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Old 11-16-2014, 12:12 PM   #1
Rerun
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Default What would you do if you won $150,000 in a lottery?

Lets say you are married and have a family income of $125,000 before taxes, per year.
You have no debts other than a $300,000 mortgage at say 3% interest.
No dependants.
Wife won't let you spend the money on hookers and blow.

What would you do with the money?

Pay down your mortgage?
Invest the money in secure investments? (what type? ie. stocks, mutual funds, bonds?)
Buy some rental properties?
Something else?
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Old 11-16-2014, 12:14 PM   #2
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Pay the mortgage. Depending on the exact situation, maybe small amount into savings or to boost emergency account then a small amount on a luxury such as a vacation.
Paying the mortgage gets you debt free quicker and/or improves your monthly cash-flow depending what you do with your future payments.
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Old 11-16-2014, 12:15 PM   #3
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Buy everyone on CP a flat of beer.
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Old 11-16-2014, 12:17 PM   #4
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Pay the mortgage. Skim say 10k off the top of the winnings for a luxury or slush fund.

If this isn't a hypothetical question, congrats.
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Old 11-16-2014, 12:23 PM   #5
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Top up TFSAs and RRSPs (in that order).

Take a great vacation.

Rest on mortgage.
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Old 11-16-2014, 12:26 PM   #6
Rerun
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Quote:
Originally Posted by worth View Post
Buy everyone on CP a flat of beer.
hmmm... $40 per flat x 4000 active members = $160,000


Nope... couldn't do it. 250 members wouldn't get any beer.
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Old 11-16-2014, 12:27 PM   #7
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I'd buy pumpkins
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Old 11-16-2014, 12:27 PM   #8
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Bender in Vegas.
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Old 11-16-2014, 12:28 PM   #9
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Invest it, TFSA (if you have room) and non-registered. At this point I would invest entirely in equities, and probably not drive a lot into the RRSP. The RRSP sounds good for today, because you save that tax immediately, but you just end up paying it down the road. While there are ways to minimize it down the road, the non registered or TFSA is still cheaper.
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Old 11-16-2014, 12:34 PM   #10
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Quote:
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If this isn't a hypothetical question, congrats.
Nope... strictly hypothetical... but its certainly within the realm of possibilities for a lot of us... ie. inheritance or something like that.
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Old 11-16-2014, 12:37 PM   #11
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Call Slava.
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Old 11-16-2014, 12:40 PM   #12
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I'd make it rain
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Old 11-16-2014, 12:50 PM   #13
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Probably 10-20k on a trip.

The rest invested
Probably split between mortgage and stock solutions. (Essentially paying down your mortgage is a 3% interest guaranteed investment.
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Old 11-16-2014, 12:53 PM   #14
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Quote:
Originally Posted by Rerun View Post
hmmm... $40 per flat x 4000 active members = $160,000


Nope... couldn't do it. 250 members wouldn't get any beer.

i don't drink beer.... so you'd only have to worry about 249 members now!


i know exactly what my wife and i would do....

pay off our mortgage
pm FlamesFanStrandedInEdmonton and get a bunch of jerseys (this would be more me than my wife - ha!)
put pretty much all the remainder into out "next house" fund
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Old 11-16-2014, 01:01 PM   #15
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I would buy a nice boat or a couple Sea-doos.
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Old 11-16-2014, 01:02 PM   #16
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I think I would pay off any debts (car loans, credit cards, etc) max out RRSPs and TFSAs and put the rest on the mortgage. That would seem to incur the least amount of tax-pain. Maybe take a portion, like $15k and do something fun. Not hookers and blow fun, but something to enjoy the winning.

You should probably talk to a tax person. There might be trusts and what not you could set up so any investments you make wouldn't become a huge hassle when you do your taxes.

Re: beers, that sounds like a good idea.
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Old 11-16-2014, 01:03 PM   #17
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I'd tell you what I'd do man....

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Old 11-16-2014, 01:04 PM   #18
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Bet it all on a football game.
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Old 11-16-2014, 01:07 PM   #19
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I'd put it all on the Mortgage. Who knows if the family income will stay at that level.
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Old 11-16-2014, 01:26 PM   #20
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