Feeling sheepish, and don't know why. My name is Caroline and I am really only just embarking on this journey to FI though it's been in my periphery for years (as has MMM). Many more years ago I recieved a significant inheritance, and owing in some part to a borrowed sentiment, promptly went about 'sharing it with all my friends'..... I was too young for it. Having a sudden, seemingly bottomless, chunk of wealth totally obliterated the very good saving and low-spending habits I'd developed as a child and maintained into my early 20's. So much so that I find that at 33, I'm still stuck with the hangover: approximately $25k in debt, and little to speak of for assets (my net worth is approximately $15k). The thing is, I've been feeling like getting back on track, and have been having some success with it. Steady debt load reductions, decent income, diligent partner, and so many daydreams :) The time is nigh for financial independence.
The real trick is that I am about to accept the remainder of that significant inheritance. I don't think any of us saw this coming, my aunt was so clever; we didn't know that there was a trust witheld. This time I want to get it right. The inheritance will be more than ample to eliminate my debts, and top up my RRSP.
What I'm really trying to find is good advice on how best to invest the remainder, in real estate or the stock market, when one is a dual citizen of the US and Canada, as I am. I currently live in Canada, earn my income here and only hold Canadian accounts. My partner is Canadian. I struggle to find meaningful advice that adequately addresses both Canadian and American tax implications. SO. I'd absolutely appreciate anyone's pointers, whether to specific strategies, websites, forum posts, personal experiences, anything at all, that might prove helpful to highlighting a best path forward.
There you have it! Thank you!