Hi Everyone, I'm inheriting roughly $110,000 in Vancouver B.C. and I'd like to hear some opinions on what to do with it. I'm currently in school part time, working part time, and applying for nursing school in the Spring of 2017, which will cost ~25-30k to complete over 2-3 years, not including regular life expenses over this time ($13,680/year) = total possible cost of ~$75,000 for nursing school.
Expenses:
Rent - $500
Car insurance - $215
Gas - $60
Groceries - $300
Gym Pass - $15
Extra expenses - $50ish
Tuition (every 4 months): ~$1,500
Assets:
2009 Toyota Yaris (paid off)
$5,000 in an investment company.
Income: Casual employment, manage to just cover my expenses and some of my tuition. Good job, related to my field, will be an asset. no plan to stop working there on school breaks, enjoy the job.
Some points to consider:
1. I've been told working up north for extended periods nursing can give me the opportunity to have student loans forgiven. This is preferable to paying with my inheritence. I don't know the details about this program, but it's something to look into.
2. as with #1, I want student loans. I don't know if I won't be able to get them because I have such a lump sum. Is there something specific I need to invest this in in order to get student loans (i.e. house/apartment?).
Some ideas I've had for investments:
1. keep $10k in my bank for my rainy-day fund and to not worry about overworking doing my prerequisites, throw the rest in my TFSA for the time being.
2. give it to the people who are already investing my $5,000. They've made money for my family and have been very happy working with them.
3. buy a home; either in an adjacent city to Vancouver (New West, Burnaby, Surrey, etc.) or buy something out East where property is cheaper and rent it out through a management company. This is tricky as I've never been a landlord and I don't know much about home repair. I don't think I would live in it; for the time being it would be necessary to treat it as a rental property to pay for itself.
Thanks guys!