Okay, we've got some extra cash sitting in the bank account, and with a healthy tax return and an upcoming raise, we need to put it to use. We've already maxed out our RRSP's and have no debt except our nice big mortgage -- should I use the money to pay that down first, or try to invest it in some medium risk investments (will likely want to have access in 4-5 years when our mortgage becomes due, so nothing too volatile)?
I was originally planning on the investment route, but right now I'm leaning towards the mortgage. We're in the first year of a 5 year term (25 years total) so I figure any extra payments today will mean big interest savings down the road. Our interest rate is about 5.10%, which isn't a massive return but at least it's tax free.
Any thoughts/suggestions (other than spending the cash on hookers and blow?)
