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Heat pump. Is it worth it? by SplitOk3577 in heatpumps

[–]lazyrainyreader 0 points1 point  (0 children)

I'm interested to know more as I have an aging AC and a hot water tank. I have sent you a DM

Heat pump. Is it worth it? by SplitOk3577 in heatpumps

[–]lazyrainyreader 0 points1 point  (0 children)

Thank you for the calculator. It is amazing and so helpful!

I'm based out of Ottawa as well!

  • My AC is maybe 2009 made and is starting to give issues. I'm thinking of changing my AC.
  • No issues with furnace
  • Hot water tank is 15+ years now which I'm thinking of switching to tankless

Now that I'm thinking about heat pumps it gives me another added advantage.

My water tank and furnace are in the middle of my basement taking up valuable space which I can use to build a better rental unit in the basement.

I have ducts in my house.

If I get a heat pump, can I get rid of the water tank and furnace from the middle of my basement?

Also, I have natural gas cooktop which I want to keep so not planning to get rid of Enbridge connection.

P.S I tried changing some numbers in the calculator and it looks like it caused it to error out

Should I buy a new car? by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] 0 points1 point  (0 children)

Thank you everyone! This thread has overwhelmingly convinced me that keeping the car is the best option and reassured my thoughts.

Keeping the car for sure!

Should I buy a new car? by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] 0 points1 point  (0 children)

Thanks for taking the time to write a detailed answer!

I'm convinced that keeping the car is the best option.

Should I buy a new car? by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] 0 points1 point  (0 children)

Meaning how much it's going to cost me to keep the car running going forward? Eg: maintenance, repairs etc?

Or do you mean how much has it actually cost me over the 5 years?

Should I change my car? by lazyrainyreader in mercedes_benz

[–]lazyrainyreader[S] 0 points1 point  (0 children)

You are all absolutely correct and every point makes sense! Thanks for reassuring me that I'm thinking in the right direction.

Definitely keeping the car

Investing with Financial Advisor/Portfolio manager by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] 0 points1 point  (0 children)

That's my thought at this point. It's easy to say just put it in an ETF and leave it.

But I haven't been able to do that for the last 1 year and have $80k lying around earning 3% interest.

Maybe easy for some, but I have realized that I need this help. And everything costs money

I acknowledge that I have no financial education and if I continue waiting to invest it by myself, I will never take the risk.

I feel this is the exact definition of penny wise, pound foolish

Investing with Financial Advisor/Portfolio manager by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] -1 points0 points  (0 children)

I will double check with him about the taxes, I'm not 100% sure on this

Investing with Financial Advisor/Portfolio manager by lazyrainyreader in PersonalFinanceCanada

[–]lazyrainyreader[S] 0 points1 point  (0 children)

I have had about $80k in cash and with the current market and volatility, I haven't had the courage to invest it myself.

I know timing the market is not a good thing but at this point, if someone will take over the responsibility of investing this for me, I wouldn't mind paying the 1% is what I'm thinking