Securing Your Financial Future

Podcast:

#379: Securing Your Financial Future

In this video:

00:31 – Coronavirus re-emerges again

01:28 – Government job payment ends soon

02:35 – Where does this leave you and your future?

03:43 – It’s time to consider the Forex market

05:22 – Few other businesses are as good as the Forex market

06:05 – Learn how to trade first

07:06 – How to find out more

So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? Let's talk about that and more right now.

Hey, traders. It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 379.

Coronavirus re-emerges again

Glorious day. So I thought I'd come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I'm guessing next week, the whole country potentially could be locked down.

So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there's a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there's no demand for them.

Government job payment ends soon

Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money.

Here in New Zealand, the official cash rate stayed at 0.25%, and they're talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that's just never been even heard of before, and

Where does this leave you and your future?

So where does this leave you as someone either with a job, or someone that's looking to retire soon, or even someone young that's looking at getting into a job? Where does this leave you?

It's not particularly good, and although I hear... Here in New Zealand, certainly, there are lots of people spending money. There's people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can't, but that's really good to keep the economy propped up. But none of these things are actually to do with investing. They're all buying shiny objects, and that's the problem I have with our government here.

They just keep spending money and spending money, but not once have they actually thought about how they're going to create money, and invest, and... Yeah, so that. That spend money mentality cannot just keep going on forever. We have to get to a stage where people start to save, people start to invest, and actually try to create money.

It’s time to consider the Forex market