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That is great news indeed A fine Merry Christmas. And you're doing the right thing with the money too.
I've ALWAYS said that paying off your house is the first thing you should do as it saves a fortune fast. A lifelong friend of my wifes family said you're a fool to pay off your house as you'll miss that tax deduction. I said "you know who makes that bullshit up? Bankers"
Little did I know he was a banker.
I'll use fictional numbers but fairly close given my geography here.
Lets say $5000 a year goes to that faceless entity called the IRS and $10,000 goes to the interest of your house, again faceless intities. That's 15k outgoing to something you'll never see.
Giving up that $10,000 interest deduction means you'll pay about $7,800 in taxes, saving $7200 from going into faceless entities. Duh.
Great job Candle, great job.
candle850-keeper@... wrote:
candle850-keeper@... wrote:
I finally got the settlement check for workman's comp. We settled out of court and got more than they were offering. With the check, we are going to put a lump sum on our mortgage and use the rest for Christmas. By placing the lump sum on the house, we will have the house paid off in the next 2 years. That will save us so much money by not having a monthly house payment.The other side brought an annuity person with them. I have no clue what that was about. They were going to offer us a little over $100 a month with us forfetting the rest if I die and my husband would get nothing. Also, if anything happened that put me in the hospital again, I wouldn't be able to touch the money to pay the hospital. By paying off the house in a couple of years, we will have much more than $100 per month at our disposal for needs such as medical bills, including medication.My husband and I will be able to buy each other gifts for the first time since this started. We haven't been able to even buy small gifts under $5 because all our money has been used for bills. We could barely buy groceries. My husband just got a raise, so that will help with groceries and give us breathing room for monthly expenditures until the house is paid. Then I hope to start saving for retirement.Just wanted to share my good news. I hope everyone is doing well.
--CandleMay there always be a light to guide you.
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