Managing your investments in tough economic times
09.10.2008 22:00
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- Source: cbc.ca
The barrage of bad economic news in recent weeks has been enough to induce panic in even the most rational investor. But experts caution that in turbulent times it's more important than ever to give sober second thought to decisions that could have drastic effects on your long-term financial outlook whether you're thinking of liquidating investments, buying or selling a home, or deciding whether it's worth contributing to a registered education savings plan. So here's something you can have for free some basic financial advice for weathering the financial market's angry seas. CBC News received many questions from readers, and asked investment expert John De Goey of Burgeonvest Securities for his opinions. Here's what he says: Question: - What is your opinion on investing a large sum right now given the volatility at the moment? Would segregated funds be appropriate for the situation? (Daniel, Little Brook, N.S.)
Answer (Runs 0:29) Question: - Is now a good time to begin an investment portfolio or should we wait? (Jay Couvillon, Port Moody, B.C.)
Answer (Runs 0:30) Question: - What are the current risks for GICs issued by foreign banks and held by one of the larger Canadian investment houses in a portfolio? (Barbara Sharp)
Answer (Runs 0:19) Question: - I have a lower than prime mortgage. Should I lock in now, or wait until after Oct. 21 to see what happens to the rates? (Sandra Nissen)
Answer (Runs 0:22) Question: - Concerned about my kids' education funds. Everyone is talking about RRSP with this economic downturn. How does the current market affect RESPs and the future of many families to send their children to college and university? (Concerned Dad, Alex Waters)
Answer (Runs 0:35) Question: - Following the stock market fall in 1987, residential real estate investment became quite vibrant. Will this happen at this time? (Patricia Riddell)
Answer (Runs 0:42) Question: - The British economist's question may have been facetious, but I am actually faced with the decision of pay[ing] a few thousand dollars to repair my 13-year-old car, or buy a replacement soon, not necessarily new. So, what is your financial adviser's opinion? (Steve)
Answer(Runs 0:43) Questions: - Is it a good time to invest in real estate now? (Minodora Maraciuc, Montreal)
- We are retired and have GICs, but did have about $40,000 in RRIFs (registered retirement income funds). Should we leave that money there or move it? (Sylvia Quinn)
Answer (Runs 2:26) Questions: - Should I cash in some GICs and pay off my small mortgage of $55,000 or leave my GICs as they are? (Marilyn Sheldon, Kingston, Ont.)
- What will happen to our superannuation if this crisis continues? (Jan McLeod)
Answer (Runs 3:19) Questions: - How safe are the deposits (guaranteed investment certificates) held by the Canadian banks? (Majeed Nawab, Ottawa)
- How should we invest any extra money we have this year? (Erin Welsh)
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