Canadian Banks | Forums | Terms of Use

Welcome to the Canadian Financial Forums forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   Canadian Financial Forums > Canadian Financial Forums > Retirement, RRSP & CPP

Reply
 
Thread Tools Display Modes
  #1  
Old 07-30-2008, 03:35 PM
annof annof is offline
Junior Member
 
Join Date: Jul 2008
Posts: 14
Default extra cash

If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?
Reply With Quote
  #2  
Old 07-30-2008, 05:22 PM
Jason Jason is offline
Member
 
Join Date: Jul 2008
Posts: 64
Default

Quote:
Originally Posted by annof View Post
If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?
I have lots of debt, so every penny goes towards repaying the debt for now. I would love to invest some money, but I don't have anything left after all the monthly payments. In a few years hopefully I'll be mostly debt-free, and I will be able to save and invest small part of my income.
Reply With Quote
  #3  
Old 07-30-2008, 05:43 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

If you put your savings in the bank, then you will lose money as real interest rates are negative - your savings are eaten by inflation. Repaying debt is always a good idea especially if this is the so-called bad debt (usually consumer debt). If you are debt free you can invest the money in your own business (if you have one of course) or you can invest in somebody else's business.
__________________
No debt
Reply With Quote
  #4  
Old 07-31-2008, 03:32 PM
Steven Steven is offline
Senior Member
 
Join Date: Jul 2008
Posts: 139
Default

I invest around 80% of my free cash and the rest 20% goes into emergency savings fund. Lately everything seems so expensive, that I don't have as much cash as I had before - I guess it's time to ask my boss for a raise .
Reply With Quote
  #5  
Old 07-31-2008, 05:19 PM
investor investor is offline
Junior Member
 
Join Date: Jul 2008
Posts: 29
Default

Quote:
Originally Posted by annof View Post
If you have extra cash what would you do with it? Are you going to pay off your debt/mortgage, put it into your retirement or put it in the bank?
What is the best option?

That is a really good question for people with extra cash - I'm sorry to say I don't know any. But if I have some extra cash I will first pay my debt or mortgage and invest them towards my retirement – in that order.
Reply With Quote
  #6  
Old 07-31-2008, 07:49 PM
mary1 mary1 is offline
Junior Member
 
Join Date: Jun 2008
Posts: 18
Default

Quote:
Originally Posted by annof View Post
If you have extra cash what would you do with it?
I would like to have your problems. Who has extra cash?
Reply With Quote
  #7  
Old 08-14-2008, 07:36 PM
lanaa lanaa is offline
Junior Member
 
Join Date: Aug 2008
Posts: 14
Default

Well some people have extra cash and I guess that it is a real problem how to save it, because the inflation eats up your money fast and you really need to invest them, either in the stock market or real estate market or your own business...
Reply With Quote
  #8  
Old 08-14-2008, 09:19 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Indeed inflation is becoming a major problem. I’m tired of paying more and more for everything from groceries to gas. I live in Toronto, which is a very expensive city and this doesn’t help either. I hope that at least housing market here will correct significantly and I’ll be able to afford to buy a house.
__________________
Bear with me please
Reply With Quote
  #9  
Old 11-09-2009, 10:38 AM
francisford francisford is offline
Junior Member
 
Join Date: Oct 2009
Posts: 24
Default

if i have extra cash and don't have any sort of debt to pay off... it will have to go to my kids' educational fund. or i can use a certain amount to start off a little business for even more cash. then i will use that for a retirement fund.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 04:38 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2024, vBulletin Solutions, Inc.