Assuming you have decided to be prudent in this market, what exactly do you do to be prudent?
For one, you probably decided to be careful with spending. This may not be a time to buy a new cottage, take a long vacation abroad, and buy expensive jewelry.
Secondly, being wise with your investments is a safe strategy. No risky stocks or investments in uncertain emerging markets. If you already have a condo, you may consider carefully before investing in a second one to rent.
All the over the news, the words ‘economy’ and ‘fragile’ seem to go together. Any unexpected event can send the markets into a tailspin.
However, these are also times of renewal. These are the times when innovation is greater, when future titans of the economy are formed. GE, Disney, HP and Microsoft are only a few of the companies that started during a major recession.
Having cash on hand will put you in a position to be able to grab bargains in the real estate and the stock market, when the time comes. Or even buy a business.
72% of predictions are wrong. Therefore let’s admit that at this point it is impossible to predict what will happen with the Canadian economy and real estate market.
However, prudence is the way to go, as well as staying liquid and keeping our eyes open for opportunity.
Posted: 2010-02-22 11:34:30
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