#FinancialAdvice #Investing #WealthManagement
Hey everyone! 👋 So, imagine you have $100k sitting in your bank account – what would you do with it? 💸 A member of our community, a 27-year-old guy who’s inherited this sum, is looking for some advice on how to make the most of it. Here’s a bit more context:
– He has no debt (yay!)
– His monthly expenses are around $870
– He’s planning on going to grad school for 3 years
– He wants to invest the money for about 5 years
What would your game plan be if you were in his shoes? Let’s share some ideas and help him out! 🤔💡 #FinancialPlanning #InvestmentStrategy #MoneyMoves
Hookers and black jack
Get a rental property
Buy nvidia stocks
400 monthly? Because you said you’re debt free I’m assuming this is either maintenance or a car lease… if you’re financing that would be a debt full disclosure
Why think big and save some and put some in a good investment platform if you need advice on it info me
!StepsTrigger
5yrs is too tight of a timeline to “forget” about it.
Max your TFSA if you haven’t already. Consider paying off the car (unclear if this loan was paid off).
Currently how much is grad school? Hope to buy a house in the next 15 years? Contributing to an RRSP yet?
Not waste it
Just go see a financial advisor that charges by the hour not a %
Your car is debt. What’s the interest rate on the loan?
Investing is important. But I’m sure your grandparents would have been happy to know you used just a couple thousand dollars of it to travel and enjoy experiences. Go to Italy or Thailand
400 monthly? Because you said you’re debt free I’m assuming this is either maintenance or a car lease… if you’re financing that would be a debt full disclosure
Pay off your car. Buy into the S&P500.
For a 5 year time span I would recommend cash.to or csve or simply going into a high intrest savings account yourself. There is too much fluctuations that can happen in a 5 year span to recommend index investing. Cash.to is going to be incredibly low risk 5% annual returns compounding monthly. A quick calculation shows you could expect $128,335.87 at the end of the 5 years (not accounting for inflation). while that may not be the sexiest number it is the safest so up to you.
If I were you I would Pay off the car if high interest rate, add 5k for emergency savings then max out TFSA into something like VFV, leftover into FHSA if you plan on staying in Canada long term and buying real estate. If not buying a house I would use the remainder of the money towards schooling and and adding any applicable skills that would increase your income
If you can keep the money invested if it’s dowm in 5 years then yes
Send it to me, I know how to manage. Win-Win to clear out your confusion. De nada!