tylerkilburn
New member
My partner and I are weighing options and trying to figure out the best way to use our savings. I figured I'd post here to see what people suggest. Here are the facts:
- We are in our late 20's.
- We do not have kids, and we will never have kids.
- Our only debts are a 40 year mortgage on our condo (which has appreciated in value 5%-8% annually since purchasing), and an interest-free loan on our car which will be paid off in the next 4-5 years.
- Cost of living in our area is steep, and with the rising interest rates, we are only going to be saving 5%-10% of our monthly combined income for the foreseeable future.
- We currently have a total savings equal to about 40% of our combined annual income.
- We both have good job security.
We are trying to figure out if it's best to..........
- Keep that savings as a contingency? It is currently not generating anything.
- Dump a chunk of it into our mortgage? Is it best to wait until interest rates have come back down?
- Build a portfolio either on our own, or with a financial advisor?
- RRSP's?
- Other?
I know this is broad, and asking a lot. I guess I'm looking for a point in the right direction.
- We are in our late 20's.
- We do not have kids, and we will never have kids.
- Our only debts are a 40 year mortgage on our condo (which has appreciated in value 5%-8% annually since purchasing), and an interest-free loan on our car which will be paid off in the next 4-5 years.
- Cost of living in our area is steep, and with the rising interest rates, we are only going to be saving 5%-10% of our monthly combined income for the foreseeable future.
- We currently have a total savings equal to about 40% of our combined annual income.
- We both have good job security.
We are trying to figure out if it's best to..........
- Keep that savings as a contingency? It is currently not generating anything.
- Dump a chunk of it into our mortgage? Is it best to wait until interest rates have come back down?
- Build a portfolio either on our own, or with a financial advisor?
- RRSP's?
- Other?
I know this is broad, and asking a lot. I guess I'm looking for a point in the right direction.