I think we are very cash heavy but I’m also not worried about where we are for retirement, so I would like to pay off our mortgage. Yay or nay?

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Having a lot of cash on hand can be both a blessing and a curse. On one hand, having a large amount of cash readily available can provide a sense of security and financial stability. On the other hand, keeping too much cash on hand can be risky and may hinder your ability to grow your wealth over time.

So, what should you do if you find yourself in the position of being cash heavy? Here are some tips to help you make the most of your financial situation:

1. Assess your financial goals: Before deciding what to do with your cash, it’s important to first assess your financial goals. Are you saving for a specific purchase or expense? Do you have any outstanding debts that need to be paid off? Understanding your financial goals will help you make informed decisions about what to do with your cash.

2. Build an emergency fund: One of the first things you should do with excess cash is to build an emergency fund. This fund should ideally cover three to six months’ worth of living expenses and should be kept in a high-yield savings account or other easily accessible account. Having an emergency fund in place will provide you with peace of mind knowing that you have a financial cushion in case of unexpected expenses or emergencies.

3. Pay off high-interest debt: If you have any high-interest debt, such as credit card debt or personal loans, it’s a smart move to use your cash to pay off these debts. By paying off high-interest debt, you can save money on interest payments and improve your overall financial health.

4. Invest for the future: If you have taken care of building your emergency fund and paying off high-interest debt, consider investing your excess cash for the future. There are a variety of investment options to choose from, including stocks, bonds, mutual funds, real estate, and more. By investing your cash wisely, you can grow your wealth over time and achieve your long-term financial goals.

5. Diversify your investments: When investing your excess cash, it’s important to diversify your investments to mitigate risk. Diversification involves spreading your investment across different asset classes and sectors to reduce the impact of market fluctuations on your portfolio. By diversifying your investments, you can increase the likelihood of achieving long-term financial success.

In conclusion, having excess cash on hand can be a fortunate position to be in, but it’s important to make wise financial decisions to make the most of your wealth. By assessing your financial goals, building an emergency fund, paying off high-interest debt, investing for the future, and diversifying your investments, you can make the most of your cash heavy situation and achieve long-term financial success.