December 30, 2007
Posted by formyselfmond
I'm awaiting a $150,000.00 award from auto accident case. Don't know if I should P/O my mortgage, pay it down or invest award money.
I haven't worked for 1 1/2 yrs due to auto accident.I'm diagnosed with Fibromyagia, herniated discs, torn ligament, five pinched nerves, bad back and torn Labrum in right shoulder that needs surgery. Don't know when/if I'll ever return to work.
Receiving $1,170.00 per month from Soc Sec Disablity. I hope to work again part time bringing in another $900.00 monthly. Without a mortgage, I should be able to live off of this.
In addition, I have $29,000.00 in savings. I'm using this money to live off of. Also have 401K from a prior employer (2 times back) for $1,100.00 which I haven't touched for lack of knowing what to do with it.
I have NO debt except my mortgage. My total monthly mortgage pymt. is $1,050.00 (A little more than half is P&I; other half taxes and HO ins.) 30 yr. fixed @ 6.50%. Very good to excellent credit history. 2006 PAID OFF car with 11,000 miles.
My son and only child is a freshman in college. Got him much financial aid and HE will pay the remainder.
Please advise! Thank you!
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