What to do with extra money

[scubascov]

My sweet Grandma just gave me $100,000 in her will. What is the best thing to do with it so it grows?

[xlxo]

Some thoughts....

• pay off debt..... credit card? Lines of credit?
• max out your RRSP? Love the instant returns on your next tax return.
• max out your TFSA?
• pay off mortgage?
• is her funeral costs looked after? Make sure that is looked after. Perhaps a nice granite headstone if the site is unmarked or only has a temporary marker?
• how are other family member's finances? Did grandmother forget anyone in her will? Who looked after her in her final years?
• was there a disease? What about charities working towards a cure?
• did grandmother support any causes? How did grandmother spend her spare time when she was younger? If she spent time with kids, there are children charities. If she spent time outdoors, there are outdoor charities.
• Lotteries are a way to donate to local charities
• did she believe in Canada? Yes, even the Canada can use a little help...
  http://www.ctvnews.ca/would-you-dona...me-do-1.745037

[Ciel]

Whether it is a sum for now or in the future, first thing to do is look up what your tax liabilities to CRA will be in getting such a gift. Then look for financial planning in your area.
I'm sure there will be some expectations attached to the gift-like the other SCer suggested, there could be causes or persons in need of financial support. Maybe you can think of what your grandmother would have liked/supported in terms of making community a better place.
Remember your grandmother's deed and speak well of her gift and her memory!

[mandolinatou]

If I were in your situation I would take 5000 to go on vacation and use 95,000 to pay down my mortgage. Presuming we are in different life situations. It depends on how much energy you want to put into investments. If you want to save it and forget it...something like Tangerine's street wise fund might be the way to go. If you want to manage your money then learning about the stock market would be a good idea. I use Questrade to buy ETFs and a few select stocks. They have the cheapest trade cost...but this is not for the faint of heart.

[frugal50]

i would use that $100k for a downpayment on a condo

[MortgageQueen]

The best thing to do with it would completely depend on your life circumstances and goals. Until we know that, can't really give you good advice.

[Livelyone]

You have a few options here. But one option that I would like to suggest is that you place some of the money into an account that you do not have access to on the regular basis, for the purpose of saving the money and minimizing temptation to spend it. The advantage of doing this with an account with a deposit interest rate is that it will earn you a small amount of interest over time, thus "growing" your money.

[mulock]

I'd use it towards my mortgage.

[Frugalbigmama]

I would put it in my RRSP and then spend some of the tax refund the following year on a trip to Hawaii

[jasperandchar]

Everyone's circumstances are different but you could always speak to someone at your bank or a financial advisor to see what scenarios work best for you.

[madchives]

sorry to hear about your grandmother, they are so special.

same sort of thing happened to me when my mom left me a trust of $100.000.
however not the same circumstances i think - am on disability so not allowed
to have more than $5000, anywhere, except in a trust.
trust is making $500 a month in real estate in bc.
if you want to know the company pm me, (before they all fall into the
ocean,,,),

what a lovely gift from your grandmother, can't imagine what her dreams
were for what you would do.