You heart might have skipped a beat after reading the topic on this article and that’s okay. It just goes to show that you are aware of the current economic weather in Canada and you can protect yourself from the hailstorm that is forecast.
Here are the top 3 financial issues you are bound to experience along with their solutions!
1. Jobs! Jobs! Jobs!
Whether you like it or not, jobs is the skeleton—the backbone—of every economy. But unfortunately, only part-time jobs are being created. It is not that there are no full-time jobs, the problem is that to get a full-time job, you will have to meet requirements such as being a college graduate and with the economy now, going to college is not exactly the easiest.
This might not be your first choice but relocation might be key to getting job security. I know how it feels to start all over in a new place far from family and friends but in the long run, it is very much worth it.
The second solution is this: if you have an idea—an invention—a talent, this is time to bring it out unabaded.
2. Home ownership
It can be stated quite directly that it is the desire of every single human to own a home. It is part of our make-up as far as I am concerned. But the truth is, a lot of us might not be able to fulfill this basic instinct. But that doesn’t mean that you shouldn’t keep on keeping on!
The real estate market is going through some “self reshuffling”.
Sales are going down, prices are fluctuating and if you really do want to own a home, you will have to move out of the big cities such as Vancouver and Toronto to neighboring cities and suburbs. Another thing you can do is to buy a property with a friend or relative. That way, the both of you split the prices down the middle and pay half each!
If you are lucky to have not been affected by the two aforementioned issues, then congratulations! But don’t use this as an excuse to be financial irresponsible; started saving for your dotage! And even if you are living from paycheck to paycheck, save even if it is just 7% of your paycheck monthly. You won’t regret it. Invest in stocks as well. Nothing too crazy; an Apple here and Apple stock there.