Rainy Days are here: How long can your saving last?

[lifeafter41]

With the relentless "R" word going on the past few weeks and understand it's going to get worse after CNY. What is the state of savings relatvie to expenses/salary?.

I am looking at at best 6 months, anything more than that, will be in deep trouble. Will try to stretch it, if wherever possible......

 

[Meteour]

With the relentless "R" word going on the past few weeks and understand it's going to get worse after CNY. What is the state of savings relatvie to expenses/salary?.

I am looking at at best 6 months, anything more than that, will be in deep trouble. Will try to stretch it, if wherever possible......

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I was unemployed for 10 mths b4 I got a job recently, My financial reserves was hardly touched. I believe with some ingenuity, my reserve can last me for at least 2 to 3 years. I am 54 now. I believe that by that time I wld be able to get my CPF.


.

 

[Leongsam]

With the relentless "R" word going on the past few weeks and understand it's going to get worse after CNY. What is the state of savings relatvie to expenses/salary?.

Barring a major disaster, my savings should last me the rest of my life as I make it a point not to touch the principal sum. I live on the interest and dividends earned from my deposits.

I don't agree that "rainy days" are here. There are just as many opportunities during a recession as there are during a boom. For example, many people are repairing stuff they own rather than buying new.

I made a pile over the past few months bringing old computers back to life with Linux. Many old couples in my suburb who couldn't afford to buy new boxes were only too happy to get their broken computers up and running again so they can email and browse the web.

 

[jw5]

With the relentless "R" word going on the past few weeks and understand it's going to get worse after CNY. What is the state of savings relatvie to expenses/salary?.

I am looking at at best 6 months, anything more than that, will be in deep trouble. Will try to stretch it, if wherever possible......

It also depends on your expenditure.
Some people can blow millions of dollars in 1 month.
Many ex sportsmen who made millions in their heyday are now bankrupt.

 

[jw5]

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I was unemployed for 10 mths b4 I got a job recently, My financial reserves was hardly touched. I believe with some ingenuity, my reserve can last me for at least 2 to 3 years. I am 54 now. I believe that by that time I wld be able to get my CPF.


.

Other that yourself, how many people do you need to support?

 

[jw5]

Barring a major disaster, my savings should last me the rest of my life as I make it a point not to touch the principal sum. I live on the interest and dividends earned from my deposits.

I don't agree that "rainy days" are here. There are just as many opportunities during a recession as there are during a boom. For example, many people are repairing stuff they own rather than buying new.

I made a pile over the past few months bringing old computers back to life with Linux. Many old couples in my suburb who couldn't afford to buy new boxes were only too happy to get their broken computers up and running again so they can email and browse the web.

Good for you Sam.
But very few people are like you. You may ask why they don't have your business sense or good fortune or whatever, but that's the reality.

 

[kakowi]

Barring a major disaster, my savings should last me the rest of my life as I make it a point not to touch the principal sum. I live on the interest and dividends earned from my deposits.
...

I hope that more people will emulate you.

Congratulations!

 

[pia]

Barring a major disaster, my savings should last me the rest of my life as I make it a point not to touch the principal sum. I live on the interest and dividends earned from my deposits.

I don't agree that "rainy days" are here. There are just as many opportunities during a recession as there are during a boom. For example, many people are repairing stuff they own rather than buying new.

Good for you.. u're one of the fortunate sitting on vast saving and passive income. Most of us don't have that luxury.

I'm comfortable for 1 year of lay-off, which I can take as a "break". 2 years means digging into reserves meant for kids' future education, which I would not feel too comfortable with. So ideally, get a new job before the 1 year is up or start a business which should earn enough for expenses with some savings.

 

[cityhope]

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I was unemployed for 10 mths b4 I got a job recently, My financial reserves was hardly touched. I believe with some ingenuity, my reserve can last me for at least 2 to 3 years. I am 54 now. I believe that by that time I wld be able to get my CPF.


.

Wow, bro, pls share how u do it. I want to learn.

 

[eeoror88]

Other that yourself, how many people do you need to support?

This clown most probably a hopeless single or a bitter divorcee !!

 

[Leongsam]

Good for you Sam.
But very few people are like you. You may ask why they don't have your business sense or good fortune or whatever, but that's the reality.

I honestly don't believe that there is such a thing called "business sense". Money making opportunities are pretty obvious to anyone who can be bothered to take a peek. Try it yourself. I'm sure you'll be able to spot a few winners if you sit down and think.

I'm not talking about grand schemes that can make millions. I'm referring to the simple service related activities which are well within the capabilities of most people and which can generate a comfortable income to enable one to pay the bills with a bit to spare which can be channeled back into the business.

The problem is not the inability to think of ways of making money. The problem lies in the inertia that needs to be overcome before people can actually change their mindsets.

People keep gravitating towards looking for a JOB because they have a preconceived idea that it's what they were cut out to do. They start off with a JOB and they then keep looking for one JOB after another no matter how badly "JOBS" treat them along the way.

 

[breakaway]

I honestly don't believe that there is such a thing called "business sense". Money making opportunities are pretty obvious to anyone who can be bothered to take a peek. Try it yourself. I'm sure you'll be able to spot a few winners if you sit down and think.

I'm not talking about grand schemes that can make millions. I'm referring to the simple service related activities which are well within the capabilities of most people and which can generate a comfortable income to enable one to pay the bills with a bit to spare which can be channeled back into the business.

The problem is not the inability to think of ways of making money. The problem lies in the inertia that needs to be overcome before people can actually change their mindsets.

People keep gravitating towards looking for a JOB because they have a preconceived idea that it's what they were cut out to do. They start off with a JOB and they then keep looking for one JOB after another no matter how badly "JOBS" treat them along the way.

hi sam,what do you expect when we have been engineered to think that way,to work in a job for life.Spore's environment also contribute to that.:(

 

[jw5]

I honestly don't believe that there is such a thing called "business sense". Money making opportunities are pretty obvious to anyone who can be bothered to take a peek. Try it yourself. I'm sure you'll be able to spot a few winners if you sit down and think.

I'm not talking about grand schemes that can make millions. I'm referring to the simple service related activities which are well within the capabilities of most people and which can generate a comfortable income to enable one to pay the bills with a bit to spare which can be channeled back into the business.

The problem is not the inability to think of ways of making money. The problem lies in the inertia that needs to be overcome before people can actually change their mindsets.

People keep gravitating towards looking for a JOB because they have a preconceived idea that it's what they were cut out to do. They start off with a JOB and they then keep looking for one JOB after another no matter how badly "JOBS" treat them along the way.

Ok, you may deny that there's such a thing as business sense or acumen, and that anybody can do it.
But you can't deny that the inertia you mentioned does exist, that people do keep looking for one job after another despite hating their jobs and that this is the reality in life right?

 

[Leongsam]

hi sam,what do you expect when we have been engineered to think that way,to work in a job for life.Spore's environment also contribute to that.:(

Don't blame the environment, don't blame the school system and DON'T BLAME THE PAP.

We are all born with minds capable of independent thought.

 

[jw5]

This clown most probably a hopeless single or a bitter divorcee !!

And what are you my friend?
Happily married with 5 kids?
Be careful of being too happy, experience in forums has taught us that many a guy comes in happily talking about his happy marriage and lovely wife, only to come back later with sob stories about how she betrayed and left him.
Psycho 107 was a classic example.

 

[Leongsam]

Ok, you may deny that there's such a thing as business sense or acumen, and that anybody can do it.
But you can't deny that the inertia you mentioned does exist, that people do keep looking for one job after another despite hating their jobs and that this is the reality in life right?

Yes inertia does exist and it is this resistance to change that is the biggest stumbling block.

However, no extraordinary intelligence or special skills are required in order to overcome inertia. You don't need to "upgrade" yourself in any way. All you need to do is make up your mind that you don't want your destiny placed in the hands of someone else anymore. Why be a pawn on a chessboard when you can be a knight or a bishop?

Once you've crossed the first hurdle, moving on to becoming a rook or a queen will be easy. :p

 

[bart12]

With the relentless "R" word going on the past few weeks and understand it's going to get worse after CNY. What is the state of savings relatvie to expenses/salary?.

I am looking at at best 6 months, anything more than that, will be in deep trouble. Will try to stretch it, if wherever possible......

In worst case scenario when I can't even rent out my hdb flat, my saving will run out in 500 months if I spend $1K per month.

 

[Leongsam]

In worst case scenario when I can't even rent out my hdb flat, my saving will run out in 500 months if I spend $1K per month.

If you have $500,000 in the bank, you should put the money to work rather than spend the principal.

 

[depeche]

Yes inertia does exist and it is this resistance to change that is the biggest stumbling block.

However, no extraordinary intelligence or special skills are required in order to overcome inertia. You don't need to "upgrade" yourself in any way. All you need to do is make up your mind that you don't want your destiny placed in the hands of someone else anymore. Why be a pawn on a chessboard when you can be a knight or a bishop?

Once you've crossed the first hurdle, moving on to becoming a rook or a queen will be easy. :p

So you've been "upgrade" to a suburb than in staying at Toa Payoh? Very envy of your situation...

 

[2lanu]

Don't blame the environment, don't blame the school system and DON'T BLAME THE PAP.

We are all born with minds capable of independent thought.

Really?