- Joined
- Aug 3, 2009
- Messages
- 24
Hi all,
I`ve been trying to figure out what to do with my "extra" money for my paycheck and haven`t been able to come to a satisfactory conclusion so I`m hoping to get some good ideas/recommendations for you guys.
I`m 29, closing on my first investment property next week (yay!). I`m trying to decide what to do with my employment income (after paying for my own mortgage + food + entertainment). I see several possibilities:
I`d your opinions, even if you recommend me to a financial planner (in the Toronto area). What are you doing? What works, what doesn`t, etc?
Thanks
Oli
I`ve been trying to figure out what to do with my "extra" money for my paycheck and haven`t been able to come to a satisfactory conclusion so I`m hoping to get some good ideas/recommendations for you guys.
I`m 29, closing on my first investment property next week (yay!). I`m trying to decide what to do with my employment income (after paying for my own mortgage + food + entertainment). I see several possibilities:
- Direct all the money towards paying down my mortgage. This means I would have access to a quickly growing HELOC for investment purposes.
- "Pay yourself first" and save 10% of my income towards retirement into an RRSP. While this slows down the rate at which I would accumulate money for my next down payment, it would force to diversifyPay my own mortgage down a little faster (but not all the money) and put the rest in a savings account (e.g. TFSA) and let it grow for the next downpayment. This means using less of the HELOC for downpayments and as such as interest to pay.
I`d your opinions, even if you recommend me to a financial planner (in the Toronto area). What are you doing? What works, what doesn`t, etc?
Thanks
Oli