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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Trump's Impact on Canadian Finances
- Incoming US President Donald Trump's policies, particularly tariffs, pose a significant uncertainty for Canadian personal finance.
- These tariffs could trigger a recession in Canada, impacting employment, wages, housing, and stock markets.
Prioritize Financial Stability
- Prioritize financial stability in 2025 by building a financial safety net.
- Focus on saving and having resources to cushion against potential economic turbulence.
Long-Term Investing
- Maintain a long-term investment strategy and avoid making drastic changes based on short-term market fluctuations.
- Diversify your investments with bonds and a mix of Canadian, US, and global stocks.