More Singaporeans will attest life-long employment is an archaic concept in this highly competitive and fast changing world, technology is disrupting almost every industries. Job security is a thing of the past.
Listed companies are putting creation of shareholder value as priority, cutting jobs when revenue falls in order to make bottom line looks better for the shareholders.
Robert Kiyosaki said in his best selling book “Rich Dad, Poor Dad” which states, “Workers work hard enough not to be fired and owners pay just enough so that workers won’t quit. The result is most workers never get ahead, they do what they have been taught to do to get a secure job. Most workers focus on working for pay and benefits that reward them in the short term, but this is often disastrous in the long term.”
The way out of this rat race as what Robert Kiyosaki suggest is to “mind your own business”. Mind your own business does not mean starting your own business, one can do that but the risk will be higher. Out of 10 businesses that started, only 1 survived and reap tremendous rewards. Unless you have the idea and the drive to start your own business, you can manage your own money with the aim of achieving financial independence and getting out of the rat race as soon as possible.
The strategy is to put your money where it will earn you income, with the income earning you more income. Acquiring an owner-occupied property is equivalent to acquiring a liability. You will end up working for the bank for the rest of your life. Putting your money in the bank will not help you with this cause. The interest in Singapore is too low and not enough to cover inflation growth.
The best thing about investing in Singapore has no capital gain and dividend taxes. By taking a systematic and educated approach to investing and keeping emotions in a tight rein, we hope that we will be able to show you the step closer to achieve financial independence and getting out of the rat race. Robert Kiyosaki says,”Today, don’t play it safe, play it smart. All of us are given two great gifts, our mind and our time. It is up to you to do what you please with both.”