First of all, I want to say thanks for letting me browse this community.
After doing minimum payments on my loan for almost 7 years, reading Personal Finance gave me the kick in my ass I needed. My $40,000 (CAD) loan is now down to around 4, which I will pay off within the next month (as long as nothing comes up).
Now, I’m already paying into my pension and I chose the “middle” plan. With my loan becoming payed off, should I put more into that monthly?
I will also be leaving the province where I live to another one in a year or 2 and will need to pull out the pension and transfer it to Ontario.
I had a few thousand in savings, but decided to dump it all on my loan. So right now I have very minimal savings (around 2000) for “just in case”
Right now I’m making $94000 a year and clearing about $65 after taxes and pension.
My rent is $60 a month (Teaching in the far North so housing is essentially paid for) and my car is paid off, so it’s just groceries that I pay for as there are no restaurants or bars or shops within about 200km of me.
Knowing that I’m going to be going back to an unstable work market in a year or two and will be taking a significant pay cut (probably around $65000) what should my next step be? ETF? Mutual fund?
Again, thanks for your help, PF!
Submitted September 14, 2018 at 11:21AM by SlipperyPockets https://ift.tt/2CXKdOT
