Weakening Dollar hurts Probloggers
Connie asks “Is it time to dump those dollars?”. Obviously, the weakening dollar has affected professional bloggers across the globe as well.
When I opened up my first dollar savings account about 3 years ago, I bought a sizable amount of the green bucks at Php56.40. Today, the peso-dollar exchange rate stands at Php43.27. That’s a net loss of Php13.13 for every dollar that I have in the bank. That loss closely amounts to a brand new car or a down payment for a house and lot. And I thought going with a dollar savings was the best fiscal move I made in years.
Other int’l probloggers like Darren Rowse and John Chow were also affected since the Australian and Canadian dollars were much stronger against the US green bucks. I reckon this is also true with the rest around the globe.
As expected friends and relatives remitting dollars from the US are also having the same sentiments over the weak dollar. And it will continue to roll down as December approaches.
So the question stands, is it time to dump the dollar? or should we wait it out until after the 2008 US Presidential Elections? Your guess is as good as mine.
My fiscal strategy – stick it out with the dollar. Make do with whatever peso-denominated earnings and pay int’l bills in dollars.