Recieved $42K CAD, best way to manage to FIRE.
Just received a $42k Claim which puts my liquid cash amount to $48k. Wife and I are 36 and 2 kids under 3. Relevant details:
Debt
- $15k in credit card debt (Me)
- $8K in line of credit (wife)
- $19k truck loan (4.99% $322 Biweekly)
- $281,567 Mortgage on a rental property
- $10k in Monthly expenses approximate (cellphones, property taxes, insurance, gas food mortgage rent childcare etc.)
Assets
- $65,157 in equity on Rental property (Alberta)
- $300,000 appraisal on Rental property (Ontario/no mortgage)
- $120,000 annual salary on my end
- $100,000 annual salary on wife's end
- $1300/Month from Ontario property
- $136,000 Pension untouchable unless I retire
- $120,000 with investment firm ($11K of which is RESP)
- $1000 in a TFSA for me
- $9000 in a TFSA for wife
I'm inclined to pay off credit card and truck, stash $10k into VFV through my TFSA and turn my $600 monthly truck payment into an auto-deposit into that TFSA. Hope is not a course of action but in Feb I'm expecting another claim of minimum $5k Guaranteed, hoping for upwards of $30K which I will use to clear off any debt of my wife's. Is this the best move? Should I dump this money into investment's and let it grow instead? Credit card jumped because wife is on MAT leave so most expenses landed on me and she is back to her regular salary as of June. I'm not worried about getting that credit card back under control.
Ontario rental supplements Wife salary, Edmonton rental is not earning anything, rent goes towards mortgage and property taxes so it breaks even. We may move back though.