Author Topic: Just paid off mortgage! Now what?  (Read 1587 times)

gillamnstr

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Just paid off mortgage! Now what?
« on: June 01, 2016, 07:55:11 PM »
Hi there!

We went whole hog this year and paid off the mortgage today :)

We still have some debt:
Me: $26,000 in student loans at 2%
Hubby: $6000 in student loans at 2%

The catch: my job is ending in the beginning of October, and I'm not sure what's coming after that - I work on contracts and don't have an offer for immediately afterwards. I will likely go on unemployment which nets me about $350 a week. My husband still has his decent job, but that is expected to end sometime in the Summer 2017.

Barring anything crazy, I can expect to net around $30,000 before my job ends.

Besides my debt, I may have some other expenses, basically:
 -I will probably need to buy a used car (I know I know) I'll keep it under $10,000.
 -I am dying to treat hubby and self to a king-size bed. It's like sleeping with an octopus. The whole thing should cost around $1500.
 -In my desire to pay off the house, I haven't funded my Roth yet, so there's that $5500
 -Emergency fund and retirement savings are in pretty good shape, so any extra would be going to that.

Any initial thoughts, recommendations, etc, would be appreciated. I'm a little concerned about being unemployed again.

All the best!


boarder42

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Re: Just paid off mortgage! Now what?
« Reply #1 on: June 01, 2016, 08:11:31 PM »
1500 don't think so. I got one slept on 2x for 400. Shop around you'll find a much better deal mattresses have dated tags so you can tell age are you maxing out a 401k?  I assume you're a contractor. You should have an llc setup and your own 401k.

Kiwi Mustache

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Re: Just paid off mortgage! Now what?
« Reply #2 on: June 01, 2016, 08:27:07 PM »
Either invest in stocks or real estate. Simple.

boarder42

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Re: Just paid off mortgage! Now what?
« Reply #3 on: June 02, 2016, 07:56:03 AM »
what would i do -

1. refinance your house then invest all proceeds
2. invest the rest of what you have.