portugz
New member
FINANCIAL HELP: so I have a loose $5000, what do I do? & no I won't give it to you...
alright, so I was speaking with someone from my bank today, and I'm thinking of what to do with my loose change.
short term goal:
- purchase a house/condo
- screw with taxes at the end of the year, so I don't have to pay any extra.
I have 5000$ in a savings account which gets 0% interest, and increases by 500$/week.
I was suggested to throw it into a CELI, which is probably what I am gonna do. It'll be an open CELI, therefore I can take that money out whenever I'd like, but it will gain only 1.15% interest. I am looking to buy a house within the next year (which can be anywhere in the next two months (I've found a new construction which could set it up with 0 down payment), or after that... I'm patient)
I also have 1000$ sitting in a REER account, but which hasn't been placed yet, it's just in a "wallet" - but I can't take that money out.
I have a weekly 100$ investment aswell going into that wallet, but just made two changes:
- I upped the investment to 150$/week
- Instead of sending future withdrawals to the wallet, they will be split 75$-75$ into two prior investments. (therefore, my wallet won't increase anymore, my investments will.
alright, so I was speaking with someone from my bank today, and I'm thinking of what to do with my loose change.
short term goal:
- purchase a house/condo
- screw with taxes at the end of the year, so I don't have to pay any extra.
I have 5000$ in a savings account which gets 0% interest, and increases by 500$/week.
I was suggested to throw it into a CELI, which is probably what I am gonna do. It'll be an open CELI, therefore I can take that money out whenever I'd like, but it will gain only 1.15% interest. I am looking to buy a house within the next year (which can be anywhere in the next two months (I've found a new construction which could set it up with 0 down payment), or after that... I'm patient)
I also have 1000$ sitting in a REER account, but which hasn't been placed yet, it's just in a "wallet" - but I can't take that money out.
I have a weekly 100$ investment aswell going into that wallet, but just made two changes:
- I upped the investment to 150$/week
- Instead of sending future withdrawals to the wallet, they will be split 75$-75$ into two prior investments. (therefore, my wallet won't increase anymore, my investments will.