Financial stability

I have finally been officially approved for disability. I got my back pay, and got back pay for the kids this week. Unfortunately, after talking to my accountant (ie sister in law), we will have to pay taxes on my portion of the back pay to the tune of about 10k. Because the kid's portion is paid under their socials, they will have to file taxes on their part. Neither are working right now (my son is only 15 anyway) and the back pay won't be enough for them to have to pay any tax on it, hopefully.

We have taken the remaining portion of the money and paid a lump sum principal payment on the mortgage and talked to the mortgage company to recalculate the payments on the new principal balance. It will cut our house payment in half! If we continue to make the same payment we currently owe, we can have the house paid off in less than 5 years. If my husband gets laid off, we can still afford the house payment just living off of my disability check. And if he can get even a part time minimum wage job, that is even better.

And the best part of it is that our house has an insurance appraisal of 95k, we will owe only 23k so the difference is all profit if/when we decide to sell the house and finally, FINALLY buy our little homestead. I have been keeping an eye out for small acreage with a house and there are lots of them in AR in the 50-70k range. Older,smaller houses of course, but that is all we really need.