I've recently got my hands on an extra 15 grand , debating what i should do with it. Should i put it down on my morgtage? Maybe buy some mutuals or gic's? Maybe use it to go pooning, any one got any ideas?
what are my options?
- Thread starter muffdiver
- Start date
You can't really answer this question without knowing more about your financial situation. Trust me, I do this for a living. You need to know your Net Worth including any other liabilities and a host of other things. But if you want a down and dirty piece of advice, you should pay off your mortgage because it's non deductible. Then if you wish to invest this money, borrow against your house and the loan with be tax deductible. Another option might be to put the money into an RRSP, thereby generating a tax refund that you can use against your mortgage. Oh ya, don't forget to blow a grand or two.muffdiver said:
meh, wh penny pinch like that?
Go buy this
http://investdb.theglobeandmail.com/invest/investSQL/gx.stock_today?pi_symbol=ODE-X
It'll be $2.00 in 3 years. Then your 15k will be worth 70K. Use the 70k to buy yourself a M3 and pick up slutty little slut bags.
Go buy this
http://investdb.theglobeandmail.com/invest/investSQL/gx.stock_today?pi_symbol=ODE-X
It'll be $2.00 in 3 years. Then your 15k will be worth 70K. Use the 70k to buy yourself a M3 and pick up slutty little slut bags.
on your mortgage
real estate IMO is the safest & highest return - in 8 yrs my property value has gone up $100,000, show me a GIC or mutual to match!
muffdiver said:
real estate IMO is the safest & highest return - in 8 yrs my property value has gone up $100,000, show me a GIC or mutual to match!
~Alexandria~ said:15k...that should give you enough for another mortgage, rent the place out for 300 a month more than your mortgage payment and use the extra income for pooning
but knowing me, I'd probably spend 2 luxurious months in Europe and say be done with it
you show me any investment property in Canada where you can put down only 15k and generate $300 a month in rental income over and above your mortgage payment. Banks require 25% down for rental properties, but let's assume that's not the case for this hypothetical situation.
RE prices are so out of whack with rents these days you'll be hard pressed to break even on any property unless you have 50%+ as a down payment. That's with 4.0 mortgage rates too. Wait for them to climb a point or two and you'll really be fucked.
reduce any debt that you are paying interest in "after-tax" dollars on, like your mortgage.
You can't really beat that unless you go in for high-risk investments.
You can't really beat that unless you go in for high-risk investments.
~Alexandria~ said:15k...that should give you enough for another mortgage, rent the place out for 300 a month more than your mortgage payment and use the extra income for pooning
but knowing me, I'd probably spend 2 luxurious months in Europe and say be done with it
yeah...But getting a investment mortgage is alot harder to obtain then a regular mortgage. Plus there is alot more tax implication..
If I were you...if you got debts, pay it off, and if you don't go on a vacation as GIC rates are horrible and not worthy of investing your time and money into it.
Do both - put the money down on your mortgage, then with the money you save, you can get yourself a hell of a nice piece of ass every four months or so...muffdiver said:
Forget Roulette, buy a seat at next years WSOP tournament, this years winner got $7,500,000 and next years top prize should be even bigger. Plus you'll still have some dough left over for SPs.lenny said:
Thanks for all of your advise, i think i will put most of it down on my mortgage, maybe use some of it for a small holiday who knows.
muffdiver said:Thanks for all of your advise, i think i will put most of it down on my mortgage, maybe use some of it for a small holiday who knows.
you'll be kickin your own ass in 3 years if ya don't listen to my sound advice. Trust me. I know what the fuck I'm talking about
