Posted on: 2021-06-08
Let us refresh our memory on the Singaporean Dream (The 5C) - Condominium, Country Club, Credit Card, Car and Career.
Earning huge profits is the simplest and most logical way to attain The Singaporean Dream. However, many Singaporeans do not realise the importance of savings; they spend whatever they earn without having a monthly budget. During the recession, they often find themselves desperate for loans as they did not have a saving account that is meant as an emergency fund.
To prevent such problems from occurring in your life, you should always remind yourself to have savings.
Here are some quotes that you should read every day to remind yourself of your financial goal.
A quote by Ah Keong, the protagonist of Money Not Enough, a Chinese/Hokkien movie reflecting the financial hardship of an average Singaporean.
This quote is powerful in its way as it gives us a constant reminder of the high cost of living in Singapore.
One must be able to plan his/her finance well to have a comfortable life whenever an economic crisis strikes.
According to the Department of Statistics of Singapore, Singaporean households’ mean credit card debt is approximately S$1,956.
Do not belittle the detriments brought by credit spending. As Singaporeans, we all hear stories of loan shark harassing debtors. It all starts from the irresponsible habit of credit borrowing without a legitimate repayment plan.
Follow the piece of advice by Thomas Jefferson, “Never Spend Money Before You Have Earned It”.
Sales and Re-sale of the BTO unit is part of an average Singaporean’s life.
Instead of investing in a property, many young locals go for short-term investments like cryptocurrencies and stocks.
Invest in a BTO to secure the resale profit which can be double its original price.
The hard truth of life. Rather than relying on others during economic hardships, it is always better to rely on your savings.
Do some income flow analysis to map out your monthly expenditure and savings.
Save $5 a day for 25 years, you will have $147,000.
Do not belittle the power of savings.
You would have heard that from your parents or spouse.
Rather than purchasing the latest Gucci or Balenciaga, keep the money for rainy days.
Only spend on people that are worth it. Splurging your money to impress someone who doesn’t even care about you is a waste of time.
Henry Thoreau, the 3rd president of The United States of America, said that in response to the insane consumerist culture in the USA.
Countless Americans have lost everything in their life due to their insatiable greed.
Life is not a sprint, it's a marathon. Those who are prudent in their spendings are most likely to end up successful individuals in the long run.
Rather than throwing your money into cryptocurrencies or stocks, you can take the traditional approach of saving a portion of your monthly salary. Many rich entrepreneurs always save a portion of their income on savings plans.
The last motivational quote to all the readers. Small spending can become a huge expenditure when one is not mindful of his/her spending.
Jie Xin Goh
Digital Marketing Executive
For more information or enquiries, please contact Jie Xin Goh at email@example.com