Tuesday, May 27, 2008

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Singapore Economy Not Immune to Global Crisis

I wonder which is the worst: The Doom Sayer who proclaims it's the end of world or The Ostrich with his head in the sand or the frog in the well who sees all blue sky?

No doubt Singapore's economy has shown a great deal of resilience thus far, we must not deceive ourselves into believing that Singapore economy has developed a sort of immunity to the doom and gloom of the world.

"Singapore does not have earthquakes, tsunamis or typhoons because of the country's favourable geographical location," as MM Lee said, and this insulation from natural catastrophe can sometimes sedate Singaporeans into a contentment bordering complacency.

The simple fact is Singapore imports everything it needs. It's really powerless over inflation. The world has moved into the era of high prices for food and oil, we all know that. But Singapore does not have agriculture, and we know that too. So people have to earn enough money by working hard and smart to pay market prices for food. Most of all, we must now know how to spend our hard earned money wisely, so as not to put our family and ourselves in undue hardship.

We should indeed be more prudent now than ever when committing to big ticket items like buying a property. That rush of adrenalin when you think you finally own that beautiful property won't last for a week, but that mortgage is going to be choking around for a long time, even when your body has become frail with age. Many people don't think much about such thing when they're young.


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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)