Singapore Most Expensive City For 2nd Year Running
This afternoon I came across an article from BBC News that says Singapore has topped 131 cities globally to become the most expensive to live in 2014.
The city’s strong currency combined with the high cost of running a car and soaring utility bills contributed to Singapore topping the list. It is also the most expensive place in the world to buy clothes.
Although the statistical department publishes the general inflation rate in Singapore as 3%/pa, to me, actual inflation on the ground like food and public transport inflation is more like 15%/pa and education and medical inflation 7%/pa, although nobody has compiled the data to show it. I am sure you readers should be able to experience it year after year. Has prices ever come down in a certain year?
Singapore will be the most or one of the most expensive cities to live in permanently because inflation is a terminal illness, it can only get worse. In the next few years, you will see more headline inflation flashing in the newspapers or online articles.
In the past, the government in Singapore emphasized on education and manufacturing. Today, they focus on innovation, skill and technology to increase production and to replace the ever rising cost of labour(to replace you). Hence, having a fixed pay job is not viable anymore. You are always facing competition from the more educated younger work force and the increment in your salary is lower than inflation rate.
In today economics environment, if you don’t invest or trade, you can never have enough to spend or to retire comfortably. If you are still not investing or trading profitably, it is time you do something about it fast. If not, more financial pain will be in for you.
This month, I will be conducting 2 courses. One on investing in Unit Trust to double your CPF and cash every 3 years and the other on stock trading to obtain a 50% profit every month for your trading account. Register for them before the seat ran out.