The Commerce Times

Succeeding in a recession

Canada and the globe are experiencing a recession, which has made life a bit harder. The recession has caused GDP to fall almost 5.5 per cent in two years, unemployment sits at 8.7 per cent, and Canadian exports are still well short of the pre-recession numbers. So to say Canada is in a bit of trouble would a bit of an understatement.

Despite these hard times, there’s still room for optimism. Recessions abound with opportunity, and while some have already passed, others are still available. Make sure to take advantage before this recession is gone, which may unfortunately be very soon.

Trends you may have missed:

Penny Stocks

Penny stocks are stocks that trade below $5 a share, but come with enormous risk. During recessions, penny stocks tend to rise while others fall. In 2009, penny stocks are up 10 per cent. Investors can make enormous gains from these stocks within days or even hours. However, because the stocks trade so low, investors run the risk of losing all their money invested. And due to increasing market conditions, the importance of penny stocks is diminishing.

Canadian Real Estate

Real estate has great money making potential. Over the last year, properties were bought at extremely low prices and resold or rented. Alas, the time for buying and investing in Canada at low prices is over. The National Post reported sale prices are up in most major urban centres in Canada compared to just one year ago. The Canadian Real Estate Association reported sales prices in Toronto have risen 27 per cent, and a remarkable 117 per cent in Vancouver.

Trends to still take advantage of:

Coupons

For anybody who loves deals, the last couple of months have been great. Every day more deals and coupons are released online and sales shows no sign of slowing down. Some excellent penny-pinching resources are redflagdeals.com, save.ca, and gocoupons.ca. These Canadian sites help thousands of people save money in areas from groceries to technology.

Financial Resources

While times are tough it’s important to organize your finances and research ways to prevent losing your money. During this recession approximately 2,500 books have been published about the financial crisis. Also, in response to the economic downturn, the “big five banks” have stepped up their financial planning services. Now more than ever, banks have the resources available to help customers manage their wealth. Learn more about the services the big five offer at canadabanks.net.

Change your career

So you’ve lost your job. This is exactly the opportunity you’ve been looking for to start your own business. Consider that more than half of the companies on the Dow Jones stock exchange – including Microsoft, Hewlett-Packard and Disney – all got started during recessions. There are many people and companies waiting to invest in the next big idea. So get out there, start the business you have always wanted, and make money being your own boss.

It’s not too late to go out and make the best of the recession, and during the next downturn, take advantage of budding trends. Finally, if none of this is appealing, remember that people smoke less, drink less alcohol, pollute less, eat healthier, and spend more time with families during a recession.