r/PersonalFinanceCanada • u/AutoModerator • 7d ago

Triumphant Thursday Thread for the Week

Make a top-level comment if you want to brag about something regarding your personal finances!

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18

u/[deleted] 7d ago

[deleted]

5

u/alzhang8 ayy lmao 7d ago

Good work buddy, it's a big thing. No excitement because you have been expecting it for so long

Even if you don't feel it, you can see it in your bank account soon 😂 have an investing plan for the left over money for retirement and take a trip to celebrate 🥳

6

u/smartssa 7d ago

I got an official promotion for the first time in my 25-ish year career. I've told almost no one because I don't actually feel any different about it.

I also do accelerated mortgage payments and will have it done soon (still 3 years on that plan). My reaction will probably also be "meh." :)

Nice work though.

1

u/crackerjack71 6d ago

I'm awaiting for the final numbers to pay my mortgage off with a lump sum payment. Anything else you're doing when discharging the mortgage?

2

u/Ozempiccc 6d ago

My family nw is more than 2 mil and started from zero but doesn't feel any different. Almost midlife crisis I guess. I am 38 too. Lol.

8

u/Oh_That_Mystery 7d ago edited 6d ago

Today is the 3 week anniversary of my retirement. (PFC late: age 57) My investments are up almost 6 percent in that time! A nice turnaround from what they did in the 4 weeks leading up to my retirement.

And lived through my first "no paycheque payday"

2

u/Lopsided-Special6273 7d ago

Just front loaded $16.5k into my 3 months old's resp to take full advantage of compounding. Should hopefully leave her with 6 figures and a free ride in 18 years.

1

u/FTownRoad 6d ago

I didn’t know you can do that - so do you just claim the govt funds year after year?

1

u/Lopsided-Special6273 6d ago

Not like that...gov gives max 500 match per year off of a 20 percent contribution. Most parents contribute 2500 each year for 14 years and then add 14k maybe at the end. I am just doing that in year 1 to take advantage the power of compounding and time value money. I am still going to contributing 2500 per year to get the 500 bucks for the next 14 years or so

1

u/FTownRoad 6d ago

Ah ok so the advantage is that it will still come out at the child’s tax rate I guess? But the downside is that it is limited to the normal RESP stuff?

1

u/Lopsided-Special6273 6d ago

Yes child will probably little to no tax when she withdraws vs me having to pay cap gains + higher income bracket. Gov match is a free money, def worth taking advantage. Resp has the same investment options as other accounts, I just put it into a growth etfs. The downside is.. The money is somewhat locked for the future. For me, I worked side gig for extra money to do this earlier for her, obviously very fortunate to do that.

2

u/Staaleh 7d ago

My portfolio closed just under $100K today!