Putting Your Extra Cash to Work

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Today’s Smart Money Question:

It’s hard to beat this time of the year with the holidays and everything that comes along with it, and we hope that you enjoyed a wonderful Thanksgiving. We have a lot to be thankful for and hope you do as well when you look back on this year and what’s to come in 2024.

Today we want to go over a couple of meetings we’ve had recently with clients who needed to address some specific scenarios. The first one deals with managing cash and how to best leverage that money sitting in savings, especially after you’ve paid off your mortgage. The second discussion we had was with someone who has been separated with their spouse for a few years but haven’t officially gone through divorce proceedings, which still has benefited them from a tax filing standpoint, and they want to know whether they should maintain the status quo.

In each of these scenarios, we’ll share the process we went through and the different options we considered before helping them determine the best path forward.

Here’s some of what we discuss in this episode:

  • What should you do with the extra money each month once your mortgage is paid off?
  • Why it might make more sense to pay off your mortgage now if you have the extra cash.
  • Changing from a joint tax filing to a single filer and is it worth staying in a marriage for.

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.

 

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