Do you think SG's economy is recovering (SERIOUS

[minsmarine]

Gov said our GDP is growing. However do you guy see/feel it ?

So many jobless ppl out there. Saturday newspaper is getting thinner and thinner.

There is a new class called "NOINCOME CLASS". ( I am one of them huh )

I voluntered my service to my son & duaghter school outting to the zoo, last month. To my surprise, half of students in the class has NO POCKET MONEY to buy soft drink ( S$ 1 ) and some of them didnt have money to pay for their LUNCH ( S$ 2 ).

Than u would urge, they must had bring their own drink/foods.

I will tell u , U R WRONG.

Since I was a NICE GUY ( always I am ), asked every individual students.

So shocked.

There was no such called,

Parent forget to give them.

What I have gathered.

"My parents has no job for so long"

"I live with my grandmother, cause my parent can't afford me"

"My monther is in jail, my father goes work, no money"

"I get only S$1 pocket money for the whole week"

I live in Hougang and majority of house near by School r EM, 5 rooms, 4 rooms. There are only 2 blocks with 3 rooms flat.

So I could say, economy effected to the MIDDLE CLASS PPL than LOWER CLASS PPL as gov thought.

Any thought ?

PS. No political discussion please. Just economy

[moorish_idol]

finding a job should be no problem, maybe u can spend more effort on tat.

if not upgrade urself, always see so many company looking for ppl to work for them in Sat Rec

[minsmarine]

Moorish idol

I don't know whether you just started working, or a student.

However it's seem that u don't get the whole impact.

Here what I am talking about is SG economy and impact.

I am not talking about I have no Job nor sort of.

I am talking as a MIDDLE CLASS people who has impact from the economy shifting to other side.

Think about it, middle class composed of Executive, Manager and Senior Manger.

If they followed your advised to UPGRADE SKILL.

Example.

A HR Executive found no job, so he upgraded himself to became IT specialist. And start look for the job.

He won't find a job ( NOT EASY )

1st he has no relevent experience

2nd he won't get same pay as b4

Upgrade, but you should know how and what to upgrade.

Should not be followed in the flow by flow.

BTW, finding the job for me should not be problem, Thank for advising me to read newspaper. But I am simplely don't want to find the job. And I am proud to be JOBLESS PERSON

[riot]

I yhink there is a huge difference. The working classes already find it diff to get by even with a job, while the mid class has accumulated savings and assets. But i agree with minsmarine, mid classes salaried personnel will find employment difficult as there is less fluid lateral movement, whereas working class can switch from low end work to another.

[minsmarine]

Especially for those who have debt exposure is a lot higher.

And don't forget, their assest is getting less valueable aslo.

If the oil price kept ( I used KEPT, hoping to go down ) going up, than debts exposure still remain while your assest's value go south. Than...........

[weileong]

then... need to consult Mins for advise liao

[minsmarine]

Consultancy Fee is a PEANUT

You guys r jokers

Lets serious a bit can

All of us r MIDDLE CLASS and in 30s.

Have you ever wonder, what would happened to us when we crossed 40s?

Based on today economy growing rate ?

[weileong]

By then we'll have to start selling PEANUTS already. At least with PEANUTS pay we still can survive

[minsmarine]

PEANUT pays is for a group of minority who r in the highest stage on the ladder.

But for middle class a quater of PEANUT a year is more than enough feed.

[wolfie]

my take is that prior to the crisis, the middle class had involved themselves in more liabilities as compared to the lower class (eg: car, house & other investments) thus, when the markets crashed, these liabilites continued to drain money even though they could be suffering from a pay cut or worse, out of job. those who'd saved for such rainy days might be able to absorb the impact but that doesn't apply to all.

[limbssg]

Every time govt can always say economy grows at how many % but to us, we are mostly concern with pay increments, profit sharing and whether it is easy to find the next job with better benefits.

[minsmarine]

It's the immidate impect for middle & lower class.

When economy boom, remember in 93-96, saturday cf is thicker than newspaper itself. Even that time ppl joke whether we r buying cf or newspaper.

Now a day.....

Hope situation will improve, soon

[Melvyn Tan]

Economy is just as bad.

Anyway, for those in their mid-30's or late 30's how much should one have accumulated in terms of cash savings to be considered ok? Its cash savings or items that can be converted into cash easily. Contributions anyone?

[weisoon]

My own formula but it may not appply to others or not agreeable:

Price of house: 10x yearly income. e.g. yearly income about $150,000, then house buying price should be not more than $1.5 mil.

Price of car: 1x yearly income. Calculation same as above.

Cash holding in bank: 6 months to 1 year salary at least to tide over the unforseen.

Savings of cash every month: At least 20% of take home pay.

If there is any unforseen events that took place, then be prepared to downgrade if needed be.

The economy is to my observation not improving. All these talk and reports of good figures is because the election is coming. The ruling party needs to paint a rosy picture in order towin the votes. They also have to think of ways to give pre-election sweetners (be it in terms of cash or shares or tax rebates etc). But most often than not, the aftermath of the election can be quite drastic....they take back more than what they given out. Just be prepared.

[Accent 03]

My own formula but it may not appply to others or not agreeable:

Price of house: 10x yearly income. e.g. yearly income about $150,000, then house buying price should be not more than $1.5 mil.

Price of car: 1x yearly income. Calculation same as above.

Cash holding in bank: 6 months to 1 year salary at least to tide over the unforseen.

Savings of cash every month: At least 20% of take home pay.

If there is any unforseen events that took place, then be prepared to downgrade if needed be.

The economy is to my observation not improving. All these talk and reports of good figures is because the election is coming. The ruling party needs to paint a rosy picture in order towin the votes. They also have to think of ways to give pre-election sweetners (be it in terms of cash or shares or tax rebates etc). But most often than not, the aftermath of the election can be quite drastic....they take back more than what they given out. Just be prepared.

"But most often than not, the aftermath of the election can be quite drastic....they take back more than what they given out. Just be prepared."

Reality of the day"

[minsmarine]

How about BioChemical things ?

Any1 in this field ?

Gov has put a lot of affort on that to achieve lot

[tineng]

Price of house: 10x yearly income. e.g. yearly income about $150,000, then house buying price should be not more than $1.5 mil.

i don't think for house you should use 10x yearly wage as a guide....instead more like how long you think you will be working and a percentage of the saving that you will be using to pay for the hose.....

lets say you used 10x yearly, and you intent to use 30% of your wage to pay....with the interest rates, you will definately end up more then 30 years in repayment....meaning only applies to those aged below 30......

anyway, i think we are ....i though the title is "do you think SG's economy is recovering"..... i think the answer is yes....but that is based on though craps provided by the economist.....

personally, i still think it is recovering.....but now most of the $$$ doesn't flow back to us...but instead to the 'upper class' earners..... ever wonder why some many big house and fancyful cars on the road, but us middle manager still struggling to stay afloat.....

[Melvyn Tan]

So if one is to earn 2k, then savings should be S$24,000/-

20% 2k is S$400/-

So it will take 5 years to save (S$24,000) for 1 years' tide-over (or for whatever salary scale)

Wah...must buck up hor...

20% goes into savings then what about the other apportionment?

[weisoon]

I will start another thread on 'Housing, Cars and Savings'

[Melvyn Tan]

Will be a good topic to discuss - older folks to buck up and younger folks to wise up

[minsmarine]

Me is the youngest , so can't discuss right

[Melvyn Tan]

Of course can...because of your thread, it sparked off a more serious topic that i am sure will benefit many people - this is a blessing in disguise...hehehe

[weisoon]

personally, i still think it is recovering.....but now most of the $$$ doesn't flow back to us...but instead to the 'upper class' earners..... ever wonder why some many big house and fancyful cars on the road, but us middle manager still struggling to stay afloat.....

In order to own big houses and drive big cars, being an salaried worker will be hard to achieve. One has to be a successful businessman to achieve all these. Of course the exceptions are doctors(specialist) and lawyers etc. Have to know that even normal GPs income maybe only around $15,000 a month. With this kind of money, difficult to own an bunglow in district 9/10 also.

[minsmarine]

GP won't earn 15k amonth weisoon

even if he work for 24 hrs.

Specialist may be.

[Chris]

No wonder many clinics now open 24 hours.