User Tag List

Page 2 of 3 FirstFirst 1 2 3 LastLast
Results 16 to 30 of 31
Like Tree91Likes

Thread: Inheritance Advice

  1. #16
    Mastermind Shwa Girl's Avatar
    Join Date
    Dec 2010
    Location
    Oshawa
    Posts
    20,989
    Likes Received
    33195
    Trading Score
    7 (100%)




    congrats on the inheritance OP
    Quote Originally Posted by brunt View Post
    In most cases, I would suggest paying off debt as the first step.

    Be aggressive, ask the maximum that you can pay off, and the maximum amount by which you can raise your payments as well. There are the rules, yes, but there is sometimes some flexibility, especially if rates have gone up since you locked in (and it wouldn't hurt to point that fact out).

    We once talked to our guy at the bank, and he offered us the ability to pay it off entirely without penalty. Mind you, this was a Credit Union, but this was after rates had fallen even. He explained to us that he has rules that he has to follow for his entire set of mortgages. As long as he follows that, head office is happy. Never hurts to ask.
    good suggestion brunt

    my 5 cents worth of 'advice':

    10% charitable giving/tithing
    10% family, distributed equally
    10% emergency fund
    10% mortgage down payment account, that can be applied over a period of time
    10% house maintenance/renovation fund
    10% new car fund or car maintenance fund
    10% emergency fund
    10% TFSA
    10% RRSP, if this helps you; if not apply to a good mutual fund portfolio, in an RRSP or in a TFSA
    10% entertainment fund, to use over time
    Ciel and macw1960 like this.

  2. #17
    Canadian Guru jasperandchar's Avatar
    Join Date
    Feb 2012
    Location
    Clayton Ontario
    Posts
    12,511
    Likes Received
    38986
    Trading Score
    288 (100%)




    Quote Originally Posted by brunt View Post
    In most cases, I would suggest paying off debt as the first step.

    Be aggressive, ask the maximum that you can pay off, and the maximum amount by which you can raise your payments as well. There are the rules, yes, but there is sometimes some flexibility, especially if rates have gone up since you locked in (and it wouldn't hurt to point that fact out).

    We once talked to our guy at the bank, and he offered us the ability to pay it off entirely without penalty. Mind you, this was a Credit Union, but this was after rates had fallen even. He explained to us that he has rules that he has to follow for his entire set of mortgages. As long as he follows that, head office is happy. Never hurts to ask.
    I know Scotiabank said that we could raise our mortgage payments at any time so that is very good advice @brunt and this was only 1.5 months ago they said just to call and the arrangements could be made, paperwork would need to be signed but it was not an issue
    Ciel and macw1960 like this.
    2017 is the year that we continue to save before we buy!!!

  3. #18
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by matty's mom View Post
    Congratulations! So much good advice has been given, but if I can add my two cents? I have been through this a few times over as I was the only child of a Mom & Dad who had me "late". It is such a blessing but also a sadness recieving money because someone died. In my process of dealing, I learned three things:
    1) like others have said take your time. Even when it comes to the 15% payment. You have time.
    2) Be careful mixing assests. DH has a job that can potentially put him at risk for suit. Because we are married, mine is his and his is mine. But an inheritance is a gift just to you. Be aware that if you apply it to joint assests, it becomes a joint asset.
    3) Make sure that the money is legally defined/ designated for your your family. If you don't have a will- time to get one. If you have one-you may need to get it amended.

    Good luck in your decision. And my sympathies to your loss.
    Thanks for the advice. I would like to pay off our mortgage but I may just sit on that one too. DH just wants me to put the money away but I would like to get a few things like central air and a new mattress for our bed. I have been thinking since yesterday.

    This relative died over a year ago, I have not seen them in around 15 years but did keep in touch so that is why it was totally unexpected...do miss talking to them though.
    Ciel and jasperandchar like this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  4. #19
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by jasperandchar View Post
    I know Scotiabank said that we could raise our mortgage payments at any time so that is very good advice @brunt and this was only 1.5 months ago they said just to call and the arrangements could be made, paperwork would need to be signed but it was not an issue
    Good to know.
    Ciel likes this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  5. #20
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by Shwa Girl View Post
    congrats on the inheritance OP


    good suggestion brunt

    my 5 cents worth of 'advice':

    10% charitable giving/tithing
    10% family, distributed equally
    10% emergency fund
    10% mortgage down payment account, that can be applied over a period of time
    10% house maintenance/renovation fund
    10% new car fund or car maintenance fund
    10% emergency fund
    10% TFSA
    10% RRSP, if this helps you; if not apply to a good mutual fund portfolio, in an RRSP or in a TFSA
    10% entertainment fund, to use over time
    Well planned thinking...thanks.
    Ciel likes this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  6. #21
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by jasperandchar View Post
    As my grandma would say once a saver always a saver, get the most bang for your buck, using your cc for points etc definitely makes total sense to me.
    So true because I told DH I wasn't going to stop using coupons, collecting points and looking for bargains.
    Ciel and jasperandchar like this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  7. #22
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    I have decided so far and have done some of it to pay off more of our mortgage, topped up my TFSA, bought a new mattress for our bed on sale of course, put in central air and we are getting our driveway paved in September. I also ordered new curtains for 3 of our rooms.

    Other than that the only other thing at this point that I am considering is laser eye surgery but I need to check into it more.
    Natalka, Ciel, matty's mom and 3 others like this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  8. #23
    Canadian Guru jasperandchar's Avatar
    Join Date
    Feb 2012
    Location
    Clayton Ontario
    Posts
    12,511
    Likes Received
    38986
    Trading Score
    288 (100%)




    Quote Originally Posted by macw1960 View Post
    I have decided so far and have done some of it to pay off more of our mortgage, topped up my TFSA, bought a new mattress for our bed on sale of course, put in central air and we are getting our driveway paved in September. I also ordered new curtains for 3 of our rooms.

    Other than that the only other thing at this point that I am considering is laser eye surgery but I need to check into it more.
    Sounds like you put a lot of thought into your spending and some very wise choices, thanks for sharing

    PS I bet you are loving your central air giving the heat this summer
    2017 is the year that we continue to save before we buy!!!

  9. #24
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    I love the central air...it makes the heat much more bearable being able to come into a cooler house.
    Natalka, Ciel, matty's mom and 2 others like this.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  10. #25
    Dancing bean paste bun Ciel's Avatar
    Join Date
    Jul 2009
    Location
    Ontario
    Posts
    10,617
    Likes Received
    11905
    Trading Score
    12 (100%)




    Hope you have a reliable firm to access for any A/C parts when they are needed. I had a chat with someone who used to deal in hardware and parts-he said the average person cannot buy A/C parts on their own anymore (as everyone and their uncle used to install A/Cs on the side for relatives) but have to go through their installer. And if your supplier of heat happens to have a furnace and A/C coverage plan, read the fine print for terms. Just so you don't get any $$$ surprises or exclusive supplier restrictive terms.
    macw1960 likes this.
    2017-Year of the Rooster

  11. #26
    Mastermind Natalka's Avatar
    Join Date
    Oct 2008
    Location
    SK
    Posts
    110,754
    Likes Received
    123215
    Trading Score
    29 (100%)




    Quote Originally Posted by macw1960 View Post
    I love the central air...it makes the heat much more bearable being able to come into a cooler house.
    That was a very smart move on your part!
    macw1960 likes this.


  12. #27
    Smart Canuck frugal50's Avatar
    Join Date
    Nov 2011
    Location
    Canada
    Posts
    3,968
    Likes Received
    10138
    Trading Score
    0 (0%)




    how much is a lot? are we talking 6 figures?

    everyone has a different perception in what a good inheritance is
    macw1960 likes this.
    You can't change other people. You can only change yourself"
    - H. H. Getter

    when we change our attitude, we change our lives





  13. #28
    Smart Canuck SnowFlakey's Avatar
    Join Date
    Nov 2010
    Location
    the beautiful Richelieu River Valley area of Quebec
    Posts
    2,601
    Likes Received
    8348
    Trading Score
    72 (100%)




    When hubby`s mother passed away, we used his half of the inheritance to completely pay off our mortgage. we were with the Royal Bank at the time and there was no penalty for early payments. We already had central air so no need for that, but we did buy ourselves a big screen tv. The rest hubby invested.
    barbis9 and macw1960 like this.

  14. #29
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by Ciel View Post
    Hope you have a reliable firm to access for any A/C parts when they are needed. I had a chat with someone who used to deal in hardware and parts-he said the average person cannot buy A/C parts on their own anymore (as everyone and their uncle used to install A/Cs on the side for relatives) but have to go through their installer. And if your supplier of heat happens to have a furnace and A/C coverage plan, read the fine print for terms. Just so you don't get any $$$ surprises or exclusive supplier restrictive terms.
    Quote Originally Posted by Natalka View Post
    That was a very smart move on your part!
    Thanks.





    No act of kindness, no matter how small, is ever forgotten...Aesop

  15. #30
    Canadian Guru macw1960's Avatar
    Join Date
    Mar 2010
    Location
    Ontario
    Posts
    11,556
    Likes Received
    19877
    Trading Score
    315 (100%)




    Quote Originally Posted by frugal50 View Post
    how much is a lot? are we talking 6 figures?

    everyone has a different perception in what a good inheritance is
    I think that question is a little too personal for me but it is enough to keep me busy for a long time thinking of ways to put it to its best use.





    No act of kindness, no matter how small, is ever forgotten...Aesop

Page 2 of 3 FirstFirst 1 2 3 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •