Jan 14 • General discussion
Financial crossroads — would appreciate this community’s take (poll below).
Over the last year, I’ve become more financially aware and taken real steps—sold a vehicle, started investing, and cleaned up habits.
Combined situation (me + wife):
• Household income: ~$110k annually in Alberta
• Currently at Step 1 of a 6-step wealth-building model
I’m about to receive $50k from an asset in India. This is very important to me—it’s the only capital I had back home—so I want to be intentional with how it’s used.
Option A – Stability & Cash Flow
• Pay off car loan ($25k) → frees up $610/month
• Clear consumer debt / LOC ($10k)
• Build emergency fund (~$15k)
Option B – Calculated Risk & Execution
I’m in the execution stage of a catering business I’ve been planning for a while.
• $25k – equipment
• $10k – consumer debt payoff
• $10k – groceries / household buffer for a few months (wife covers fixed expenses)
• $5k – business contingencies
If it doesn’t work out in 3–4 months, I’ll pivot or return to work and reassess.
Combined Financial Snapshot (High Level)
Investments / Assets:
• RRSP: $15k
• TFSA: $35k
• Real estate equity: ~$70k (primary + investment)
Debts:
• Mortgages: ~$318k
• Car loan: ~$25k
• Consumer debt: ~$10k (temporary)
Poll Question:
If this was your only meaningful lump sum, what would you prioritize at this stage?
Option A: De-risk first (cash flow + emergency fund)
Option B: Back the business opportunity
Split the funds between A & B
Depends — need more context (comment)
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Financial crossroads — would appreciate this community’s take (poll below).
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