Canadian Dollar Nears Parity And I Lose
making money September 14th, 2007I was checking my earnings from the various networks and noticed that the numbers are climbing again as the summer slowdown is now over. The advertisers are all back fighting for the top spots on my sites resulting in more money in my pocket. Thats great news right? NOPE!
With the Canadian dollar at a 30 year high at more than 97 American pennies and climbing, the amount that ultimately goes into my pocket keeps dropping. As a Canadian that gets paid in US Dollars, the strong Canadian dollar coupled with the weak US dollar is taking a big cut out of my earnings. The bad news is, the Canadian and US dollar are expected to hit parity and stay there for up to a year. I hope the experts are wrong on this one ;)
Reducing The Impact
With the US dollar dropping, there are a few ways I can offset the fact that my take home is dropping. The most obvious way is to earn more money to make up for the lost income. I wrote about how I am going to become an affiliate marketer to help boost my online earnings. Affiliate income is quite lucrative and I hope to be able to capitalize on it.
Another, albeit riskier way to reduce the impact of the US dollar is to trade foreign exchange, or forex. With as little as $50, one can start trading currency on easy-forex.com to make back some money that is lost. It is widely accepted that the Canadian and US dollar will reach parity. With this in mind, I can have the slumping US dollar work in my favor and make back some extra cash.
I have never dabbled in forex trading, but now looks like a great time to jump into it. If you’re a reader of Johnchow.com you’ll notice he just announced the winner of the second copy of a book on trading forex. As with his previous book contests he has a bunch of copies so look for the next contest where he gives away another copy.
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September 17th, 2007 at 1:03 pm
It’s great for when we go shopping in the States though.
September 17th, 2007 at 7:30 pm
That is true, I’m looking to pick up some more L glass from down south. Too tempting.
September 18th, 2007 at 6:46 pm
AM is great, but it’s hard to break into! At least for me it is.
September 26th, 2007 at 10:01 am
[...] my online income has taken a huge hit all year, it is offset by the fact that internet marketing is also cheaper now since most if not [...]