Beware Taking On Debt
December 24, 2012 by Bob Livingston
I am at a financial CROSSROAD and am going “nuts” trying to figure out what the best way to go may be.
I have a second mortgage on my home of approx. $44,000 and (at the same time) I have a total of about $43,000 (spread across 3 different investments: Merrill Edge, Charles Schwab, and an IRA at Chase Morgan). Do I cash everything in and pay the second mortgage, …… or just leave everything where it is?
Another idea I had was to purchase any type of 2-bdrm sound structure with a little bit of land (no matter how little)… “down South”… maybe in North Carolina or Tennessee. The prices down there seem to be EXTREMELY low these days. Why? In case the country SPLITS, I see the South becoming its own country… again! And… it looks like most of the conservatives may just be in the South. I don’t like the heat down there, but I definitely do not want to end being surrounded by communist liberals….no matter how mild the weather may be.
I REALLY hope I won’t get “….sorry, but I cannot give you financial advise”… back. I’m just an old woman, by myself trying desperately to get somewhat ready for the upcoming disaster (financial, social, and every other way one can think of). One would have to be blind not to see (and feel) that something terrible is coming.
I TRULY hope you can give me some direction on this. The above is ALL I have in the world and don’t want to do the wrong thing, especially “now”.
Mrs. S. Winberry
Dear Mrs. Winberry,
I am sorry but the lawyers will not allow me to give individual financial advice. I will say this: You should be leery of taking on more debt.