Financial crisis: How to deal

[Source - CanadianBusiness.com - Calvin Leung]

This is a great article from Mr. Leung which discusses and compares our current economic situation with historical economic situations and the ways they were handled in different countries. There is also some advice on what to do in these times including the following:

"Diane McCurdy, a Vancouver-based financial adviser and author of How Much is Enough, shares the sentiment that timing the markets is hard. She has recommended to her clients to stick to their investment plan, which includes maximizing an RRSP and putting the refund toward a mortgage. McCurdy also says dollar-cost-average investing can help you buy cheap now."

and

"Investors too scared to put money in the market might want to consider real estate. “The bad financial news on the TV is forcing people to hunker down and not buy homes, and you can get some pretty darn good deals,” says Don Campbell, author of Real Estate Investing in Canada. Resale house prices in 25 major markets fell an average of 6.2% in September. Campbell, however, cautions against trying to flip a property. Instead, he says, find a rental property whose monthly cash flow covers all expenses including mortgage payments, and look in cities whose population is growing and jobs increasing.Areas that he says look particularly attractive include Kitchener-Waterloo, Cambridge, Barrie and Orillia, in Ontario."


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