Author Topic: In need of advice!!!  (Read 1628 times)

Dmy0013

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In need of advice!!!
« on: January 24, 2013, 10:36:00 AM »
This will be my first post on MMM :D

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« Last Edit: April 13, 2016, 09:43:52 AM by Dmy0013 »

Norman Johnson

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Re: In need of advice!!!
« Reply #1 on: January 24, 2013, 10:46:21 AM »
You sound similar to us, only I am five years older and have the paid off mortgage, but less cash in savings.

It's really a personal decision on mortgage vs investing. There is math to back up one or the other, and then emotions usually come into play after that.

If you aren't comfortable with owning a rental, ask yourself why. It might be something easy to fix (like maybe you aren't comfortable with repairs and need to have a list of good people in trades to call on) or something bigger. In any case, don't invest in property just because everyone else is doing it.

As far as RRSPs vs TFSA, it depends on wages. RRSPs are good if you make a lot of money and then expect to be in a lower tax bracket when you retire, whereas TFSAs are best if you are going to stay in your tax bracket as you have no income tax on the money you make in that account.

The biggest thing is stay the course, keep saving, and try to get your expenses down so you can keep saving more. You are on the right track!!!