Facts of life

Despite the economic and financial woes, Singaporeans are on the general happy going lucky lots. Just couple of days ago, throngs of people were rushing to buy small cars when the COE prices fell to all time low of just two dollars only. Never mind about bad forecast of negative growth next year. Never mind about banks and financial institutions defaulting on bonds investment returns and repayment, never mind about potential retrenchment and etc. Now with the government taking the lead to encourage companies to first explore ways to cut cost before going for the headcount reduction or workforce management, the general public sentiments is further assured and encouraged to keep up with the usual spending habits. So it seems like not all is gloom so to speak, well at least before we enter 2009.

Singaporean loves to eat, go to any popular makan places or restaurants, you will see people continue to spend and eat like no one business. Of course there are those who has been impacted by the economy slowdown, some may have lost their jobs, some might be feeling the tight financial squeeze, some who has lost their life time savings due to unfortunate turn of events with regards to investment in Lehman Brothers, the DBS and Morgan Stanley high notes. Whatever the situations, we could either indulge in self pity blame ourselves for the predicament we are in or face the fact squarely and know that we cant change the past so get on with our life and move on. I am a novice investor, to date my investment in AIA Global Resources Fund, AIA Emerging Market Funds and Prudential has all go into the negative return territory. I am likely to suffer 50% lost on all my investments, well at least in paper. Nothing much I can do about it though. I could continue to vent my anger and blame all those lousy fund managers who sold me these investment packages but what purpose does it serves? There’s nothing they could do either.

The recession is here to stay for a long time. In such times of economic and world financial turbulent uncertainties, there are only two paths we could take. Well the first path is to go with the flow and thus allow the difficulties to affect our family and us or to stand up to the adversity and do what is needed to prosper in such times. The choice is obvious, do what is necessary to live through such difficult times and emerge stronger in or continue to dream of ways to get around the problems. The choice is yours. Only you know the best path to take. Forget about those stupid financial planners who are now probably hiding in their foxholes. Brains wash yourself if necessary and if need be to avoid indulging in self-pity and to avoid blaming everyone else but yourself for your predicament.

As we approach year 2009, is time again to give a thought to our new resolutions.
Here are some tips to help us achieve our resolutions.

Make your goals realistic and achievable and breakdown big goals into sub goals which is achievable in months or weeks.
Put your list in writing and review it regularly.
Don't be reluctant to change or modify it.
Planning is not optional. After making your list, decide exactly how and when you intend to get there. Write down the timeline for each milestones and hurdles you need to clear in order to achieve your plans.
Cross off each item as you achieve it.
If you live long enough, repeat.