The Decibel
What 2025 holds for your personal finances
Jan 15, 2025
Rob Carrick, a personal finance columnist for The Globe and Mail, shares his insights on navigating the uncertain waters of 2025's economy. He discusses the potential effects of U.S. tariffs on Canada, impacting everything from employment to housing. Carrick emphasizes the importance of building savings and investing wisely amidst market volatility. He also dives into the job market dynamics, suggesting practical strategies for budgeting and preparing for significant life changes as mortgage rates and rental markets undergo shifts.
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Quick takeaways
- Donald Trump's proposed tariffs may introduce significant economic uncertainty in Canada, impacting employment and the housing market.
- Establishing a savings cushion is vital for financial stability amidst economic fluctuations, with an emphasis on attainable savings goals.
Deep dives
Impact of U.S. Economic Policies on Canada
The potential economic policies influenced by Donald Trump are expected to significantly impact Canadian personal finance. Trump's proposals for tariffs on Canadian imports could generate uncertainty that may lead to a recession in Canada, affecting employment, wages, and the housing market. This uncertainty creates a risk for investors and savers as fluctuating economic conditions could lead to lower stock prices, increased unemployment, and shifts in interest rates. Even though Canada's economy operates separately from the U.S., the interconnectedness means that U.S. economic decisions can have a bleed-over effect, potentially resulting in higher inflation and interest rates in Canada.
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