Unexpected windfall. Would like some advice. Will try to keep it short.

I was an addict with mental illness, working minimum wage, and just barely getting by. Student loans but no credit card debt.

I ended up getting a decent job in 2011 and bought a house in 2013. Got married and partied a lot. Didn’t save anything. Paycheque to paycheque.

Started saving a little later on. But house needed some renovations so I took out a line of credit to pay for them. About 18,000.

I got sober.

Then I got divorced and I moved out of my marital home. I hit hard times financially and depleted my savings.

I sold my marital house during the housing bubble and made a pretty penny.

However, after lawyers were paid, alimony was paid, line of credit was paid, car was paid off, family debt, student loans, wife’s line of credit, everything else – I was sitting on about $10,000 – but I was also debt free, with a paid off car and no mortgage.

Two years later I remarried and had a son and bought a house 2023. I hadn’t spent that $10k and had saved a bit more. All of it went on the down payment for the house.

Then my car shit the bed. I spent $7k fixing it and sold it for $7k. I bought a brand new car which I kind of regret but I have a kid and we wanted an AWD, something safe getting around in the winter.

I was making about $65k a year and my wife is almost the same, but I’m starting a new job where I’ll be making substantially less, however it’s work from home and I’ll save about an hour commuting every day.

I pay for everything with credit and pay it off every pay day. I never had CC debt.

So like I said, former addict, I know how to stretch a dollar. Buy no name brand. Stick to the essentials. Make coffee at home. Don’t smoke. Don’t drink. No major collecting hobbies.

My father passed away and I inherited a paid off car that will be my wife’s. I have tenants living in my basement bringing in another $1100 a month

So that’s where I’m at.

Mortgage roughly 220k owing

Car roughly 30k owing

No other debt.

I have about 30k in savings split between RESP, RSP, and TFSA.

Look I’m in a decent spot, no complaints, just trying to be fiscally responsible.

Now if you recall I have mental illness. My family doctor retired and stopped filing my disability tax credits.

I recently filed for it and it goes back ten years, and I’ll be getting ten years worth of DTC back from CRA. It will be about 22-28k according to my calculations.

Do you have a good idea by now what I should do with the extra money?

There are some small renovations required on the house maybe in the ballpark of 4-5k.

1) Should I invest the rest? TFSA? RSP?

2) should I pay down my mortgage?

3) should I pay down my new car?

4) should I sell inherited car (value 8k) now that I’m working from home? And put that towards?

5) should I invest in more real estate and use it do buy another rental property in my city?

6) should I give some to my wife for her education towards better employment

7) should I give some to my wife’s family who are living in poverty in third world country where our money is a much greater value and can bring them out of poverty? (They have a lean on their house)

There is a lot to consider. I just need to talk it out with someone who is unbiased and have some ideas reflected back at me.

Thank you!