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Top Ten Decisions for Your Personal Finances in 2011

Well here we are in 2011 already. December and the Christmas season whizzed by, but along came the credit card debt for all the gift buying done.

When it comes to your finances let’s start 2011 on a positive note–let’s approach our personal finances with a different take on the list of New Year’s resolutions.

Here are the top 10 factors
that will enable you and your family to be financially successful. These tips are invaluable because they come from experience working with real clients like you and I. Real people and families have increase dtheir net worth making great progress towards a future of financial independence because they’ve taken control of their money.

Top 10 Personal Financial Recommendations for 2011

And there you have it, the top ten financial decisions that will actually help you in 2008 (and any other year for that matter).

About the Canadian Dollar

A little word on our loonie. 2010 was the year for the Loonie that saw it break the parity barrier numerous occasions and sit above the USD for weeks on end. Beyond the headlines of shoppers headed south for bargains there were other implications of our beefed up currency.

First of all the loonie is one of the strongest appreciating currencies against the US dollar. Investors who have foreign holdings have seen the returns on those investments adversely affected in the short term.

Since the price of oil is denominated in US dollars those provincial governments that have resource based economies are negatively affected. Manufacturing is also affected.

Many factors contribute to a strong currency. One important factor is how many institutional investors find that currency attractive. Right now fewer investors are wanting to buy the US dollar which is why it has decreased in value. Countries with strong GDP and low inflation will tend to have stronger currencies.

Over the long term fluctuations in currencies tend to even out. It is unproductive to make changes in your portfolio because of short term movements in the financial market.

Long story short, 2011 will continue to be the year of recovery for the US and Canada. USA will see their housing market crawl back, but growth will be stalled until mid-2012. Canada on the other hand continues to mount higher consumer debt, but they may find themselves in a better position economically than their Southern neighbors since they were never as hard hit during the 2008 plunge.

Regardless of the economy on the outside, there are some basic financial things you can do to ensure they you’re protected, or at least shielded from the nonsense that goes on around us. Save your money, be smart, and good luck in 2011!

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