International Credit Crunch

Last week, ANZ bank put out a notice for staff wishing to take voluntary redundancy, and now I hear that at least one recruitment company is also making cut backs in regards to staffing numbers with more to follow I should expect. As previously noted in a posted blog not too long ago, that each day almost you read about more property developments going under in the NZ heralds property or business sections. I was milling this over whilst walking to work this morning thinking on the other factors of employment statistics where builders, construction workers and other trades would suffer reduced work/income due to these property developers crashing and burning. The way I see it is that the effects are only subtle at this stage but remain constant and believe bigger affects could be on the horizon so as a worsecase scenario if we can protect ourselves against that we should be sitting well.

The seriousness of the global economy is now at high risk, especially for those in and around realty, banking and car sales. Car sales has taken a huge hit dropping by 30% in annual returns and less and less prestige cars are going on the roads than ever with the avereage NZdr opting to down size their cars and in some instances go for older & smaller cars than what they already own.

If we recall the affects of the Great Depression, there was always money floating around, it just simply went into fewer pockets and we are starting to see similar affects now. This may only be the beginning but economists always knew that it would happen again it was just a matter of when. So its important to align ourselves in put in place strategies that will protect yourselves and family. We all want a better future so its time to review a structured plan and get moving today.