If you had $50,000 for a New Start, How Would You Spend It?

[MVal]

I don't have any kids and I'm single, so I'd probably quit my job and take a year off to travel and then look at starting a new career.

[Redstone5]

I don't have any kids and I'm single, so I'd probably quit my job and take a year off to travel and then look at starting a new career.

What countries would you visit? What new career are you considering?

[MVal]

I don't have any kids and I'm single, so I'd probably quit my job and take a year off to travel and then look at starting a new career.

What countries would you visit? What new career are you considering?

Well, I'd go back and visit friends I made in countries I visited previously, mainly Costa Rica and Spain. Some people I met there now live in Austria and Australia, so I might go there too. I'd visit places I wanted to the first time around like France and Portugal and maybe the Netherlands. Honestly, I'd love to just spend about 6 months in Central America. I'd also like to spend a lot of time with my family who I don't get to see much right now.

My dream has always been to work for the MO department of conservation, but most jobs I could get wouldn't be highly paid, so I've toyed with the idea of training to be an occupational therapy assistant since they are rumored to start entry level salaries over $50K and I think I'd like the work.

[WakaG]

You don't mention whether or not you have custody of the kids- if you do and filing taxes with them as dependants your CCTB next year is going to be VERY nice... Nice enough that if you already have expenses dialled down you can throw it into an RESP for them and call it a day if you are so inclined.  Also - if it's worrying you, you can double up the yearly max for any years that you didn't max out if you want to make up for lost time. (I am not explaining that perfectly so ask the folks at the ccra...I know for my older ones I do that as I started late )

Yes Canadians can invest in Vanguard, I do it.. Not hard. $50,000 is not anything but retirement$$ as a single parent at 39 years old to me, but I'm pretty risk adverse.

[rocketpj]

Would anyone go back to school for a better paying career? That's my current plan for the money.

That sounds like an excellent idea!

Thank-you. I've been working towards it for a few years now, so I'm pretty sure that it's the right plan for me, but of course there are so many choices. I could:

-move to East Africa (we have family there, so it's not as crazy as it sounds)
-make a down payment on a small hobby farm and get into farming
-buy a piece of property far up North and build a yurt
-move to Tofino (the west, west coast)
-save it until the housing market cools off and put a down payment on a condo
-put it into my children's education funds
-move to Mexico
-travel for six months with my kids
-buy property in a much cheaper province
-invest in a business
-put a down payment on a commercial property
-put one child in private school for two years

etc., etc.

Well, I can't speak for all of them, but I have lived in Tofino.  Unless you are a doctor or want to work in restaurant, fish farm or marijuana grow up, I highly recommend thinking really hard about the realities or economic life there.  It is an amazing place and I loved it, but there isn't much in the way of employment there, especially in the winter.

Buying a business can be a good choice.

[LeRainDrop]

I don't think you share enough info to make a meaningful suggestion.  While I think it is good and noble as a parent to fund your kids education fund, I also think you have to make sure you put on your own oxygen mask first.  Are your own RRSPs maxed out? Do you have enough retirement savings?  If not, maybe start there...boring and basic, but if you have a lot of contribution room, you could put it all there and get a hefty tax refund, which you could then use for something else?...like the emergency fund/TFSA route?   Having said that, if you need some QT with your kids, I think a nice (affordable...camping? Long week-end?) trip isn't a bad way to help everyone work on their relationships with one another in this new-normal!  Good luck with whatever you do!

You're right, I don't have anything saved at all, except the $12,000 in my kid's education account. I think the best gift to give to your children is making sure they don't have to support you in your old age :) Right now, I don't even have an RRSP or any emergency funds. An emergency fund is going to be the first thing I put money into, once I have some :) And after that, I think that I might take the kids on a small trip, so they can have some mom-time. I've been so busy with studying for the LSAT in June and getting separated in July, they haven't had my full attention for a while.

Yeah, I really like hunniebun's advice for your situation.