it’s incredibly stressful. Our homes are our sanctuaries, our comfort zones. So, when you have pipe burst or a sewage back up (lovely, I know) it can send you into a panic.
In many ways, it’s just not easy dealing with the stress of homeownership when things go awry. But the thing is that we can actually be prepared so that should something happen…we’re not completely overwhelmed.
It’s the beginning of a new year and we’re all ready to start fresh. The holidays are behind us and (hopefully) we’re feeling upbeat and renewed and ready to tackle what’s coming. That’s why this is the perfect time to discuss this light topic:
I get the question a lot – should I pay off my mortgage. The answer is that depends.
If I told you that I had a vehicle that allowed you to pay $10 in interest to save $3 in taxes, would you do it? The answer is probably no. Assuming that you are in a 30% tax bracket to keep the numbers easy, that’s what a mortgage is – and that math doesn’t always go in your favor. Please be sure to consult your tax advisor with regards to the tax strategies discussed in this article.
A lot of retirement planning starts with what I call a back of the envelope calculation. That’s the calculations that you grab an old piece of mail and scribble some rough numbers. While a back of the envelope calculation isn’t enough, it’s a good start.