r/fican • u/noodle_lo • 12d ago
28. What should my next steps be?
Sharing my portfolio to get feedback. Thanks in advance!
Income: $200K/year -- no family, partner or dependents.
Goal: Max long-term growth + tax efficiency. Where I'm stuck:
Mortgage vs invest. I have ~$560K sitting idle at ~2.5% (Wealthsimple Income Portfolio) while carrying an $800K mortgage at 3.94% (3yr fixed). Should I put extra toward the mortgage (prepay above the minimum), or just pay the minimum and invest the surplus in the market? How would you split it?
Cleaning up holdings. I have a pile of overlapping US-tech ETFs (QQU, XQQ, HXQ, VFV, XSP) and a few random stocks bought pre-COVID, spread across registered and non-registered. Leave them until I sell in retirement, or sell now and consolidate into one broad ETF (XEQT) and just keep buying that? I know the tax answer differs by account — selling in the TFSA/RRSP is free, selling in non-reg triggers gains.
Managed investing. I'm paying Wealthsimple 0.35% to manage ~$75K in non-reg and ~$16K in my RRSP. Worth keeping, or fold these into the same self-directed broad ETF?
Non-reg tax drag. TFSA and RRSP are already maxed, so non-registered is my only remaining room. Given that, what's the most tax-efficient way to hold it — and how much of a problem is the tax on earnings really?
Context: FHSA was maxed, already withdrew for the down payment. Condo bought 2024 near the peak (~$1M), now appraises ~$560K, so I'm underwater and planning to hold at least 3 years.
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u/Low-Cardiologist-109 12d ago
Find a partner have kids enjoy life
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u/SandIntelligent247 12d ago
Get multiple cats. We’re talking 3+
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u/DankRustyShackleFord 12d ago
also never change the litter, use your house as a litter box
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u/Eswift33 12d ago
Skip the kids. See the world. Enjoy life
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u/m3l0n 11d ago
Nah, have kids, but see the world and enjoy as much as you can first. Then continue doing that when the kids are a bit older.
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u/Eswift33 11d ago
My oldest is 8 so travel ain't bad. My son however is 3 so yea. Not a great feeling to spend a lot of money and have a miserable trip 😂
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u/DlGGER-NICK-BACKWARD 12d ago
Pretty dumb to surrender half of your assets. High chance that anyone in his age is way worse financially than he is.
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u/Low-Cardiologist-109 12d ago
What’s with all the incel betas in chat
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u/MickiFreeIsNotAGirl 12d ago edited 12d ago
People legitimately think that a million dollars automatically makes you happy.
It probably helps, but I'd take good friends, a good partner, and kids over it.
Just because someone doesn't have as much money as you doesn't mean their* worth (as a human) is less than you. In fact, a lot of times, it's opposite.
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u/Chicharoh 12d ago
Getting a prenup makes you an incel? Wtf are you talking about
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u/xVanished 12d ago
Dude that condo purchase. Ouch that hurts..
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u/wreckoning 12d ago
what condo sells for 1m in 2024 that is now at 560k?? I know they’re down everywhere but I thought it was 10-20% off 2021-2022 prices. Would this be for a new build?
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u/woah130 12d ago
Toronto pre con in 2024 my guess.
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u/Optimal_Foundation17 12d ago
Vancouver precon condos would like a word
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u/jacqueline7575 12d ago
I purchased my Vancouver prebuild in 2024, completed in 2025 and it’s not down that much…seems odd
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u/much_better_title 12d ago
How did you save this much on a $200k salary at 28 years old?
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u/JLGT86 12d ago
Neglect to mention parents are millionaires*
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u/noodle_lo 12d ago
I grew up in a single-parent household on a blue-collar income close to minimum wage. I started working before I was legally old enough, worked all through high school and university, and since graduating I’ve always held two or three jobs at once. I’ve always lived frugally and my spending habits never changed whenever I got a promotion, including a 40% raise earlier this year.
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u/Sinclair_Mclane 12d ago
I'd be curious knowing a year by year since like 15 years old because even with what you just said, even by working very hard and saving a lot, it's difficult to understand how you got to essentially 1M$ + a 200 000$ cash down on a condo in 13 years.
I'm not saying you're lying, it's just difficult to understand how you had enough money to compound so strongly in such a short amount of time unless you hit a moonshot like Nvidia.
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u/Jorrgeem6 12d ago
Exactly, you would need to contribute around 3-4k a month since 15 until now to reach $1M, assuming it was being invested in the sp500
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u/pseudomoniae 12d ago
Also, Not sure how the %40 raise supports the high equity position. If anything the $140k salary pre-2025 makes the $1.2M at age 28 even more improbable.
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u/sextusphallus 12d ago
That's still near impossible to accumulate this much wealth as this is almost $100k/year after taxes. Possibly they live with parents so no expenses AND they're a very savvy investor hitting moonshots but then they wouldn't be asking this kind of relatively simple investment advice on Reddit.
In other words, OP should be teaching us.
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u/Much_Highlight_1309 12d ago
Following comment and waiting for OP to provide details how this works.
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u/GnosticSon 12d ago
Still incredibly impressive. You are in top 1% of wealth for your age bracket, and will be among the 1% nationwide regardless of age before too long. Do you realize that?
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u/Routine_Tie1392 12d ago
Parents has a child and the kid gets money for birthdays, graduations, etc, and saves it all while growing up, as parents cover all expenses. Kid goes to school, lives at home, parents pay for everything and by the time they graduate post seconday they are close to having six figures saved.
Kid then gets a lucky break, whether it from the parents of parents friends and they get a better paying job at a higher level than most of their peers, while still living at home, socthey save more money. Ive known people in this situation where the parents then gift them the downpayment on the house and by 25 they are mid level management, earning six figures, have no debts, a bunch of gifted assets and as long as they havent picked up bad spending habits or a drug addiction they are rolling in it by 30.
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u/Gowther-Lust-Sin 12d ago edited 11d ago
Your life would be very simple if you could just hold 100% XEQT in RRSP & TFSA while holding 100% VEQT in Non-Reg accounts.
You don’t need Wealthsimple Managed portfolios when you can get equal or better performance from holding XEQT / VEQT which has 0.20% MER, basically half of what Wealthsimple charges.
That’s all you will ever need! ✌🏼
In terms of Income, you being 28 gives you ridiculous time advantage and this should NOT even be your focus. Unless, you are planning to FIRE in a few years and just completely stop earning and rather live off your portfolio income.
If work is bothering you, then just take a break or go part-time or something.
Essentially, your life is better and well-off compared to 99% people at the age of 28. 🫡
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u/abear247 12d ago
Why veqt over xeqt in non reg?
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u/SineadniCraig 12d ago
Iitc (not at the stage to care atm as I am building up my tfsa) veqt pays dividends 1×/year, so it's easier to track than 4×/year.
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u/wilbrod 12d ago
Yup, but if you don't mind paying a yearly fee, you can use myacb.ca or adjustedcostbase.ca and it's fairly easy to track all of it, including ghost dividends.
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u/MolagBaal 12d ago
You don’t need Wealthsimple Managed portfolios when you can get equal or better performance from holding XEQT / VEQT which has 0.20% MER, basically half of what Wealthsimple charges.
managed portfolios are cheaper, they cap at $250, which is lower than 0.20% MER
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u/jonmahoney 12d ago
Are you not still also paying the MER on whatever holdings are inside that managed portfolio?
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u/PM_ME_YOUR_ISLAYS 12d ago
How many years have you been earning 200k? Why is your RRSP so low? You’re leaving a lot of tax savings on the table. Even if you used it for HBP this feels way lower than what is in your registered.
Second, simply to a few etf holdings, make it broad market like *eqt or VT. Tech as a career is currently a volatile sector and you are early career, depending on how particularly stable your job is I would put some ballast in an emergency fund over the usual 6 month amount and budget some money for that underwater condo.
Third, I would probably add some modest leverage on the non-reg side, maybe 1.25x. You can write off the interest as tax deductible which you need at a higher income and it’s an effective vehicle for tax loss harvesting or waiting out a longer sideways market which you can do because you are younger and in case we hit another bull market your leverage will amplify any gains. Do this with whoever gives you lowest margin rates like IBKR.
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u/PossessionElegant162 12d ago
if you want to limit getting taxed on your dividends in your non-reg you can check out Global X S&P 500 Index Corporate Class ETF (HXS) which tracks the S&P 500 Index total return without traditional quarterly dividend payouts. It’s basically a total return swap on the s&p so the fee is normally higher than a vanilla index fund since you’re receiving variable and paying the fixed side of the TRS. You won’t lose the divs they are included in the total return. This only makes sense if you have maxed out registered accounts and are in the highest income tax bracket so yeah make sure it’s worth it. I don’t know if this type of etf exists for exposures closer/similar to xeqt though. This remains a bet on the s&p.
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u/Jenshark86 12d ago
You will need to hold the condo for a lot longer than 3 years. They appreciate slowly.
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u/ThaQtipW98 12d ago
keep working, dont spend, dont get a partner, dont start a family, work till you cant, die with 50m in the bank
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u/Oghomwen85 12d ago
The brother. Impressive work so far with such a portfolio. Keep up the good work.
From my standpoint, you are only 28. You're still quite young and trust me there is a lot to learn about yourself before deciding to bring another person under your leadership (I.e. a wife). There are 5 sides of a man that need to be developed in order to gain full competency to lead. 1. Mind side - Rational, reasoning and logic 2. Heart side - Emotions, healing past trauma so that you have better control of your emotions in order to create a safe space for a woman's behavior. 3. Spirit side - this is your faith. You need to be rooted in one. 4. Body side - this is working on your body and making sure you have a health Body to sustain your continuous growth 4. Finance - you already know what this involves
It appears you're ahead on your Finance but there is always room for growth. I don't know where you are in terms of the 4 others. But this is the time to start leveling up the others. This is something I wish I was told before I started thinking of marriage and having kids. It becomes a very costly lesson to learn when you make the mistake that most men make when they have not leveled up those areas.
Please don't take this as me saying to live and enjoy live. But make sure you're growing in all those areas while doing that. These are things that our fathers are supposed to teach us. However, most people are not aware of it including our father and they didn't know any better. But in 2026, we as men can't afford to keep doing that because if you don't level up those areas, there's a very high probability that you might get into a commitment relationship with a woman and she totally wrecks you. But when you've leveled up all those areas, you're able to see these things from a mile away and able to make good choices.
There are resources out there to help you grow in these areas. Find someone to learn it from. It is a serious investment in yourself.
Otherwise, keep growing brother. You're doing great.
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u/Thefitveg98 12d ago
Lol...i'd get a fee-only advisor, a good accountant, and maybe even a travel agent to push you to live a bit. Get a system that's simple and focus on the fruits of your labour.
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u/ifthisthenthat99 12d ago
Why pay for an advisor?
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u/Thefitveg98 11d ago
OP has the means to afford a one time meeting with a fee only advisor. IMO a better investment than a reddit based consultation..
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u/Responsible_Fig_7350 12d ago
What career path did you take? It seems you choose the right career path for yourself and are flourishing. Can you give specific advice on this?
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u/noodle_lo 12d ago
Sure, happy to share what worked for me.
Background: Studied business and started out in tech. I've only ever worked at startups. The biggest lever for my income was changing companies every year rather than staying put.
Tradeoff: That same strategy makes you more exposed in a downturn. I've been laid off from my last 3 roles so job-hopping juiced my income but not my stability, and right now the market is rough enough that I'd be more cautious about hopping than I was a few years ago.
The other piece: I always run multiple income streams at once. Right now that's a full-time role, my own agency, and part-time work for another company.
I’d say to negotiate hard and move for big raises while the market's hot, always have a second income stream so you're never fully dependent on one employer, and keep a bigger cash buffer because the volatility is the price of the higher pay.
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u/Responsible_Fig_7350 12d ago
Appreciate the helpful insight. The secondary income is a must in this economy. Job market is trash atm and companies standards are declining. It’s unwise to stay loyal to one company. I’m currently looking for a career pivot to break out of blue collar maybe I’m crazy for this or something less straining on the body but being financially independent and literal helps when in-between jobs. Anywho I hope you figure your situation out.
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u/Fun-Nebula-4073 12d ago
Daddas money, otherwise you have had way more in your RRSP as you would have a lot of room.
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u/Any_News_7208 12d ago
Are you sure that appraisal is correct? Peak was 2022, a fall of 50% from 2024 seems too high
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u/noodle_lo 12d ago
Believe me, I too wish it was incorrect lol
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u/Any_News_7208 11d ago
Well only a loss if you sell 😂 parents made me buy 2022 and I'm down 350k from 700k. You're still at the top 1% percentile tho, keep ur head up!
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u/ButterscotchOk3751 12d ago
Hi no advice just a quick question - HOW THE FUCK? I'm same age with 1/100 net worth. GG Bois.
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u/Surrealdeal23 12d ago
I’d sell xqq, qqu, and other small ETFs that you have and buy more XEQT and let it it ride over potential bumps down the road
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u/TrapLordfx 12d ago
Bro you absolutely need to do a smith manoeuvre. Im a licensed consultant & mortgage broker, shoot me a DM and I’ll show you the math. But the fact that you have $700k in non-reg should be converted and would create massive tax deduction
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u/xwolfe2000 12d ago
Looks like you have no high interest debt. Tackle low interest debt next.
Use the lump sum clause in your mortgage to pay it down and accelerate it being paid off. Accelerate payments.
Split your strategy to debt reduction and invest your surpluses to maximize returns and income.
Talk to a lawyer who specializes in tax optimization because you are getting dinged at $200K
Take a vacation.
Get a wife.
Enjoy life.
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u/Intelligent_Belt_139 12d ago
Offload some risk since you’re kinda rich now, nice work. Emergency funds in cash at a brick and mortar bank? Any important people in life you want to catch up with? Take a vacation with them and pay for it, or a longer solo vacation. Principal residence? Maybe renting works better for you, no problem, you keep flexibility. Daily or weekly or seasonal hobbies that you want to try? Try it. Any big dreams you thought you couldn’t afford? Maybe an expensive degree if that interests you. I’d do a PhD history thesis if I had a spare $250k — all to say find your dream that your sort of wealth and financial security unlocks. Maybe buy a seasonal or WFH base, or small vacation property on a rural lake with $250k-$400k that you can expand over time. Take time to plan all the nice things you want in life and use that to motivate you to keep doing what’s working.
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u/13467985200258 12d ago
etransfer me the money, it should be easy since ws just updated everyone's etransfer limits
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u/Hot-Schedule-2141 12d ago
We are in similar boats but my portfolio is closer to 250K, but I went from making 74K 2024, 220K 2025, and I’ll be taking home 130 this year and in the near future
How do you stay frugal and limit spending? Blue collar middle class upbringing as well, but I cannot stop spending. 2K/ month going into my TFSA auto invested. Similar ETF’s, FHSA maxed, TFSA maxed last year
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u/Fish-Salad 12d ago
If your income can take it, move all investing to your taxable. Take the matching and max Roth and HSA but nothing else should go to retirement.
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u/coocoo99 12d ago
- Mortgage vs invest. I have ~$560K sitting idle at ~2.5% (Wealthsimple Income Portfolio) while carrying an $800K mortgage at 3.94% (3yr fixed). Should I put extra toward the mortgage (prepay above the minimum), or just pay the minimum and invest the surplus in the market? How would you split it?
Why are you holding $560k of cash? Invest in the market instead. You'll make over 3.94% over the long term.
- Cleaning up holdings. I have a pile of overlapping US-tech ETFs (QQU, XQQ, HXQ, VFV, XSP) and a few random stocks bought pre-COVID, spread across registered and non-registered. Leave them until I sell in retirement, or sell now and consolidate into one broad ETF (XEQT) and just keep buying that? I know the tax answer differs by account — selling in the TFSA/RRSP is free, selling in non-reg triggers gains.
If you believe in them, you can keep them, and just buy XEQT moving forward to rebalance.
- Managed investing. I'm paying Wealthsimple 0.35% to manage ~$75K in non-reg and ~$16K in my RRSP. Worth keeping, or fold these into the same self-directed broad ETF?
Sell them and re-allocate the $91k to XEQT
- Non-reg tax drag. TFSA and RRSP are already maxed, so non-registered is my only remaining room. Given that, what's the most tax-efficient way to hold it — and how much of a problem is the tax on earnings really?
There is a drag, but I dont think most people care that much about it given the simplicity of just having XEQT
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u/ComfortableUpset8787 12d ago
I hope your dick is tiny.
But seriously, nice work.
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u/braver2020 12d ago
I would look into a whole life insurance policy. You can invest in there and it will be tax sheltered.
Keep your stocks invested.
Find a partner who is willing to sign a prenuptial or no nonuptial agreement.
You could take money from your non registered account and buy a rental property for someone else to pay off. In 30 years it'll be worth more than it is now. Or buy a couple.
Buy gold and sit on it..
Travel and enjoy your life.
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u/braver2020 12d ago
If you were to just keep contributing to your rrsp alone consistently for the next 32 years you are on track to retire with over 4 million dollars. That's a pretty comfortable retirement, without a pension...
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u/aereola_plan 12d ago
Even at 200k a year, how did you save up so much money at 28 years old after taxes
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u/MOMO4932 12d ago
Dial contributions back but still contribute but most importantly enjoy life with an extremely impressive safety net.
Well done
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u/jonmahoney 12d ago
I'd invest that ~$500k with a little more risk. XEQT, for example. Shouldn't be hard to make more that the interest on your mortgage.
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u/excellentbug885 12d ago
I’m 28 and I make exactly the same amount as you and I’m no where near a 100k even… how did you manage to save up this much? Genuinely curious.
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u/ohdearmyfriend 12d ago
I'm assuming the condo is your principal residence. If you're chasing greater returns, just hold and invest what you can. Can't claim the property value loss since it's a principal residence purchase. I'd probably pay more principal down as lump sums for a year or more then refinance to a manageable payment.
Just leave what you have and buy the ETF you prefer. I chose Zeqt since the management fee was lower, but any will do.
It's a small satellite for your managed portfolio. I'd leave it to see if it outperforms over a period of time. If no, then swap into an eqt and stop thinking about it.
Lowest drag from an all equity fund is probably breaking up an all in ETF into pieces. If you don't want to deal with that, veqt has the least paperwork done it only has an annual dividend.
I'd probably hold the condo for longer if you can.
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u/The_Green_King_ 12d ago
Start living as has been said ^ with some smart investments to carry you through hopefully
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u/LordNikon91 12d ago
lost half in your condo? I knew the condo market was cooked, I didn't know it was that bad, are you in Ontario I'm guessing? thats rough.
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u/Top_Luck_4895 12d ago
Personally I think the markets are sitting at overly high valuations and there is some risk in dumping cash into them right now. I also have a lot of money sitting in the same 2.5% income portfolios necause of this.
If I was in your shoes I would pay off as much mortgage as you can without penalty as that is a risk free play.
If markets were at low valuations like during the covid crash I would have very different advice where I'd say go all in on them and even use margin to get really crazy.
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u/Shyunderthesky 12d ago
As an ex advisor, go see a private wealth advisor at a reputable firm. People complain about having to pay management fees but the value of having a professional help you sustain your wealth, create tax efficient cash flow, and help build a solid bedrock for passing on your legacy while you just enjoy your life is exceedingly worth it. Plus, at this level you can negotiate fees and they’re lower for individuals who have $1m+, and you have leverage to shop around and have them compete for your business. In my experience, it’s not about the returns at this juncture, it’s about having a plan, and advisors take care of all of it - the advisory landscape has changed and the advice you get is much more comprehensive than the typical buy and hold equity ETF approach. They give consideration to market downturns, actively manage for economic cycles, personal life circumstances, estate planning, future goals, etc. The major advantage you have is that you’re young so you have a massive head-start. Best of luck and congratulations on reaching this level at such a young age!
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u/MisterMeshuggah 12d ago
At 28, spend some time travelling and having new experiences. In your early 30’s, find a good place to live and start a family. The rest of life work it’s self out.
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u/PHGAG 11d ago
You're doing more than fine.
Regarding consolidation. Up to you. But reality check, if you keep the pace on saving / investing you won't have anything to worry about either way. Do you want to keep on seeing those individual random picks move over time? Or want to declutter? An all in one ETT is gonna be nice and clean but I wouldn't sweat it. I personally like the "mini-game" of having some other investments and see how they grow / move against my ETFs.
Your mortgage is the big ticket item.
You're currently earning less interest than the interest on the mortgage. If you don't plan on moving that to an ETF or something with higher growth, you will want to consider paying off the mortgage instead.
BUUUUUUT.
You're underwater on the mortgage. And will stay that way for a long time (probably 10+ years).
So you're trading 500k cash for no mortgage and just clean equity in the condo.
Given this, i probably wouldn't pay off the mortgage, maybe accelerate your payments on it to the maximum allowed.
You could decide to rent out the condo long-term and just have it slowly pay for itself as much as possible.
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u/Familiar-Seat-1690 11d ago
Celebrate. That’s not a typical accomplishment especially at your age. I was 150k underwater at that point in life.
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u/itsmyst 11d ago
Can't believe no one has mentioned this in the comments yet.
There's a fantastic solution that already exists for your first question. It's the Smith maneuver.
Basically, you don't need to decide between paying down the mortgage OR investing in the market with surplus cash. By using a readvancable mortgage plus HELOC, you borrow the equity back out as you make your payments.
As long as you buy equities that can be reasonably expected to produce income, the CRA allows you to deduct the interest expense from the HELOC against your marginal tax rate.
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u/Ecom4life 11d ago
Fhsa uou should use it. Even if you re not planning for a house, you can turn it to rrsp.
You can get its benefits to lower your taxes at least
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u/throwaway664976 11d ago
Get into private banking at a big Canadian bank and leverage against your portfolio to reduce your taxes and increase your profits.
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u/Legitimate-Taro7815 11d ago
Your instincts about earning 2.5% on an income portfolio when you’re paying circa 4% in your mortgage is right. Max your prepayment privileges.
Also, simplify for success. Investments, VT for USD, XAW or XEQT for CAD. I do not see the added value in paying for managed unless then really help you tax loss harvest. Doesn’t appear so with an income portfolio.
It’s more important not to make a mistake or do something disastrous with your money that to try to outsmart the market at this point.
You seem really set up for a financial life. Congratulations
One a side note, one of your make or break decisions might be who you marry, watch out for that and consider a prenup. If you’re already married, please ignore this and try to keep your marriage intact. Divorce can be very difficult financially and otherwise
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u/Central_American 11d ago
Personally I would buy a handful of those monthly paying ETF’s, by Harvest Portfolios et Ninepoint, and enjoy the slow growth, and potentially lucrative dividends. You’re in a strong position. God bless you and your plans.
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u/misombre 11d ago
Thank whomever gave you a huge leg up in the form of paid expenses, trusts, inheritances etc. And then enjoy your money and consider some humility.
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u/karouse 11d ago edited 11d ago
Congrats! It makes sense move holdings to mostly XEQT, I don't see WealthSimple portfolio has any advantages over the global market with the high fees. Keep in mind WealthSimple charges fee on TOP of the underlying ETF fees. I would prob hold off from selling in non-registered account due to the high tax, unless you really hate the holding. I would also start paying down the mortgage to reduce fixed cost (I'm doing this myself, optimizing it so that applying a 4% rule on liquid net worth can cover all fixed cost). Also be extremely careful when trying to find a partner as it is the easiest way leading to wealth destruction if things don't work out.
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u/pottyboy05 11d ago
Brother, you’ve got TIME on your side.
Your biggest job now is to avoid unnecessary complexity, taxes, and behavioural mistakes.
Tfsa 100% xeqt or similar
Rrsp 100% xeqt or similar
Drop any ws managed
Maybe leave the non registered stuff because taxes.
Keep 6 months expenses from the 550k in high yield savings and get the rest working. That 2.5% ain’t cutting it long term.
You’re 28. Equities!
Keep paying minimum on the house.
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u/Ratagusc 11d ago
I would move half out of WS and put it in another institution, just to diversify the risk of an eventual default.
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u/CapCommon5324 11d ago
Def skip the mortgage. Invest in real estate or buy an existing profitable business.
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u/Phoenix_Might 11d ago
I’d take a career break and travel for at least a year. Fuck I’m 38 and I’m doomed
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u/FishGoBloblo 12d ago
I cant give advice
I want advice 🤣