New Your Mortgage Is Paid Off…Now What?



Fee for service financial planning: https://www.parallelwealth.com/ffs
Income Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

Congratulations, you have paid off your mortgage…now what? You are going to have a lot of money freed up, so what should you do with it? Look to ways that you can grow that money efficiently, whether that is through your TFSA, RRSP, or maybe even through your home.

If you have any further questions about this video’s topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at https://www.parallelwealth.com/planning or email [email protected]

OUTLINE:
0:00 – Introduction
1:47 – Where To Allocate Free Cash Flow
4:21 – Additional Avenues: Non-Registered Account
5:27 – Additional Avenues: Upgrade Your Home
8:03 – Additional Avenues: Start Gifting Your Money
9:24 – Set Up A Line Of Credit
11:59 – Summary
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

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Book recommendation: https://www.amazon.ca/Start-Why-Leaders-Inspire-Everyone/dp/1591846447?dchild=1&keywords=start+with+why&qid=1620760573&sr=8-1&linkCode=sl1&tag=pwfg-20&linkId=70a2cb025a2429deff154b569bdb2d6b&language=en_CA&ref_=as_li_ss_tl

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23 comments

  1. Great video! Looking forward to one on what your investment strategy should be when you have a DB pension!

  2. Three is 3rd way to grow free: called offshore company. Like Justin trudeau family trust.

  3. The principal residence investment depends a lot on where you live. Here in small town Nova Scotia housing prices had been pretty flat for the last 20 years. They've skyrocketed in the last year, but that might be a huge bubble and the chance of that bubble bursting makes it a little too risky for me.

  4. So, just a “real” question, what are your fees for services? I’d like an answer here, for all to see. TY.

  5. When you say upgrade your house do mean renovate your house or buy a another bigger house

  6. Charles Larouche

    If you still have kids under 18 (which is my case), dont forget about Registered Education Savings Plan (RESP)… it's a great way to invest tax free (similar to a TFSA… for a limited time, okay… but still) !

  7. Thanks confirming all that I hav planned, great video:)

  8. Adam can you bring a mortgage broker on to explain title theft?? This was great, as always, things I never thought about.

  9. Gerarda Cronin

    I’m glad I got a LOC while I was still working. I plan to use it for home renovations.

  10. Jason Stupak

    Watched and liked, thanks! Great advice. We've helped all 3 of our adult kids with the down payment on each of their rental condo properties while they're still living at home. Another use for home equity line of credit is to leverage some into investing. Not for everyone, but an option. Suggestion, try not to say "K" as often. Jeremy from Financial Education constantly does that, and I can barely watch his videos anymore.

  11. Colleen Clark

    Hi Adam. Just found your channel a month ago and have been binging all your awesome content! I am 44 and should be mortgage free in 3 more years. My goal was by age 50 so am super excited I will beat that. I have a stupid question about tax free growth inside TFSA's… I have been buying individual stocks inside my TFSA and using a DRIP for additional growth. Using your Tesla example… Let's say over the years the stocks grew to $1 million. When you take the money out of the TFSA it's tax free, but what happens to your contribution room? If you took out the whole million in 2021 (not the smart thing to do I know), I know you get the room back the following year but is there any issue if your withdrawal (1 million) is more than your lifetime cumulative limit of $75,500 in 2021.

  12. First off, I love your independently owned company!
    Secondly, I don't want help planning my retirement, but I do have extensive questions around taxes, and different investment accounts.
    Do you guys act as CPA? If not who do you refer/use???
    I'm in the lower mainland as well. I just need an investment oriented CPA, been looking for years, help! 🙏

  13. Spot on in regards to upgrading your home. My wife and I bought a house double the value of the one we sold 7 years ago and the prices have gone crazy since then. This increase has allowed my wife to semi retire 4 years early. This decision has changed our retirement options…providing the market stays strong!!

  14. Daniel Driver

    Had to laugh….I just got off the phone with bank registering 80% HELOC. A process but top pocket tool…never thought of using for build….mmm good idea in this mrkt.

  15. johnnyboyvan

    A foolish idea when property values are about to plummet. Read Bloomberg and how the next government will raid all things including sales of real estate and TSFA. The pandemic debt has to be repaid.

  16. Great video! One question I have – is the rate of home equity lines of credit typically less than that of unsecured lines of credit?

  17. Chris Skyllas

    Adam, I noticed in several of your videos a low frequency thump every now and then. I believe it's when your hands or arms hit your desk, the mic picks up the vibration. Otherwise great content as always, I've learned much from your channel so thank you for that.

  18. Michel Devost

    “That’s probably why I don’t have a voice right now…”. Priceless! Adam, you just made it real!

  19. Thank you for another great video. Am learning a lot from you. We had picnic last weekend and i gave your channel to my friends. They were very interested. More power to you, Sir.

  20. Every video you put out answers questions I didn’t even think about. We will be booking a call absolutely! If nothing else, for the second opinion to be sure our plan is what we think it is.

  21. Why am I watching this… I got 24 years 9 months left on my mortgage 😛

  22. Adam, another fantastic video. I love these strategies, even though I still have a mortgage I have been working on and thinking about these as well, particularly the gifting now while I am still alive. Thanks for validating my thinking. Question, for your FFS, what do you need from individuals prior to setting up a call with you.

  23. Great ideas!

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