Next Inheritance Installment Is On It's Way
[ Monday December 10th 2018 at 6:55 pm ]
I've just had an e-mail from my brother. The next inheritance installment is on it's way. This means I can set the next two goals in motion.
I had an appointment with a financial planner of my local bank at the end of November 2018. The main reason for the appointment was to renew my mortgage and make a lump sum payment to the amount I owe as part of the renewal. At the time I told her I want to make another lump sum payment to my mortgage once I received my next mortgage installment. The most I am allowed to over pay my mortgage by is 10% of the cost of borrowing. This will be another $6,300 I own and am not paying interest on.
The other plan is to fill a need in my life. Last winter the power was out for about 2 weeks for some people in Toronto Ontario Canada. Where I live there is above ground power transmission lines. The power goes out about 8 times a year. A backup home generator would be really helpful.
- This would protect my basement from flooding and wrecking the furnace by providing backup power to the sump pump.
- Again for the same reason this would also protect my hot water tank.
- If there was an extended power outage during winter months this would protect my pipes from freezing. Water damage gets real expensive.
- I have equipment to manage my physical disability that needs electricity. Two key items that come to mind are recharging my power wheelchair and the numerous small adjustments I make with my electric hospital bed each night to keep me comfortable so I may sleep.
- I am sensitive to heat and cold. Both affect my productivity during the day time and my ability to sleep because of the chronic pain I experience. Being able to power a fan and the cooling fan air conditioner I made is vitally important.
- My aspiration in life is to see this grow and develop my home business into a career. I need backup electricity for the servers, video camera, audio and computer equipment that is used in the operation of my home business.
The combined cost to buy numerous quality UPS battery backups isn't a sound financial decision. It is a better use of money to purchase an automatic home generator. Since I rely on natural gas to cook and heat a 6 kW home generator is sufficient for my needs. When the weather warms up I'll be able to set this in motion.