It's been a little over a year since moving up here and it's been great! You guys have been a big help.
http://forum.mrmoneymustache.com/ask-a-mustachian/blooming-canadian-mustachian-needs-advice!/msg640797/#msg640797Since then our debts have decreased:
Mr: Mustache:
Line of credit at Prime + 0.5% $45k
Student Loan at Prime + 3.5% $0
Mrs: Mustache:
Line of credit at Prime + 1% $20k
We decided to keep out debts seperate
RRSP:35k (Have room to max)
TFSA: $0
Cash: 18k
I was going to use this cash and invest into my RRSP but since my contract is almost over and my boss says I am doing well, he has offered me some options.
Option 1: Finish my contract
Option 2: Extend my contract for a year or two
Option 3: Become a partner of the business (25% share)
If I choose option 3, I will also be making my salary on top of the business profits.
Some basic information on the business:
Profit last year: 200k (25% will be 50k for my share)
They plan on selling the business in 10 years (probably around the same price or more as I am buying in for)
I will have to work here as long as I have the loan from them (salary on top of dividends)
What should I do with my cash?
Which option would be best? (financially)
How should I negotiate?
I need advice please! He just suggested this to me now and will give me more information in november. My girlfriend and I like it here but do not want to spend more then 3 more years in this area as we want to have kids near our family.
Thank you