Inflation is here and it is evident when prices of everything are increasing.
My favourite porridge at the hawker centre now cost $4 instead of $3.50, a 14% increase in price.
My favourite Ramen is now $11.90 instead of $10.90, a 9% increase in price.
Kcut is now $12 instead of $10, a 20% increase in price.
This is happening even before GST rising to 8% next year. By then, we will be paying more for the goods and food items we buy, either through direct purchases or through the vendors/ hawkers who provide them.
However, do not let the fear of inflation and increasing cost of living blindside you into believing investment plans that seem too good to be true. If they turn out to be scam, you are not just paying that 10 to 20% more for inflated prices, you are losing 100% of your hard earned savings to a lie.
The ways to cope with the rising costs are
- Find a higher paying job
- Spend less on unnecessary items
- Equip yourself with investing knowledge so you manage your investment and trust no one with your money.
If you choose 3, don’t be tempted by high returns investments unless you are ready to handle the risk.
I have shared everything I know in this investment blog to equip you with financial literacy and to give you another perspective on how to grow your wealth.
There are different sections pertaining to folks who are new to investing, or wish to learn more about options trading or simply just want to watch some financial videos for info.
I spent 30 to 45 mins each day for the past 5 months writing these articles, all FOC and not charging a single cent for them. I have done my best to bring any horse that is thirsty to the river. Whether to drink or not, is up to the horse now.
Lastly, I wish to leave you with this quote: “Any problem that can be solved by money is a small problem”.
Remember this, money can’t make a person stay loyal in a relationship, money can’t turn abusive parents into loving ones, money can’t eradicate mental issues, money can’t turn back time and money can’t buy you true love, true friendship, kinship and good health when you really need them.