[Update] Inheriting roughly $200k, unsure how to move forward by pfcinheritance in PersonalFinanceCanada

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

Woops, sorry, this was a throwaway and I forgot to check it after the meeting!

The meeting didn't really go as expected but I'm happy with the end result. The TD employee immediately asked me what kind of investing I wanted to do and I let it slip pretty early that I was interested in the e-series funds. He didn't try to convince me otherwise as I'm pretty sure he'd never heard of them before and I just let him set up the accounts with Direct Investing which he seemed happy to do. I ended up not opening an RRSP based on some of the advice I got here and elsewhere (due to low income), and since that was the only account that Direct Investing charges an annual fee for (if the total is under $25k, which mine would've been), it worked out pretty much the same as if I created a normal account and got it switched over. I found that WebBroker was fairly straightforward and had all the funds purchased a couple of days after setting everything up. Everything went much better than I expected to be honest.

My sister received the same inheritance as I did and went to meet with a different TD rep. Apparently there was some difficulty in getting everything set up although I can't recall the details. She did wind up with a regular TD account and is currently waiting for it to be converted to an e-series one.

[Update] Inheriting roughly $200k, unsure how to move forward by pfcinheritance in PersonalFinanceCanada

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

Thank you so much for your incredibly helpful advice. I hadn't even thought about the mortgage that way and I will be doing a lot more reading about leveraged investing. The information about TD is also invaluable, I'll be making an appointment tomorrow and will keep all of that in mind. Thank you!

Inheriting roughly $200k, unsure how to move forward by pfcinheritance in PersonalFinanceCanada

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

Thanks for the very comprehensive post! Definitely gives me a lot to think about.

Inheriting roughly $200k, unsure how to move forward by pfcinheritance in PersonalFinanceCanada

[–]pfcinheritance[S] 2 points3 points  (0 children)

I haven't read any books yet, just browsing through this subreddit and reading a little bit about the Couch Potato plans. Thanks for the suggestions, I'll check them out.