Hey all. I recently received 40k from inheritance + about 15k from some stock options through my previous job. I would really like to buy a vehicle, as well as a house/property.
I am 32 with v.high credit. Low paying job out of college, so I was in debt up until this money came in. I was always good with bills though, hence the high credit score. I did recently move across country in a short time frame, so I ended up renting a really nice condo, but it's $1550 a month. My current take home is ~1460 every 2 weeks. That's after the 6% for rrsp, and 10% for stock options through work coming off each pay. So, rent is higher than a single pay check, which I absolutely hate. Hence the want for my own house. Im just burning money right now.
Currently, I put 15k into mutual funds through a TFSA, and have about 21k in various savings accounts through my bank. I also have at least another 10k coming after the taxes have been paid from the estate.
Im thinking of getting a car first, so I can get used to the bills and find out what my actual budget would be for a mortgage. Probably go the CPO route (used from a dealer.) But Im not entirely sure how much I should be spending on a car. I would like an SUV or pickup, as Ill want the extra space for picking up lumber and such. Ideally, Id love a house in the country with a bit of land. So the extra room in a vehicle, I think, is necessary.
Im not really sure what to do. Ive seen other threads suggesting do a house first, but if I get a place in the country, I`ll NEED a car, which makes me think the car first would be best.
So lets say I have 50k. How much do you think I should put towards a car vs the down payment on a house? I havent got a pre-approved mortgage yet, as I was told they only last 6 months, and Im not sure Im quite ready for that just yet.
I dunno, any insight would be really helpful here. Thanks.
Submitted October 23, 2017 at 02:38PM by eXawSt http://ift.tt/2yE8Nkp
