So over the holidays, the subject of the dreaded family vacation came up. I, being one of the few family members with a toddler, have decided to find my own lodging near the “big house” that is expected to hold as much as 20 people. It’s a matter of peace and sanity, and keeping the 2-year-old on his sleeping schedule, which of course ties back in to peace and sanity.

Planning a vacation may be considered one of life’s more befuddling tasks, at least for people like me who don’t deal well with minutiae and things like numbers. Below are some tips on things to consider when researching vacation property:

Proximity to beach, mountains, etc. Will you have a car? If not, your lodging arrangements ideally need to be within walking distance of the main attractions, unless there are ample public transportation options available.

Are pets and smoking allowed? This will be important in more ways than one. Even if you are a non-smoker or travelling without pets in tow, a place that allows these things may smell bad, for starters. Also, the presence of pets tends to have an effect on the quality of furniture and flooring.

Time of year. Alas, my family vacation will be in the peak of summer. With your vacation, however, you might opt for August 1 or later, or perhaps some time in May. The rates are much more affordable in off-peak seasons.

House or condo? There are many more options available nowadays in the area of vacation rentals. Research the benefits of each. Condos may be more affordable, but may not offer ground level entry. In that case, are elevators available? Never underestimate the value of personal interaction in finding and negotiating good vacation deals.

Timeshares are a hotly debated piece of the vacation real estate world. My parents actually own two which will be passed down to my sister and I eventually. They’ve never had any problems, but they have bought into Marriott resorts in Orlando and Hilton Head. These two can be traded in exchange for points toward a stay at any international property owned by Marriott or a partnering company. It’s been a lovely experience that allowed them to begin taking lovely vacations.

So why have timeshares gotten such a bad reputation? Well, here are a few of the pitfalls to watch for:

Low resale value: These properties are a lifelong investment, because resale will result in a financial loss of up to 3/4 of the property’s initial value.

Unpredictable future: The vacation industry has a changing nature. If your company sells the resort you bought into, it could result in higher maintenance fees or a change in the level of customer service, etc.

Disreputable companies: Timeshares can be a good deal, with careful research. Owners should not be subjected to things like blackout dates - that’s a red flag. You want to deal with a reputable company with plenty of properties worldwide. Everything should be in writing and try not to get locked into visiting only one place. Try to find a flexible exchange system so you can experience different vacations by trading in your standard week in the mountains or by the sea, etc.

Aggressive sales tactics: We’ve all heard of that person who took the “free vacation” and listened to the sales spiel with no intent to buy, yet somehow returned home with a new addition to their “investment portfolio.” First of all, timeshares are not an investment. They are good for people who like to vacation a lot, but they are not going to reap a profit down the road. That is, unless they are inherited and then sold. Secondly, timeshares can be purchased for pennies on the dollar from people who are desperate to escape their contract.

Before acquiring a secondhand timeshare agreement, inquire as to why the seller wants to sell. It may be that they simply don’t travel enough to make the timeshare expenses worthwhile, or it might be that their company is not ideal. Never fail to research the company, no matter the purchase method. And research timeshares in general to make your buying and ownership experience pleasant.

This has definitely been one of the most wild rollercoaster-like years for our economy in a while. Many changes have taken place in the markets, monetary policy and consumer spending. The ride is not over, as the outlook for next year looks to be even more difficult than 2007 has been.

The price of oil started out this year at $60 per barrel. It hit a record high of $97 per barrel after a few months, and it is still climbing.

The infamous housing crisis was the hardest hitting problem this year. In the eyes of lenders, home values were expected to rise. The assumption was probably that sub-prime borrowers could simply refinance with a higher home value in order to continue payments. When home values declined, new homes sales stagnated, and foreclosures escalated through the roof, banks everywhere suffered losses. It wasn’t long before the stock market showed the effects of economic slow down.

The U.S. Dollar hit record lows against the Euro, with the Euro near $1.49. The Canadian currency actually caught up with and passed the dollar for the first time in about 30 years.

The Federal Reserve has made several moves to keep the credit crunch from driving the economy down too far. Billions of funds were injected into the system, and the Fed isn’t done. TAF auctions are scheduled for January for banks with liquidity problems. There have already been two $20,000 billion TAF loans to banks.

The interest rates were lowered again and again for the second half of the year, making the rate 4 1/4 percent. The dollar value suffered and inflation continues even now to be a concern of the FOMC.

What will happen next year?

The average American expects recession, continued lowering of housing prices, record high gasoline prices, higher grocery bills, and recession.

The Fed hopes that its recent actions will forestall recession, but continued economic slowdown, at the very least is expected. Economists expect rate cuts to reduce the interest rates even further. There may be some growth, but it won’t be much.

If oil barrels reach $120, we will probably start to see $4 per gallon at the station.

Employment may balance out. The unemployment rate has held steady this year, and there might be a modest increase in the overall unemployment rate. Jobs related to the housing industry, like realtors, construction workers, lenders and furniture retailers will all experience some cuts as the housing crisis continues. On the other hand, there is a demand for bankruptcy lawyers, teachers, and executives. Retail jobs in apparel, food, and pharmacy should become more available in the coming year. Many jobs will be overseas, as the global economy seems to be doing well. Exporting is a promising business in the coming year.

Overall, inflation will remain a concern, and the Federal Reserve will continue to make the necessary moves to soften the effects of the housing crisis. Moves to improve liquidity, lending practices, and encourage long term economic growth will be made throughout 2008. Will there be a recession? Possibly. The best thing to do is hold off on big purchases, get out of debt as soon as possible, and save as much money as you can.

Strap yourself in and remain seated, the ride is not over yet.