Need Financial Advice - Investing vs. Paying Down House (Or Both?)

[sweet sparrow]

I'm thinking I need to make less sacrifices and enjoy today. I know saving is important, which is why I think I've always had a healthy emergency fund despite my salary, but I also realize something could happen tomorrow and I don't want to miss enjoying life. It's hard to determine that healthy balance between the two though.

[ashedfc]

I made an appointment with a Financial Advisor....hopefully I get a better understanding of where I stand!

Get inputs from multiple sources.. do not rush into taking a decision.
After all Financial Advisor's are also individuals.. & each person has their own way of looking at things (mostly based on experience, knowledge & personal situation)..

[ashedfc]

I'm thinking I need to make less sacrifices and enjoy today. I know saving is important, which is why I think I've always had a healthy emergency fund despite my salary, but I also realize something could happen tomorrow and I don't want to miss enjoying life. It's hard to determine that healthy balance between the two though.

A balance of both is important...
"paying debt so you can enjoy your future; & enjoying present so you don't repent in your future"

but there are ways you can do both, without sacrificing too much.. ...

that doesn't mean you go vacationing on a cruise every month & ignore paying your mortgage.. a lot of people do that & their house gets foreclosed in the end.

[kanewtz]

Get inputs from multiple sources.. do not rush into taking a decision.
After all Financial Advisor's are also individuals.. & each person has their own way of looking at things (mostly based on experience, knowledge & personal situation)..

That is very good advice. I sent you an email....FYI.

[Kayotic]

If it was me I would look into the numbers carefully and see if maximizing my RRSPs to the point where it was equal to the balance of my mortgage was possible. Then I would do a self-directed RRSP mortgage to myself and pay myself interest until the mortgage was paid off. You may have 2.25% right now (which I am assuming is a variable rate) but in four years when your up for renewal who knows what the rates will be. If you aim to hold your own mortgage at least your not paying someone else interest.

Also sounds like you have a great pension but does your wife? If not maybe look into spousal RRSPs.

[ashedfc]

If it was me I would look into the numbers carefully and see if maximizing my RRSPs to the point where it was equal to the balance of my mortgage was possible. Then I would do a self-directed RRSP mortgage to myself and pay myself interest until the mortgage was paid off. You may have 2.25% right now (which I am assuming is a variable rate) but in four years when your up for renewal who knows what the rates will be. If you aim to hold your own mortgage at least your not paying someone else interest.

Also sounds like you have a great pension but does your wife? If not maybe look into spousal RRSPs.

If the returns in your RRSP account can exceed the interest you pay in your mortgage; than you are better off keeping a these two separate (a) mortgage & (b). RRSP (client name or nominee or self-directed)..
Since you already have a a substantial pension contribution (I doubt there's more RRSP contribution room left)..

Regarding Spousal RRSP: after the launch of TFSA (since 2009), the benefit of Spousal RRSP has kind of reduced (no doubt there are still advantages).

[kanewtz]

I had that meeting with the Financial Advisor. It didn't really go as well ad I'd hoped. I am left with more questions than answer's I find.

He suggested that I buy stocks and such. I know this. I already do. I was hoping he would of helped me grow my portfolio and help me choose where to invest based on high returns (he has access to more tools than I surely do).

I was hoping for a more "interactive" approach in which I could give him "x" dollars to invest for me and yield a decent return. I already do some self-directed with the stock market and such.

I have ~$27k worth of RRSP contribution room from my last Notice of Assessment and a bunch of money just sitting in a savings account getting 1.2% interest.

I want to maximize my returns and plan for the future.

Does anyone know a FA in my area (Sudbury, Ont) that they could/would recommend? Word of mouth is often the best way of promotion.

Also looking for some online resources. (websites, PDFs, etc that people might have)