A lot of people have been asking me this question. I am not smarter than many people but I am the most practical.
I am a boring person. When times are good and people are partying they don't look for me but when times are bad they need some guidance and they think since I am practical and therefore I can help a bit.
Here is quick advice:
Known - for certain, property and stock market will continue to slide
Known - recession is here and very long one
Unknown - inflationary spiral because of dollar dumping?
So if you have property, let go. If you bought in 2005 or before, got chance still can have some money. If 2006 and 2007 and still have money, please quickly sell. If no money, still cut loss and better than suffer more pain later.
Don't wait, read today's BT on property. And the DBS report is scary. Also interest rates on the sharp rise. There will be a lot of pressure the next one year on prices.
Keep cash. No stock market investment as bargains are illusion. This market has more downside.
If you havent already done so, cut all unnecessary spending. That means $3 chicken rice and not $6 western food even at food court.
Drink tap water, no need mineral water save $3.60 everyday - four bottles of 90 cents
Downgrade phone, PC and cable TV plans
No taxis, no $10 movie tickets, no call chicken
Instead walk - good for health/ watch free DVD in library/ use your hands
Position yourself in office. Make sure when retrenchment comes, at least you have good chance of avoiding.
I am a boring person. When times are good and people are partying they don't look for me but when times are bad they need some guidance and they think since I am practical and therefore I can help a bit.
Here is quick advice:
Known - for certain, property and stock market will continue to slide
Known - recession is here and very long one
Unknown - inflationary spiral because of dollar dumping?
So if you have property, let go. If you bought in 2005 or before, got chance still can have some money. If 2006 and 2007 and still have money, please quickly sell. If no money, still cut loss and better than suffer more pain later.
Don't wait, read today's BT on property. And the DBS report is scary. Also interest rates on the sharp rise. There will be a lot of pressure the next one year on prices.
Keep cash. No stock market investment as bargains are illusion. This market has more downside.
If you havent already done so, cut all unnecessary spending. That means $3 chicken rice and not $6 western food even at food court.
Drink tap water, no need mineral water save $3.60 everyday - four bottles of 90 cents
Downgrade phone, PC and cable TV plans
No taxis, no $10 movie tickets, no call chicken
Instead walk - good for health/ watch free DVD in library/ use your hands
Position yourself in office. Make sure when retrenchment comes, at least you have good chance of avoiding.
:(
