Put That Money Down

What would you do if you came into some money?  Inheritance, bonus, lottery win?  Many of you would be saying, "Well it would depend on how much of a windfall it was."

Many of us say that we would pay our debt off, be it credit cards, cars, or mortgage which is the biggest (liability) we have.  But when we say this, we are all thinking millions of dollars.   We picture paying all of our debt off AND still have some left over to play with.

But the majority of us - if we do come into some "extra" cash (a few thousand dollars) we spend it.

Why not/  That would certainly be the fun thing to do.  We work hard, we deserve to finally get some pay back.

Even though that idea of a big screen tv or that long awaited trip to Mexico sounds good and is now within reach - if we search deep we know what we should really do.

Pay down our debt! IF you have it.  Honestly, who dosen't?  Very few of us, who are in our child rearing years don't have at least a mortgage.  But if you have consumer debt on top of that - that bonus money should go straight to paying that down (if your lucky) pay it off.

I know it seems like you are just throwing that money way on nothing - if feels like you get nothing out of it.  Well, maybe nothing "physical" but the interest and stress that you save are huge.

Do you have that TFSA yet?  Have you started contributing to your RRSP?  Why not use that money to start that up?  If you put (up to $15,000) away in your self directed TFSA, meaning you can buy and trade your own stocks you could be going on that trip TAX FREE and be DEBT FREE.

Dosen't that sound better?  You may have to wait a few months to get some dividend from your stocks and to see some profit in your stock your choose, but this is all stress free money.

Pay yourself first!  You deserve it.  THAT is the best present you could buy yourself and your family.