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Even before the pandemic hit, it seems that many Canadians were already living paycheck to paycheck. In a survey by Refresh Financial, nearly half of respondents said they had no savings for an emergency, while 53 percent counted down the days until payday came again. Now add a pandemic to the mix, and you can imagine the toll it takes on a person’s financial situation. With more insightful planning, some insightful financial tools and tactics, plus step-by-step guidance through investment strategies and potential income-generating ideas, you may find yourself better equipped to deal with whatever the economy throws at you.
The economic effects of COVID-19
Not surprisingly, unemployment figures have risen across the country. With lockdowns and closures, hours were reduced and jobs were lost. While there have been some improvements in recent months, the most recent rate still stands at about 7.5 percent. Around 27.5 million Canadians are receiving employment benefits from COVID-19. To begin with, the hardest hit were those already earning the lowest wages.
How you can prepare financially for any market condition
You’ve no doubt heard of those simple little things you can do to help you save money. Bring your lunch to work. Don’t buy coffee from a barista. Get less expensive plans for some of your regular expenses, like insurance, cell phone, and internet. Make and stick to a budget. These are all great tips, but for your long-term financial goals, you’ll need to think big.
You will need to explore the ways and means to generate more income and then how to invest that income to pay higher returns. You may want to consider a broader range of income streams, such as real estate, self-employment, and the stock market. You’ll want to think about retirement and how to prepare financially for that eventuality.
learn the ins and outs
This all starts with financial empowerment: learning how to build and manage your credit, handle debit, and how to save and start investing. This 9-course guide to protecting your finances from a recession will walk you through that and much of what was discussed above. The Investing and Financial Analyst Training course will give you a solid understanding of the financial industry, whether you want to take your career in that direction or simply have the experience to manage your own finances.
For just $39.00, this priceless package offers lifetime access to 495 lessons—that’s 98 percent off the regular retail price—a small investment for potential financial security.
Prices subject to change.
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