Singapore is now the 14th most expensive city to live in the world, according to a report by Mercer Human Resource Consultancy. It has moved 3 rungs from 17th position has year.
This has many disadvantages:
* foreigners will find it unattractive to work in Singapore
* Singaporeans are stuck with higher cost of living, and do not have much choice
According to the same report, Singapore is now more expensive than New York. Considering that wages in Singapore (for most people) are lower than New York, this matter is quite serious.
We need to look for ways to keep our cost of living down. Here are some suggestions:
* Wait for the property prices to come down to a more reasonable level, before you buy it. It will come down. Be patient.
* Take public transport, such as MRT or bus. They are more cheaper, faster and more enjoyable (compared to driving)
* Pay your credit card on time (ie avoid paying interest on credit cards).
* Invest in simple products that gives you a fair rate of return, and low charges. Invest in the money market fund, bond fund or equity fund that have low upfront and annual fees. Avoid complicated financial products.
* Read the FAQs on financial planning.
Mr Tan,
ReplyDeleteI think our govt should shoulder some of the blame for the escalating business costs here.
Why? Because various ministers have openly encourage property speculation by saying the govt will not implement anti-cooling measures in the foreseeable future.
In my opinion, the govt should not comment on asset markets. It should keep speculators guessing. Only then will speculators not be emboldened to flip properties aggressively. This constructive ambiquity element is certainly missing from this govt.
I am beginning to wonder if senior civil servants have personal vested interest in sustaining the current property fever. I also wonder if there are checks and balances in place to prevent senior civil servants profiting from advance warning of policy changes concerning the property market.