Need to earn money within a day or a few hours? Maybe you need to fill up your gas tank so you can get to work, or perhaps you have bills that need to be paid before your next check comes in. Here are 21 quick and proven ways to earn money.
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If you have been wondering what it means to invest in digital real estate, you’ll have to start thinking in terms of our virtual world. In the rapidly evolving world of cyberspace, digital real estate is akin to a virtual parcel of land. Investing in digital real estate allows you to own a piece of […]
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My friend Amy recently wrote with an interesting dilemma. “Should I pay off my mortgage early?” she wonders.
Amy has a high-paying job and has managed to save enough that she could be completely debt-free if she wanted to. And she kind of wants to! But is this the best choice? She’s aware that this is a nice problem to have â but it’s still a bit of a muddle. She’d like some guidance.
Here’s an abridged version of her email:
I’m wondering if you have any advice for me related to paying off a mortgage vs. keeping it for tax purposes.
Hereâs the basic rundown: I have 22 years and $103,000 left on a 30-year fixed-rate mortgage at 3.95%. My monthly payment is $668 per month. I will pay about $48000 in interest this year. I pay both my taxes and insurance out of pocket annually.
The past two years, I’ve made close to a quarter of a million dollars each year, and this year I will likely exceed that amount. This is a wonderful place to be. With no other debt, I’m contemplating whether I should completely pay off my mortgage in one swoop come November when I get my bonus.
I have advice coming from both sides. My accountant warns me against it, as I would have no other write-offs to offset my high income. However the freedom of being DEBT FREE sounds amazing, even if it comes with a high tax bill.
I would love your advice (or the advice of your readers, if this offers an opportunity to share with them).
My stock answer to this question — which I get a lot — has always been: This is a no-lose situation. Deciding whether you should pay off your house is a case where either option is awesome.
Mathematically (and financially), the best choice is almost always to carry the mortgage. However, many people receive a huge psychological boost from not having a mortgage. In other words, this is one of those situations where the smart financial decision and the smart psychological decision aren’t necessarily the same.
Although Amy is asking specifically about the tax implications, let’s start by examining the Big Picture.
Just so everyone is on the same page, here’s a quick look at the pros and cons to paying off your mortgage. There are advantages and disadvantages to both choices. Are certain advantages more important than others? You make the call.
Here’s how you can better position yourself financially this year â even in the face of recession.
Firstrade was one of the first online trading platforms to offer commission-free trades for stocks, bonds, and mutual funds. Here’s a review.
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Having $2,000 to $3,000 to invest is a good feeling, but how do you allocate the funds? While some options will keep your money safe in the short term, taking on more risk can yield better results over the long run. To help you figure it out, here are 17 of the best strategies for investing $2000 to $3000.
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There are a lot of reasons an investor might be interested in putting their money into agriculture. For one, it may seem like a safe bet since during a recession, people may cut back on haircuts or hold off on ⦠Continue reading â
The post How to Invest in Agriculture appeared first on SmartAsset Blog.
Investing apps have revolutionized the way that investors can buy or sell stocks, bonds, options, and other financial instruments. There are many different types of investing apps that allow you to invest in the stock market. Robinhood and other investing apps have been in the news a lot lately, so this article will give you
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