# Future plans



## Oxidd1979 (Feb 14, 2011)

Hi there, here's my situation:

Me 31, 65 000$/y (union job, 6% raise each year until I reach 88k$, 3% bonus)
Fiancé 32, 50 000$/y

After Quebec + Fed. taxes, around 5800$ a month

I own one condo, on sale right now, about 10k$ profits
She owns one condo, where we live, selling next year, about 70k$ profits
We will buy a house, with the 70k$ profits and another 20 000$ cash (currently have 12k$, putting a little bit over 650$ a months aside for it)

Getting married in December, 10k$ budget for that (Destination Wedding), already 2500$ put aside for that, 600$ a month put aside for that, plus her parents are giving 2k$)

She has about 10k$ RRSP, I have none. I got 1000 in a TFSA 1.5% savings account.

I have a pension plan, 70% of my salary in 28.5 year, plus to pension plan is indexed (right term?) to follow inflation.

We have, besides our combined 220 000$ mortage, about 8000$ in debts (7000$ of that is mine).

Priority, I want to pay off my debt and hers, while continuing to contribute to our extra down-payment and wedding.

Then, no clue... I know she will start to invest more in her RRSPs. For me, i was thinking of opening a TSFA account to buy Dividend, try to max it out in the next 2-3 years, start some DRIP maybe. I'm not sure about RRSPs, since I already have a good plan, I would like something to give me a few extra $$$ every year.

Its the first time I get a job paying over 35k$, so saving and investing is all new to me... I used to be a big shopaholic, living paycheck to paycheck. Since I got my job 1.5 year ago, I managed to clear 15000$ of debt.

What do you guys think?

(English is my 2nd language, so sorry if I made a few mistakes...)


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## plen (Nov 18, 2010)

> She owns one condo, where we live, selling next year, about 70k$ profits


Has she already sold it at the profit and you're not moving out until next year or is this just the market value of the house and her assumed profit?



> indexed (right term?)


Yep, that's the right term, your English is fine.

Your priority sounds right, pay off those debts. At what interest rates are those debts? It might make even more sense to forego the $650 savings you're putting away for the house down payment to get those debts paid down sooner. How much is the new house? How much of a difference would a $90,000 down payment be versus an $82,000 down payment?

In general I think your near term plans are okay, there's not much room for investing until the house is bought, the marriage is paid for and the debts are all paid off. In the meantime, read more and learn and ask questions about your investing options.


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## I'm Howard (Oct 13, 2010)

Mon Ami, I think the two of you need to sit down and plan your future as a couple, not Her, Not Me, but We.??
1+1=3.


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