From TODAY, Voices
Thursday October 9, 2008
I Say, by Gilbert Goh Keow Wah
What can we do to handle the current economic crisis?
This financial storm will pass us by, but the important thing is to hang in there. This is what I try to live by:
1 Try not to delve too much into what is being published. Read just enough to stay abreast of what is happening round the world. Read motivational books rather than the negative news to stay on top of the situation.
2 Stay positive always. Remember that as in previous financial catastrophes, banks and corporations have a way of bouncing back. The same will happen for our economy: Be patient.
3 Stay lean. Cut back on unnecessary expenditure. But if you smell a bargain and if you need it, why not make the purchase? In good times, the same dollar may not get you the same product. Shop smartly for good deals.
4 If you are out of work, focus on getting back into employment. Register with the Community Development Council (CDC) employment arm nearest you — there are five such CDCs spread round Singapore. They also provide financial assistance for a limited period if you qualify.
5 If you are being hounded by banks for repayment of mortgage or credit loans, stay steady and face up to the credit officers.
It is best to arrange for a meeting to explain your financial situation. Most banks are sympathetic and will even arrange for the interest less the principal to be paid over a limited period before the situation improves for you.
The worst thing to do is to “hide” from them. Once a lawyer’s letter is issued, the banks may not be so willing to negotiate then.
6 Network more, especially in these lean times. I managed to find employment after 911 through networking with a long lost friend. Even though it was part time work, at least I had income coming in and I got my self-esteem back. With that experience, I found full time employment with another company six months later.
7 Stay fit. The body is wired to the brain and vice versa. Those who handle downtime better are those who manage their physical and psychological health well. When we feel good about ourselves, we will approach a crisis better prepared. It’s time to take out those running shoes again!
The writer was unemployed for two years from 2001 and writes this from personal experience.
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As the stock markets approach the bottom there will be extreme anger and disgust directed toward Wall Street and stock brokers. “I'll never buy another share of stock as long as I live.” will be a common cry. Based on the technicals that I use plus the 50 plus years of being involved in the markets it is my opinion that the stock averages will bottom in about 18 to 24 months. That will be “garbage collection day.”
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