Depending on who you ask and the definition they use, a recession has occurred or is about to occur. The traditional definition is two consecutive quarters of economic decline measured in Gross Domestic Product. A more complex definition is a slowing of economic activity and an increasing unemployment rate.
Financial and lifestyle preparations for a recession should be undertaken now to lessen the effects should it occur. And if it does not, then you will be even better prepared for any economic shock that could unexpectedly occur.
We all know the cost of goods and services rises over time. Single postage stamps that cost 85 cents just 3 years ago now cost a dollar. The same thing has happened to virtually everything we purchase. This is what we call “inflation” – a sustained rise in the cost of goods and services over time. It also means that the purchasing power of a dollar decreases over time because you need more and more dollars to buy the exact same goods or services. This has important implications for your savings; especially in your retirement years.
Retirement Planning is not the same for both women and men. Women face unique hurdles and risks that do not affect their male counterparts. These risks include outliving their money, earning less but having more financial obligation, and aversion to take risks with their money.
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. There are a lot of myths we have to be wary of if we want to ensure we have an adequate retirement income that lasts a lifetime.
The Covid-19 pandemic has upset the habits and routines of many people. Staying safe and healthy has become a constant concern. The effects of the pandemic are taking a toll on people’s health, both mental and physical. It is more important than ever to eat right, stay active, and do things that make you happy. When it comes to creating a healthier lifestyle for yourself, getting started is the hardest part. Here are a few tips to help you navigate all the information available on diet, hobbies, and fitness!
Covid-19 has stopped the world in its tracks. Many Canadians are feeling the stress of volatile markets, job insecurity, loss of income, and fear of contracting Covid-19. You may be feeling like you need the advice and support of your advisor now more than ever. The good news is your advisor is here to see you through these tough times; business might just look a little different!
Investors often are conflicted on what to do with surplus cash. Your options for available cash usually fall into three categories: spending it, investing it, …
Current economic conditions have interest rates the lowest they have been in years. Central banks lower rates in time of economic downturn to stimulate the economy. This can make borrowing money seem very appealing. It is important to keep in mind when borrowing that interest rates will not stay low forever. Canadians need to prepare for an eventual period of rising rates, as it will impact mortgages, lines of credit, student loans, savings accounts, and investments. A survey conducted by IPSO in 2016 indicated that 48% of Canadians are just $200 away from not being able to meet their financial obligations. With the current low rate environment being as appealing to consumers as it is, it is possible to take on debt that may become a strain once interest rates rise again…whenever that may be.
Starting your professional career comes with lots of difficult money decisions. Having a steady stream of income for the first time is a great feeling but knowing what to do with the money can be confusing. Below are 5 strategies that all young professionals should employ to make sure their finances stay on track.