Should you pay your mortgage off early?

Doing a bit of research on this topic, there were quite a few opinions on the issue. Should you pay your mortgage off early? It depends on your situation. Reading a few of these opinions and you can walk away very confused, but it can give you the information you need when you visit with your financial adviser. The one thing I did get from all this information is TALK WITH YOUR FINANCIAL ADVISER BEFORE YOU DO ANYTHING!

Pitfalls of Paying Off Your Mortgage Early

Oct. 4, 2013 By BYRON L. STUDDARD, CFP®

Should you pay off your mortgage? As with so many financial issues, the answer is: It depends.

A couple recently came to me for financial advice – after drastically changing their entire financial situation. They had attended a financial workshop where they became convinced that any debt is undesirable. So they paid off their mortgage early by cashing in their six-figure 401(k) accounts.

Because they were under age 59 1/2, they had to pay a 10 percent penalty, along with ordinary income tax, on this large withdrawal. They came to me – too late – for a second opinion on this by then irreversible move; the damage had already been done.

Whether to pay off your mortgage early is a difficult decision that should be based on various factors. Depending on your situation, some debt—especially mortgage debt--is probably not as bad as the alternatives. In this case, not paying off the mortgage would have meant keeping the couple's 401(k) assets intact and growing in value through compounding interest, which is interest on principal and interest. Albert Einstein famously called compound interest "the most powerful force in the universe."

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When to pay down your mortgage

6/20/2013 7:30 PM ET By Liz Weston, MSN Money
For years, I've been telling you that you likely have better things to do with your money than to prepay a low-rate, tax-deductible debt such as a mortgage.

Yet my husband and I plan to have our mortgage paid off by the time we retire. Am I promoting a double standard? Not really. I'm just acknowledging the math, which favors carrying a mortgage while you're working and being debt-free when you're not.

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The Benefits Of Mortgage Repayment

October 26 2011| Filed Under » Home Purchase, Mortgage
You've taken the leap and decided to buy a home. After signing a mountain of paperwork, you are now the proud owner of your own residence. Thirty days later, when the first mortgage payment comes due, you are hit by the reality of what you have done. You have taken on 30 years worth of massive payments, in an economy that makes no promises about long-term job stability. In this article, we look at the benefits of paying off your mortgage as soon as you can and give you pointers on how to do it. 

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4 ways to pay off your mortgage earlier

By Sally Herigstad • Bankrate.com

Paying off the mortgage early is in. Refinancing to take money out of our homes is out. Living through the foreclosure crisis, more people want the security and the psychological benefit of owning their home free and clear.

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Growing Vegetables in Containers

If you don't have room for a garden, or only want to grow a few vegetables, planting in containers is the best way to go. Almost any vegetable can grow in a container and with a little care can produce abundantly. Here's how to get started.

Tools and Materials
Containers of various sizes
Sterilized potting soil
Shovel
Trowel
Drip or hose irrigation
Fertilizer

It's all in the pot. When selecting a container, remember that bigger is better as far as ease of maintenance and size of harvest. Half whiskey or wine barrels or similar-sized pseudo terra-cotta containers are large enough to accommodate vegetables such as large tomatoes, eggplant, and squash, with room to spare for companion plantings of smaller choices such as carrots and lettuce. Five-gallon containers can hold dwarf tomatoes, peppers, beans, and many small leafy greens. A window box is even large enough to grow radishes and arugula.

And in the soil. For proper drainage, containers need to have holes in the bottom. Also, use only sterilized potting soil. Garden soil may contain diseases and may not be well drained. Because you're planting in such a small space, you'll have to be very conscious of watering and fertilizing regularly. Water with drip irrigation or by hand whenever the soil is dry 4 to 6 inches deep.

Fertilize every two weeks with a water-soluble fertilizer for vegetables, or add controlled-release fertilizer at planting time, supplemented with a water-soluble fertilizer when needed. For large containers, mulching with straw or bark conservs moisture.

Best plant combinations. Containers allow you to plant combinations that are both edible and attractive. For example, try creating a salad container with different colors of leaf lettuce, a bush cucumber, a dwarf patio-type tomato, and even herbs such as parsley. How about a tomato sauce barrel with a tomato plant in the center, herbs such as oregano and basil on the sides, and onions interplanted between the herbs? Or a root crop roundup container with beets, carrots, radishes, onions, and parsnips in a foot-deep container?

Tips

Choose bush varieties of large vegetables such as squash.

Production may be less than with full-sized kinds, but plants will be much easier to care for.

To save space, consider growing some plants up. Choose pole beans over bush beans, and trellis them along the back of a container. This leaves space in front to plant other vegetables.

Photography from the National Gardening Association.

http://local.garden.org/Growing_Vegetables_in_Containers_Spokane_WA-r1216583-Spokane_WA.html

Vegetable Garden

You can plant many crops directly in the garden, especially root vegetables, crops with large seeds, and seeds of plants that can mature within your growing season. The correct time to plant each crop varies widely according to the climate where you live and the specific needs of each crop.

Tools and Materials

Soil thermometer
String and stakes
Measuring tape
Steel rake
Hoe
Vegetable seeds
Water source
hose
watering can
Floating row cover, optional



When to plant. In general, plant cool-season crops (peas, lettuce, greens, cole crops, and root crops) so they can mature before the onset of mid-summer heat or freezing autumn weather. Some, such as peas and spinach, will germinate in soils as cool as 40° F. Most cool-season crops will germinate and grow if planted about two weeks before the last spring frost.


Plant heat-loving, warm-season crops (such as squash, beans, corn, melons, and cucumbers) only after the soil has warmed, about two weeks after the last frost in spring. These crops require soil temperatures between 60° and 70° F.


Choose planting pattern. Plant most seeds in 1- to 3-foot-wide beds instead of single-file rows. Wide row planting reduces weeding and watering needs and increases the yield per square foot by decreasing the space needed for paths between rows. Single-row planting works best for corn and climbing peas and beans. Plant vine crops (squash, cucumbers, gourds, and pumpkins) in 1-foot-square beds, spaced 3 to 6 feet apart. Plant 4 to 6 seeds in each bed.


Prepare soil. When the soil is dry enough to crumble after squeezing and warm enough to plant, add compost and other amendments, as necessary (see "Preparing a New Garden Plot"). Mark the rows with string and stakes, if desired, leaving 2- to 3-foot aisles between rows. Smooth the soil in the rows with a steel rake. Break up large clods and remove stones and debris.


Sow seeds. Plant seeds at a depth equal to two to three times their diameters and as far apart as recommended on the seed packet. In wide row plantings, you can space large seeds, such as beans, on the soil surface and then push them into the soil with your finger. Scatter small seeds, such as carrots, over the prepared row and sprinkle soil over them. Tap the soil gently with the back of a hoe or the palm of your hand. In single-row plantings, make a furrow at the proper planting depth with the corner of a hoe blade. Space the seeds in the furrow and cover with soil.


Water and care. Water the planted rows with a gentle spray from a hose or watering can without disturbing the soil. Keep the soil evenly moist, especially while the seedlings sprout and become established. Protect from frost and grazing animals with a floating row cover, if necessary.
Tips


The number of days listed on the seed packet refers to the time needed to mature a crop after sowing seed or transplanting into the garden. Choose varieties that can ripen within your growing season.


If your space is limited, try compact vegetable varieties; crops that provide a high yield per square foot, such as root vegetables; and trellises for vining plants.


Photograph by National Gardening Association.


http://local.garden.org/Planting_a_Vegetable_Garden_Spokane_WA-r1216574-Spokane_WA.html#

Do It Yourself Detergents & Cleaners

Here's a couple of good ways to save yourself a lot of money and keep your home green.

All-Purpose Cleaner
1 bucket warm water
1/2 cup washing soda
 Wash surface, wearing gloves; then rinse.

For really tough jobs, make a thick washing soda paste by mixing it with water, and then spread the paste on the soot. Keep the paste damp by spraying every hour or so with a spray bottle. Leave the paste on overnight, and then rinse. Make certain to only use this formula on inert surfaces such as glass and stone, as this amount of washing soda can peel off paint, wax, etc.

Liquid Laundry Detergent
1 quart water (boiling)
2 cups bar soap (grated)
2 cups borax
2 cups washing soda
Add finely grated bar soap to the boiling water and stir until soap is melted. You can keep on low heat until soap is melted. Pour the soap water into a large, clean pail and add the borax and washing soda. Stir well until all is dissolved. Add 2 gallons of water, stir until well mixed.
Cover pail and use 1/4 cup for each load of laundry. Once it's cool, add 5 - 7 drops of your favorite essential oil per gallon. Stir the soap each time you use it (it will gel).

Powdered Laundry Detergent
2 cups finely grated soap
1 cup washing soda
1 cup borax
Mix well and store in an airtight plastic container.

Use 2 tablespoons per full load.

• For the bar soaps required in the recipes, you could try Fels-Naptha, Ivory soap, Sunlight bar soap, Kirk’s Hardwater Castile, and Zote. Don’t use heavily perfumed soaps. 
• Washing Soda and Borax can normally be found in the laundry and cleaning aisles. 
• Some people with really hard water or well water may have to adjust the ingredients if the clothes look dingy. 

Dishwasher Detergent

1 cup Washing soda

1 cup Borax

½ cup Kosher salt

½ cup citric acid 

Mix together and store tightly covered in a Mason Jar. Use one tablespoon per load. Add vinegar to the rinse dispenser for the best results.

http://www.care2.com/greenliving/the-wonders-of-washing-soda.html
http://tlc.howstuffworks.com/home/make-your-own-laundry-soap.htm
http://tipnut.com/10-homemade-laundry-soap-detergent-recipes/

http://tlc.howstuffworks.com/home/diy-eco-dishwasher-detergent.htm

Recycling Centers that pay you

RECYCLING CENTERS

The following Buy-Back Centers will pay for your Recyclables. There are 10 full line buy back centers in the Spokane area. Some or all of the following items can be recycled:   Nonferrous metals (aluminum, copper, brass, lead)   Ferrous material (iron, steel, nickel)   Glass bottles and jars   PETE Code 1& HDPE Code 2 plastic bottles or jugs   Newspaper, cardboard,  paper, magazines & phone books   Auto batteries (Household batteries for disposal) Earthworks Recycling  1904 East Broadway Spokane, WA 99202-2877 Phone: (509 )534-1638 Pacific Recycling   1114 N. Ralph Spokane, WA  99202 Phone: (509) 535-1673                                               Action Recycling, Inc. E. 911 Marietta Spokane, WA 99207 Phone: (509) 483-4094 Spokane Recycling  3407 E Main Ave Spokane, WA 99202 Phone: (509) 535-0284 Clark's Recycling  1730 W. Sinto Spokane, WA 99201 Phone: (509) 328-4086 Du-Mor Recycling 6404 N. Perry Spokane, WA 99217 Phone: (509) 489-6482 Clark's Recycling - Valley  11913 East 1st Avenue Spokane Valley, WA 99206 Phone: (509) 922-2264 American Recycling 6203 E Mission Ave Spokane Valley, WA 99212 (509) 535-4271 Dickson Recycling 907 N. Dyer Rd Spokane Valley, WA 99212 Phone: (509) 535-6146 Cheney, Medical Lake, Fairchild Air Force Base and the Regional Disposal Sites will take Recyclables for free. Cheney Recycling Facility 100 W. Anderson Road, Cheney, WA 99004  (509) 235-1456   Cheney residents only. Medical Lake Recycling 851 S. Lefevre, Medical Lake, WA  (509) 299-7715   Medical Lake residents only. Pollution Prevention & Recycling Center Fairchild Air Force Base, Building 2420  (509) 247-2885   FAFB only.

Affording an Education

“We live in a world where knowledge is developing at an ever-accelerating rate. Drink deeply from this ever-springing well of wisdom and human experience.”
—Gordon B. Hinckley, Teachings of Gordon B. Hinckley (1997), 171

To become self-reliant in education, we should:
Study the scriptures and other good books.
Improve our ability to read, write, and do basic mathematics.
Learn to communicate effectively with others.
Obtain formal education or equivalent training necessary for employment.

Take advantage of opportunities to gain more knowledge.

Self-Reliance & Family Well-Being

Helping our children to receive the education they will need to be self-reliant gets more and more expensive every year. For some it can seem impossible, but there is a solution.

Washington offers GET, Guaranteed Education Tuition. GET is Washington's 529 plan, helping families save for college. With GET, your account is guaranteed to keep pace with rising tuition and you can use it at nearly any public or private college in the country. To find out more about GET go to http://www.get.wa.gov/

Finances

From Self-Reliance and Family Well-Being

“We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. We urge you to be modest in your expenditures; discipline yourselves in your purchases to avoid debt. … If you have paid your debts and have a financial reserve, even though it be small, you and your family will feel more secure and enjoy greater peace in your hearts” (All Is Safely Gathered In: Family Finances).

Pay Tithes and Offerings
Successful family finances begin with the payment of an honest tithe and the giving of a generous fast offering. The Lord has promised to open the windows of heaven and pour out great blessings upon those who pay tithes and offerings faithfully (see Malachi 3:10 and Isaiah 58:6–12).
Tithing
If our tithing is the first obligation met, our commitment to this important gospel principle will be strengthened and the likelihood of financial mismanagement will be reduced.
Fast Offerings
On fast day, we go without food and drink for two consecutive meals, if physically able, and then give to the bishop a fast offering at least equal to the value of the food not eaten. If possible, we should be very generous and give more. The bishop uses the fast offerings to care for the poor and needy.

Avoid Debt
Spending less money than you make is essential to your financial security. Avoid debt, with the exception of buying a modest home or paying for education or other vital needs. If you are in debt, pay it off as quickly as possible. Some useful tools in becoming debt free are a debt-elimination calendar and a family budget worksheet.
Distinguish between Needs and Wants
We must learn to distinguish between wants and needs. We should be modest in our wants. It takes self-discipline to avoid the “buy now, pay later” philosophy and to adopt the “save now and buy later” practice.

Elder Joseph B. Wirthlin (1917–2008) taught: “All too often a family's spending is governed more by their yearning than by their earning. They somehow believe that their life will be better if they surround themselves with an abundance of things. All too often all they are left with is avoidable anxiety and distress” (“Earthly Debts, Heavenly Debts,” Liahona,May 2004, 42).
Getting—and Staying—out of Debt
We should avoid debt. There is nothing that will cause greater tensions in life than grinding debt, which will make the debtor a slave to creditors. A specific goal, careful planning, and determined self-discipline are required to accomplish this.

President N. Eldon Tanner (1898–1982) taught: “Those who structure their standard of living to allow a little surplus, control their circumstances. Those who spend a little more than they earn are controlled by their circumstances. They are in bondage” (“Constancy amid Change,” Liahona, Feb. 1982, 46).
Use a Budget
Keep a record of your expenditures. Record and review monthly income and expenses. Determine how to reduce what you spend for nonessentials.
Use this information to establish a family budget. Plan what you will give as Church donations, how much you will save, and what you will spend for food, housing, utilities, transportation, clothing, insurance, and so on.
Discipline yourself to stay within your budget plan. A budget worksheet is a useful tool to help you with your plan.
Build a ReserveGradually build a financial reserve, and use it for emergencies only. If you save a little money regularly, you will be surprised how much accumulates over time.

President Gordon B. Hinckley (1910–2008) taught: “Set your houses in order. If you have paid your debts, if you have a reserve, even though it be small, then should storms howl about your head, you will have shelter for your wives and children and peace in your hearts” (“To the Boys and to the Men,” Liahona, Jan. 1999, 66; October 1998 general conference).