The R-word has been thrown around a lot, with some experts predicting that Canada could enter a recession in early 2023. Andrew Chang answers the questions you might have, like what a recession actually is and why it can be terrible to live through. He also talks to financial counsellor Jessica Moorhouse for tips on how to stay afloat through a financial storm.
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BREAKING: Recession News
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As the world grapples with the COVID-19 pandemic, many countries are facing the possibility of a recession. A recession is defined as a significant decline in economic activity, which lasts for a sustained period of time. A recession is characterized by a decrease in gross domestic product (GDP), a rise in unemployment rates, a decrease in consumer spending, and a decline in business activity. In such times, it is important to understand what it means to be in a recession and how to navigate the situation.
The first thing to understand is that a recession affects the economy as a whole, which means that the impact is not confined to a certain sector or section of the population. A recession affects everyone from the rich to the poor, and it can have a profound impact on people’s lives. During a recession, businesses are more likely to lay off workers, which can lead to a rise in unemployment rates and a decrease in consumer spending. This in turn can lead to a decrease in business activity, as companies struggle to stay afloat.
Another thing to know about being in a recession is that it can be a stressful and challenging time. People may find themselves struggling to make ends meet, as their income may be reduced or they may lose their job. It can also be difficult to find new job opportunities during a recession, as businesses are less likely to expand or hire new employees. This can lead to a feeling of uncertainty and anxiety, as people worry about their financial future.
One of the key things to remember during a recession is to be financially prepared. This means having a savings account, reducing unnecessary spending, and living within your means. It is also important to have a solid understanding of your financial situation, including your income, expenses, and debt. This will allow you to make informed decisions about how to manage your finances during a recession.
Another important aspect of being in a recession is to stay informed about economic trends and developments. This means paying attention to the news and staying up-to-date on government policies and programs that may affect your financial situation. It is also important to network and stay in touch with colleagues and industry professionals, as they may be able to provide valuable information and opportunities during a difficult job market.
In conclusion, being in a recession can be a challenging and stressful time. However, by being financially prepared, staying informed, and networking with others, it is possible to navigate this difficult economic environment and emerge on the other side with your financial health intact.
Cbc is the last source to trust…
my first job in 80 is minimun wage $8 for hours
i pass two reseccion, plus tha one is not isy
Sorry. The only way out of a recession is by controlling late capitalism.
In my opinion, the remedy to weather this recession and high inflation is short-term trading, as opposed to long-term, most folks using these techniques are netting a ton of gains, sure the risks are higher but yet again isn't the current market equally as risky?
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Hilson Ferguson. I now make huge profits by weekly through her services while still learning to stand on my own.
Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
What if rent is 65% of your income?
So true
!
Really – CBC, Exactly – all you mouth-pieces make 2X, or 3x , or 10x+ of the average Canadian household, and they have a perspective of real Canadians.
I don't follow this drivel, however, I do check in to see what the narrative is…..Folks go to independents, as you are being pablum fed gov narrative.
When I look at my bank account I see a recession, but when I look at malls and restaurants jam packed with people I think “what recession?!”
At the end, Andrew, the value, is actually, the opportunity cost (the loss of potential gain from other alternatives when one alternative is chosen), the use of money to buy coffee v. investing that money at 6%.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Make more money. You make more money, you spend more money. And it's not your fault.
The more money in circulation, the higher the inflation rate.
The more people are willing to work, the more wages stagnate.
Any economy will always balance out with few rich, many poor and 1/4 with just enough to be comfortable.
With everyone fighting for more more more, that state will never change.
Taxes are way too high in. Canada . Taxes should come down to help people
Too many taxes and deductions on every paystubs, many are mandatory, u can't fight it.
The system here is designed to ensure you can't save much, and human nature is complacent too, makes us lazy and put off things. Although, austerity measures at home can be done.
Downgrade your cell/internet plans, go to basics, drive out less and do not waste on junk food or pizzas or burgers. Cook and eat at home and don't waste food.
Also, DECREASE your food intake, get healthy, you can make MORE green tea with few leaves rather than coffee/tea.
Cut your own hair with a hair trimmer unit. Degrade your cell plans to basic, unhook yourself from data plans.
Use the library to get books free to read and then return em
Maybe try to get a job on your OFF days, and make some extrra cash.
Drive less and stay off the roads unless absolutely necessary…..
USE DEBIT and payoff your creditcards each month, stop paying interest!!
Only spend LESS than what you MAKE. Do not spend or buy stuff just bcaz you have a credit card!
It depends what career you are in for example the public sector or the private sector. The private sector have a tendency to loose jobs than the public sector because it under the government.
Heard someone say the best season for a financial breakthrough is now, especially with inflation running at a four-decade high. I have approximately $750k stagnant in my portfolio that needs growth. What is the best way to take advantage of this downturn?
Nicely done
Fantastic Breakdown! I loved your breakdown. Thank you! My lil nieces and nephew both now understand GDP.
The WEF must be dismantled and eliminated.They're committing crimes against humanity.
Nobody has 1500 bucks sitting around to just invest, unless they are already well off and dont need to worry about that anyway. Its such a joke hearing people talk about "Just invest this tiny amount and boom", if they could, they would already be rich and be worried about money.
Is he taking people for imbeciles? Who does not know what a quarter is and what a recession is?