Five key personal finance lessons we should be learning from this crisis

After a significant stock market decline, the odds of stocks rising generally increase. 2020 has been no exception. The TSX was up 17 per cent in the second quarter ending June 30 and is currently up over 40 per cent from the March lows and close to breakeven for the year.

Tiff Macklem, governor of the Bank of Canada, speaks during a news conference in Ottawa, on Wednesday, July 15, 2020.The Bank has decreased the prime rate by 1.5 per cent so far in response to COVID-19 and as a result, borrowing costs for mortgages have followed suit, with five-year fixed and variable mortgage rates both plunging below two per cent. Borrowers who took out mortgages in 2018 in particular may find themselves in an interesting position.

Anyone who did not have an emergency fund before would be wise to try to build one going forward. An emergency fund can be a savings account, but other options include a Tax Free Savings Account or home equity line of credit. One problem with using a TFSA as an emergency fund is if the investments are aggressive and exposed to stocks, there is a risk that when the funds are needed, stocks could be down.Consumer spending declined significantly in the initial weeks following lockdown.

Anyone with financial dependents should also have life insurance. Life insurance pays out a lump sum benefit to replace someone’s future income for their family.Basic group insurance plans may not provide sufficient coverage for an employee. Optional or third-party coverage may be necessary to be adequately insured.

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Stop preaching and open the economy. Poverty kills. The only thing people should have learned from this madness is that government is abusive and corrupt and media cannot be trusted.

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