Wednesday 21 February 2018

Budget 2018: What's in it for the average Singaporean?

  Posted at  February 21, 2018 No comments
Budget 2018 Summary, Source Business Times.
Water prices rose, now GST will increase: What does it tell us?
Last year at Budget 2017, we were told that the water prices would hike by 30% citing sustainability concerns for our water. This year, we are told that GST would increase by 2% between 2021-2025.

Our nation's success is largely down to the fact that the Singapore government is that good at creating that sustainability: by getting us to pay for ourselves. Even foreign countries look over at our government and lauded our government for it (example in healthcare).

Nope. We have to stop complaining and stop looking for the government to dish out freebies because they won't come.

Prices for necessities and commodities were always going to rise over time and with big projects under the government's plans such as the HighSpeed Railway, transport infrastructure, Terminal 5 at Changi Airport, we were always going to need more money to be raised.

It will happen again and again.
The government is aware of the backlash it can suffer for making unpopular decisions but at the same time they make it clear that despite the little rebates and Cash Bonus, they will be prepared to raise the bar again should the need arise again.

Like it or not, whenever decisions are made regarding the average Singaporean who has no say in policy making, we have to bite harder and carry on.

Long-term solution is vital: create multiple streams of income.
The short-term impacts would likely leave a non-lasting impression on the Singaporean once we get used to the new normal. That is, until we are forced to accept a higher demand of us again.

What then, could be a longer-term solution?

For one, I can think of is growing our income. Primary income from our jobs could be bettered if we invest our time and effort into it. However, we might also one day get retrenched thereby losing our primary source of income. Therefore, hedging against this risk is vital.

This is where growing our income in the form of different streams of passive income becomes crucial. By setting aside a sum of money to make money on their own, we might just one day be financially free such that government policies no longer affect us (that much).

Until next time,

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