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I would be getting some inheritance money early next year.
I feel like to pay off the mortgage but have difference of opinion with the wife...
How much is "some" ?
How old are you ?
How are you situated now (debt, retirement investments etc) ?
If all of your other financials areset up well and moving along as they should...
and the inheritance amount is not especially large (under $10k?)...
then indulge yourselves in some splurge.
Pay off mortgage. Then you can simply take the money you normally would be paying the monthly mortgage and set up a few accounts to fund different things you want like vacation, car repair etc
If this money is enough to pay off a mortgage, then what kind of expensive vacation is your wife talking about? If it's really that much, why can't you take a nice trip and pay off the mortgage? If the amount is not very much, like mentioned above, then just indulge in something you've been wanting.
I have no other debts live comfortably/simple on my salary. Drive 15 year old cars.
My wife wants to go on exotic vacation trip to Hawaii and Europe costing close to 20K.
We can use inheritance money to pay off mortgage, then start saving for the vacation. I would like to one of the two trips before I retire.
Sounds like you have a relationship issue that should be handled very carefully. Disagreements about money can be corrosive.
About the original question: stock market is quite high, yields on bonds are poor. So investing right now does not seem like a good bet. Maybe there will be a buying opportunity if the government shuts down or we don't extend the debt ceiling: of course then you would be betting that the economy will not be damaged permanently.
I agree with MaseMan, if you have credit card debt, get rid of that (and don't get behind again), if not , pay off the mortgage or at least make 2 payments a month (Principal only on the 2nd payment) and pay the mortgage down quicker. But for me, before I retired I made a lump sum payment to get rid of the mortgage and then as suggested , put our money into different accounts, ie; savings, vacation, rainyday,. There is no better feeling than knowing you own your house outright. And , when times get tough like now, it doesn't affect you as much because you don't have to shell out money every month. It gives you great piece of mind. That vacation your wife wants will be over in a couple of weeks but getting rid of the mortgage is FOREVER! Good luck.
Holy Jesus 20k vacation? I rather pay off my house. Why not save the money and go a few times on vacation with money saved. Spread it out over a few years time.
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