From what I observed, even though people are talking about how bad the economy is, it really does not look like the people around me are having much financial problems.
For example:
- One of my US professors is getting a lower annual pay rise of 1% instead of the usual 4%
- Even though staff/American friends were saying that car rentals might not be good due to the 'bad' economy, when I asked the car rental people, they said that all's fine for their business. ( The economy does not look as bad from the outside as it sounds from the news)
I also found out that students over can have really high credit limits! In Singapore, student credit cards have only S$500. However I have an American friend who holds 3 credit cards which have a total credit limit of about USD$10,000. Yup that's right, 10 thousand!
He also mentioned that US is the country where people are always in debt. They choose to just pay the minimum sum every month for their bills. And often, they bring along their debt to the grave. Which I think is quite different from Singaporeans.
Personally, I have not been keeping track of the stock market. But I do still read some reports that my broker sends me. Looks like our economy is not expect to recover so soon. So...if you start seeing a few more reports turning bearish, do start lessening your holdings. Cos the bear market might be arriving soon!
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