keithdixonjr
New member
27M Canadian seeking some financial advice on allocating my $20k. Here are my options:
Looking forward to your thoughts to help me decide. Thanks in advance!
- Mortgage Payment: Consider a lump sum towards the mortgage with a 37-year term, 5-year variable 6% interest (prime -1.2), currently facing negative amortization from the original 30-year term.
- Car Loan: Explore putting funds towards a $50k car loan with 7 years remaining (fixed 6% APR).
- Stock Investments: Contemplate investing in S&P500, TSX60, QQQ, or blue-chip stocks for potential long-term growth. (Already have about $30k invested in stocks; a portion of my paycheck goes towards investments)
- Home Renovation: Decide between finishing the basement for rental income or adding a room to increase the house's appraised value.
- HISA for Property Investment: Consider placing the funds in a High-Interest Savings Account (HISA) with the intention of investing in a second property next year.
- Open to New Ideas: Welcoming any additional suggestions! If more details are needed for context, feel free to ask.
Looking forward to your thoughts to help me decide. Thanks in advance!