Theres no where else to go but up

As most of us are already aware, we are now facing a serious financial meltdown. Some say growth is going to be as slow as post world war two. However so things might turn out to be, let us look at the silver lining instead.

For instance, the Singapore government has come up with a life buoy for companies to minimize retrenchment. These includes the $4.5 billion Jobs Credit scheme which subsidies employers' wage bills for their local resident workers, and the $5.8 billion Special Risk-Sharing Initiative to help companies get access to credit. Eventhough certain issues did rose pertaining to the $4.9 billion dug from the reserves, I am still relief by the fact that our government is at least doing something about the current crisis.

Let us look at things positively, good times never last and bad times never stay. whether or not we are directly affected by the current situation , we must be proactive about it. For those who are at risk of being retrenched, look up for alternatives, have a solid back up plan always. For those who are confident of keeping their jobs, have an alternative plan, to have that umbrella ready for rainy days to come.

It all boils down to planning ahead, for I assure you, we are going to meet with more and more of this kind of issues in future. For life is a cycle, if you are spared this time round, you might not be so lucky in future. As employees, we are all at mercy of our direct superiors and the market situation.

Make sure that you have at least 3 months emergency cash reserve. This has to be liquid and is stashed away in your savings. Also ensure that you have good coverage. By coverage I mean health insurance and personal insurance. Medical costs are not getting any cheaper and at times like this, a sound hospital and surgical plan (H&S) can be your savior in cutting costs in case you are hospitalised. For personal insurance, it is always good to have a comprehensive coverage that matches your current income. Incase of situations whereby you are terminally ill and unable to work during this times, you can rest assure that your family is taken care off and subsequently also if things get worst.

There are things in life that we tend to be ignorant of, or complacent of. During this times, there is no reason to continue to act as foolish. For when that storm hits us, it’s too late to regret.