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funghi2 OP t1_j6kyota wrote

Reply to comment by paynetrain37 in When to stop saving and start investing/paying off debt? by funghi2

Funny you should mention that. I have a newborn and am actually looking at the educational savings plans now RESP here in Canada. Retirement plan is ok. I put about 5% in a year. Took some out to put down payment on house.

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paynetrain37 t1_j6kz6uv wrote

Then I would probably spend that extra money on investments (either retirement or educational savings plan) if I were in your shoes.

I’m not familiar with the cost of that stuff in Canada, so I don’t know how much you need, but the S&P 500 historically has averaged ~10% (7% after inflation), so mathematically it likely makes more sense to invest the money instead of paying the car off early.

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