Bay Street, the financial hub of Toronto.

“Worldwide economic chaos to force Ontario into a $500 Million deficit” says Finance Minister Dwight Duncan

This is the best news I’ve heard in a long time - Did my comment shock you? Read on the Bad news and I will explain as to why I think this would be the best time to make your dream a reality!

The so called Bad News

Ontario Finance Minister Dwight Duncan says that the last year’s $600 Million surplus will turn to a $500 Million deficit as a result of a slump in the world markets and a number of factors are blamed for this:

- The province will take a hit of almost $900 Million in Corporate Taxes due to worldwide economic downturn.
- Declining House Prices to cost the province almost $200 Million in Land Transfer Tax Revenue
- $65 Million less in Gas Taxes due to slumping gas sales

More Bad News

Cuts of more than a 100 Million in spending for the next fiscal year and Minister Warns Schools, Hospitals to expect less funding.

*240,000 jobs lost in Manufacturing & Forestry alone.
*9000 Nurses, Delay in Hiring.

With all the bad news mentioned above you may need to worry if your pay cheque is handled by Ontario’s Finance Minister Dwight Duncan and if you were a part of an additional employee in his office as he is suppose to set an example and curb spending. If not you having nothing to worry but have a sound plan for the next two years to make the best of it!

Understanding the Fear Created

Media has away of blowing things out of proportion and getting people to buy their products. This has continued for centuries. If we need to be clear about one thing you should be prepared for the fact that media would bombard you with negative economic news for the next two years. Ever heard of a saying; “News is bad news and no news is good news” well you heard it now! Bad news is what allows TV companies to have some of their best ratings. With glooming economic news, everybody is so concern about their future. However, your boss at office doesn’t operate with what happens in the news room. Yes! Your boss will try to make sense of it all but will not close shop and decide to stay at home and return back to business when the markets pick up. Why? He or she has a family to feed as well and may have a multitude of commitments just like you; Any business makes a fortune on the long term and a matured company is pruned to weather a storm and make good business practices to stay a float or even take advantage of a slumping market.

How the rich play in a Bad market

The world’s richest investors are said to be on holiday when the markets have peaked up and their golf games are coming to an end as they embrace the news that scares the average person.

The downturn in the U.S. economy brought the world’s second richest man Warren Buffet into the negogiating table as he bought an ailing bank for; A lot of the rich will look into deals as bad economic news tend to scare the average person and signal a good market or a golf course to take a swing at for the rich and prudent.

What to keep in mind to make the best of it all

Planning! Planning! Planning! What matters is not what your neighbor thinks of you, but what you have managed to achieve over the years. There is no need to blow the trumpet and let the world know what you have achieved and as a matter of fact you may ring the bells on a number of jealous people out there to come and slash you into pieces. But don’t worry. A jealous person can’t stop your path to success.

Be careful in sharing your dreams with people who you can not trust. Keep it within your family and have a steady sound plan for the next two years to make the best out of this market; This market is going to provide you with the best opportunity to make your dream a reality and do not miss out on it.

The Job loss that has hit Ontario is going to scare a number of immigrants and they will either stay in their home country or chose other countries to build their future. However, it will be short lived.

In a downward market most people in the workforce fear that good paying jobs are hard to come by and simply stops trying in seeking jobs in this area and gets into the habit of choosing average( small to mid range )jobs to send their resumes to. The problem is that a multitude of people would be seeking employment in the small to mid range job market and it boils down to the basics of economics. High Supply less demand. In simpler terms; more and more people are seeking in a place where there is only a limited number of Jobs available.

The Fear factor

Fear is a factor that does not allow people to seek jobs in the High Range Market. Let me ask you a question; When the economy turns bad does it mean that the whole of North America stops hiring Executives to their firms such as VP’s AVP’s etc? Does it mean that these companies will operate without their executive arm till the economy is back on track? Well you answered right! Congratulations!

The answer is simple; Companies will still hire people to run their executive arm more efficiently than ever before. They may fire a lot of people who did not manage to take the company in the right direction to soften the bump if the company was to lose money on any of its investments.

The other factor is that if your target is to be a VP but they have AVP position available you may want to consider taking up the offer if the company is a sound company and has being in business for a reasonable time. Your VP position could very well put you on the VP seat if you perform well in a downward market. Thus, consider this a stepping stone.

The VP , AVP positions were used only to explain matters and the principal applies to any one at any level depending on the job you are seeking whether it is in management, manufacturing, service industry or otherwise.

Warning! To New Immigrants

The biggest problem I’ve seen over the years with immigrants is that when they come into the country they are all fired up to do extremely well but unfortunately they let their relatives and friends guide their course which limits their capabilities in a significant manner.

Let me quote an example: You may be living with a relative or a friend to whom you may be paying rent and probably doing all their work including laundry while you try to make it in Canada.

Well! Did you know that your rent payment for a basement or a room in their house is helping your relative /friend lower their bills such as their mortgage/Rent payment while you put your family in a very uncomfortable setting and continue to downgrade your-self.

Further more they may convince you that you’re paying a lower rent of may be $600 compared to an apartment you may be able to get for an addition of $300.

Once again it is fear that stops you from making decisions that would put you in the path to success. Don’t be scared to make plans to move out from your basement as your family’s happiness will soon outlive the few hundred dollars that you are saving. It will help you to focus on making your life a success.

Further more don’t get stuck in a factory job that your uncle works in. you would have started this job as a temporary measure and would have continued for years giving up on your goals and dreams, merely making it in life.

Remember, that you came to Canada not to be stuck paying bills but to be successful and to provide for your family with all the comforts. You are talented and you know that you can do much better. It is time that you map out your road to success and Can Indo Lanka wishes you well!

Write to us:
Romesh Angunawela : "romesh@canindolanka.com" and let us know whether this article has helped you look at life differently and made you eager to face tomorrow with absolute confidence.