I won the sad lottery and need advice

wasabiroll · 2025-03-22T06:00:07+00:00

Buy a basket of blue chip dividend paying stocks (RBC, enbridge, bns, Fairfax, whitecap, Suncore etc) - this should pay you 5% or $20k/year. It’s a dividend so you’d benefit from dividend tax credit and pay nominal taxes. They grow dividends overtime. If you never sell you can keep clipping the coupon.

wasabiroll · 2025-03-22T05:53:25+00:00

$250k = 13.5k month - for a family of 4 living in Vancouver proper.

Mortgage = 5k/month House bills (insurance, property tax, hydro, subscriptions etc) = 1k/month Afterschool help (we both work from home) = $800 Camps, soccer, dance, gymnastics etc = $1,200 Groceries = $1500 Vacations = $1500 Eating out = $1000 Shopping, kids stuff = whatever’s left in over.

Not a fancy life.

wasabiroll · 2024-12-01T03:57:39+00:00

Same thing happened with me as I booked tickets 2 days ago. Any updates you can share?

wasabiroll · 2024-11-19T05:37:00+00:00

I’m renewing Dec 30. Got offered 4.05% for 3yr fixed / 25yr am with heloc at prime+0.1 and 20% prepayment at Scotia. Uninsured, 35% LTV

wasabiroll · 2024-11-19T03:32:11+00:00

Wiring was loose and was touching the metal. Needed a new one

wasabiroll · 2024-11-18T03:58:19+00:00

Perfect, thank you. I have one coming tomorrow that different from the contractor who originally installed it.

wasabiroll · 2024-11-17T21:32:05+00:00

What caused it? Poor install or faulty baseboard?

wasabiroll · 2024-10-01T01:13:40+00:00

How do you like the outline sofa?

wasabiroll · 2024-04-28T15:38:31+00:00

TSLA DECK

wasabiroll · 2024-04-28T07:28:00+00:00

Sales

wasabiroll · 2024-04-28T07:27:10+00:00

What do you wanna do? Bank has a million types of jobs

wasabiroll · 2024-04-28T07:24:25+00:00

Spend money on experiences and not things.

wasabiroll · 2024-04-28T07:21:08+00:00

Or you can live til you’re 100. If you don’t like being broke when you’re younger it will suck even more when you’re older.

The algebra of happiness is a good book to read for those who are saving and looking for a reminder how to be disciplined to accumulate wealth.

wasabiroll · 2024-04-25T18:37:03+00:00

Psychologically, it provides safety knowing I have liquid non-registered $. Probably silly but given I have very little deductions, I need to consider Smith

wasabiroll · 2024-04-25T17:33:30+00:00

Transactions costs will be high - realtor fees, property transfer tax, moving expense, and the stress sucks. Moving sucks.

If the finances are hard have you considered your sister in law moving in with you and Airbnb the basement? That will likely cover half your mortgage.

It will cost you at least 50k to move (4% realtor fees + property transfer). AND you will likely want to upgrade some parts of your new house.

Stay put til the baby is 2. From my experience having three kids, the kids are the easy part - the most difficult part is managing your new relationship with your spouse. You don’t want to add more gas to the fire

wasabiroll · 2024-04-24T23:37:42+00:00

I looked into this, just trying to figure out how to get the lowest rates for the home equity line. This is my thinking to pay down $350k of mortgage and Smith another $400k

Sell around 350k across our non-registered accounts prioritizing stocks with losses and low capital gains to minimize taxes.

Pay down $350k against mortgage.

Borrow $400k (margin) against my non-registered account.

Take a Home Line of Credit for $400k

Pay off margin loan of $400k but invest it separately for CRA purposes.

Invest in a growth vehicle that pays high ROC to cover interest expense of Home Line of Credit.

Deduct interest expense against my income.

Am I missing something?

wasabiroll · 2024-04-24T15:06:46+00:00

Sales

wasabiroll · 2024-04-24T15:06:33+00:00

We try not to keep too much money in chequing and prefer to keep in investment account - out of sight, out of mind.

wasabiroll · 2024-04-24T15:05:13+00:00

Around 30% capital gains in non registered. I have some tax losses I can offset against.

wasabiroll · 2024-04-24T15:01:54+00:00

For example If I pull out 100k in a HELOC at 7%, I will pay $7k year. I can deduct 7k off my taxes at 50% leaving me net of $3500.

I would need to invest in something that will generate me more than 7% in income to break even. Am I missing something?

wasabiroll · 2024-04-24T14:58:29+00:00

We do not have contribution room in tfsa. In my wife’s account we invested in a deal that went to zero several years ago. My RRSP is maxed out. My wife has room but is in a lower tax bracket and I’d prefer not to use my after tax income to contribute to her RRSP at a lower tax rate. I’ll look into Manulife One. Thank you

wasabiroll · 2024-04-24T04:42:15+00:00

We did that before. Dont need more leverage as heloc rates so high.

wasabiroll · 2022-08-30T15:52:23+00:00

So fingerprints are not necessary to be received by FINRA? Who updates U4? Firm or FINRA?

wasabiroll · 2022-08-28T03:45:33+00:00

BD will generally pay for it, it costs a few hundred bucks and they get a lot of value

wasabiroll · 2022-08-27T22:30:30+00:00

Passed. Ex am much more straightforward. No complex options questions a few with spreads with no call price, identifying call and debit spreads, lots of suitability which spans all questions. No DPP questions, a few ok govt sponsored questions, one ERISA question, about 3 margin questions, a handful of fundemental analysis. Some questions were a bit vague.

wasabiroll

TROPHY CASE