By now, many Singaporeans probably have watched part 2 of #budget2020 This is a landmark sum of money set aside to help Singaporeans wait out this #COVID19 pandemic. That’s a total of $55b, 11% of our GDP!!! Whether you are pro Govt or not, you can’t deny they are doing Singaporeans a great service.
And I think that the reason why the government can help us in such a tangible way is because they have been managing taxpayers money very well. We have sufficient reserves to tank unforeseen circumstances like this.
The response from our government made me realise the importance of wise money management during good times. It has also reinforced my belief in engaging a competent financial advisor to help protect us against other potential financial risks that we have been turning a deaf ear on during good times.