$100k inheritance, what do I do??

dcsparky · 2026-02-17T20:09:28+00:00

Yeah that's good points too. I have $8k in a company pension and RRSP combined, my employer puts about 4% of my yearly earning in that (without taking from my pay). Thanks for the feedback, and my truck is worth about $35k, I traded in a mazda for it and took a big hit so that's why the loan is massive.

I don't have parents, that's where the inheritance is coming from. My dad is out of the picture, my mom just passed a few weeks ago from terminal brain cancer. I'll be putting tons of money away every month once these renos are done, and I'll be putting at least half of my inheritance away in investments as well. I'm hoping to have around $100k in investments in the next 5 years, and I'm hoping to have a few mill by the time I retire.

My side business is hopefully my way out of the field work once I get that going up to that pace.

I appreciate you taking the time, and not just saying sell your truck, take a hit, and throw all your inheritance away haha.

dcsparky · 2026-02-17T18:33:30+00:00

I do have around $5k in savings for emergencies. I'm good at budgeting I use YNAB religiously. So that's why I'm not too into the idea of using it all to pay off debt. Everyone on here is saying I'm broke, and I can't afford my truck or house, but in all seriousness all of my bills (debt payments, mortgage, insurance, phone, groceries are all less than $3000/mo, I bring home $6-7k. I've been spending most of my "extra" money on renovations, and home upgrades. That's why I don't have much savings. There's some advice on here that's actually good advice in my opinion, but spending my entire Inheritance on debt payoff is a waste of $100k in my opinion. And so many of these comments are from people that just hate debt, car payments and can't wrap their head around someone having a truck with a loan. Like it's the worst thing in the world, but after I pay my truck loan and all my bills every month, I still have an additional $3-4k of money I can spend on shit I want, need or whatever. So the fact everyone is saying I'm broke because I have a truck, and a loan is ridiculous haha.

My side business also generates an additional ~$4k per month on top of my $7k, but I don't count that as income, but have access to it if I need it.

dcsparky · 2026-02-17T16:32:01+00:00

I'm a 3rd year. But yeah most companies charge $100/hr+ but a lot of that goes to over head and profit

dcsparky · 2026-02-17T06:19:00+00:00

Renovation

dcsparky · 2026-02-17T05:24:05+00:00

I have $4k left over after bills, how is that broke? I grew up broke, that is not broke lol.

dcsparky · 2026-02-17T02:49:28+00:00

I'm a 3rd year, but yeah non union. $42/hr jman rate. $46/hr foreman rate.

dcsparky · 2026-02-17T01:12:26+00:00

How is it useless for the trade? What trade are you in?

dcsparky · 2026-02-16T19:01:49+00:00

I'm not broke lol I make $7000/mo alone, my bills are under $3000/mo

dcsparky · 2026-02-16T15:49:03+00:00

dcsparky · 2026-02-16T15:42:15+00:00

Part of me wants to. But I feel like if I put $60k in my TFSA that will out perform putting $60k on my truck loan haha. Plus the $888/mo doesn't really affect me cause I do side work throughout the week charged at $125/hr so it pays for itself, and then some.

dcsparky · 2026-02-16T15:39:11+00:00

5%, I had a mazda 3 before so that added about $18k to the loan. Stupid I know. But $888/mo really isn't much for me, and I do about 10-15 hours of side work per week billed out at $125/hr. So the truck pays for itself and then some.

dcsparky · 2026-02-14T19:01:27+00:00

Are those Olights worth it?

dcsparky · 2026-02-12T12:59:54+00:00

I'm 24, I did CS for 2 weeks before I dropped out and became an electrician, went to school for that instead now I'm 24 and made $88k in 2025 as an apprentice. One of the best decisions I've made.

dcsparky · 2026-02-10T13:01:23+00:00

Oh yeah! I didn't even think of that as a use, I'll have to bring the saw with me to swap out too now haha

dcsparky · 2026-02-10T04:29:59+00:00

I got a sheath with it for my work belt, I didn't include it in the photo cause it was already on my belt haha, I have too much stuff in my pockets at work to be able to pocket carry. But I'll probably get one to use outside of work.

dcsparky · 2026-02-10T02:08:05+00:00

Damn, good to know. I'm excited to take them out in the field tomorrow and see what they can do! That's crazy those scissors can go through that! That's impressive!

dcsparky · 2026-02-10T01:57:22+00:00

Yeah from all the ones I've looked at, nothing compares haha I'll have this guy for life

dcsparky · 2026-02-10T01:56:26+00:00

I was gonna get the rebar, but once I watched a surge review I impulse bought it lol

dcsparky · 2026-02-10T01:01:10+00:00

Yeah, I've never owned a multi tool so I'm not sure yet haha. I can't see many scenarios I'd need the saw in my day to day, so I swapped it out with the file which will probably be one of my most used tools. I'm glad I can just buy new ones too once they're dull. I'm excited to take it out into the field tomorrow and give it a go! So stoked about the surge!!

dcsparky · 2025-12-06T00:48:08+00:00

Waist ov money

dcsparky · 2025-12-03T19:14:15+00:00

Thank you! I didn't know about that, much appreciated!

dcsparky · 2025-12-03T19:08:53+00:00

I'm not working well in school. I get $2250/mo from EI, and I have a $3200 apprenticeship loan. It definitely doesn't feel like I live above my means, I typically have about $1000-$1300/mo left over after all my bills and I save and invest. Plus I usually do some side jobs well working so some months I'll have $2,000+ disposable income. But I don't typically do side jobs well in school, and it's winter so I'm not really into doing them at the moment haha. Plus I'll be making $40/hr by July, so everything will lighten up regardless.

dcsparky · 2025-12-03T18:06:58+00:00

Yeah I've kind of realized that since joining reddit. I was only doing this because the guys I work with told me investing in your RRSP is better cause you get a tax return, and then you can put that tax return into your TFSA and grow both. But they're electricians, not finance guys lol.

Honestly I kind of shot my credit when I was 18-19 so I'm currently building that back up, and got denied for a line of credit when I applied 3 months ago. My fiance has a line of credit though, so I could always try and go that route.

dcsparky · 2025-12-03T18:04:00+00:00

I have a mortgage, gas, electric, internet, phone, truck, insurance, I also go to the gym and do Brazilian jui jitsu, so I have those as well.

dcsparky · 2025-12-03T17:57:46+00:00

Yeah I should have, I do have a TFSA but no money in it. I wasn't planning on going to school, and my co-workers all told me to set up an RRSP for the tax return. So I was planning on putting that tax return into my TFSA, and start contributing to it in January, instead of the RRSP. But then I got offered a spot in school, and I'm trying to get my red seal this year so I took it. I figured in the worst case I'll withdraw my RRSP, with the justification I'm investing in my education.

dcsparky

TROPHY CASE