Personal Finance

Need some advice - Will sell home but what to do with my money?

  • Last Updated:
  • Aug 12th, 2017 10:14 pm
[OP]
Newbie
Dec 12, 2007
79 posts
6 upvotes
Toronto

Need some advice - Will sell home but what to do with my money?

Hey guys,

I need some advice from you experts.

I'm in the process of selling my condo, once I sell it I will continue to look for a townhouse as we are planning to upgrade and I haven't found anything I liked yet.

I will be receiving the money sold from my condo, but what should I do from there?

I'm thinking of topping up my TFSA but I am not sure if I should do ETFs or just put it in a savings as I am afraid that I might need the cash at anytime to buy a place and can't afford to see my ETFs value drop a bit in the coming months.

What should I do?

Thanks everyone !!!
5 replies
Deal Expert
User avatar
Aug 18, 2005
16909 posts
1826 upvotes
GTA West
Since you could need the money any day, just put it in a high interest savings account. There is really nothing else you can do in the short term without risking losing some of the money.

I've heard of the super wealthy just 'storing' money in the short term in an S&P500 index fund. Of course, that fund might go down, but the wealthy can afford to take the risk.
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Member
Jul 27, 2017
444 posts
107 upvotes
GTA
FWIW, park it a savings account till you find another property, then, if there is any money over after that, do what you have to then...top up your TFSA, RRSP, other

Investing in the stock market would be risky between sell & buying another property
[OP]
Newbie
Dec 12, 2007
79 posts
6 upvotes
Toronto
Thank you everyone for your advice !

It was extremely helpful !
Moderator
User avatar
Mar 23, 2004
36006 posts
3166 upvotes
Markham
Agree with all of the above. If it's short term, a HISA would be your best choice.
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