Has anyone hit/affected by the current recession?

blue_diamond

New Member
Hi All,

Just wanted to start a thread for people to share on frasturation,pouring out sorrow with the market looking bleak.....


For me, started to feel the impact as my boss has just reminded me on cutting the excess "fats", cost sutting n etc...

Guess the heat is on now....really cant imagine how the economy will impact us 2009 when we get the full blast...sigh...esp still have to look for flats n getting married....
 


blue_diamond

New Member
yup...i think nowsday there is no good news from all the newspaper.....every day just read about firm closing down n etc...sigh

I am not yet affcted...but boss has started to get on "high" alert mode....start to stress us liao...cant imagine what happen for 2009
 

blue_diamond

New Member
i think this time round, alot of of sector are affected...so no one escape the cut....only those big firm axe staff are seen in the news...for those sme...it always a touch n go...so i expect the number of affected to me much more.
 

smileguy

Active Member
time to tighten the belt...some company close down ..some freeze wages...some retrench..some freeze head count...some no bonus...some cut wages...some owe staff $ ..haiz....till now still duno wat "pattern" my company playing?scare scare...
 

giantemu

New Member
next year 2009 will be really bad. From the vibes of my suppliers in China and Taiwan, factories are closing by the thousands every day. Don't believe what you see in the press - these are the people on the ground that is actually feeling and seeing the happenings.

and the most scary thing is, the full impact of the economic crisis have not hit Asia officially yet - so far, all the bad news are in US & Europe. Imagine the automakers in US fails, many industries and banks will follow suit.

Given how closely linked the world is nowadays, it is not uncommon for banks to hold debts of one or many banks. Just last year, who can imagine Lehman Brother will fail? And Citi is now in risk...what other institution is next? And so far, we have not seen a major Asia bank / institution failing but they must be struggling at least.

So, brace yourselves, save as much as possible and cut spendings. Like one financial guy told me, although inflation is now tamed, the next scary thing is deflation. When it sets in, there is nothing the governments can do....
 

blue_diamond

New Member
must agree that the next thing we got to worry for will be the deflation....

some of my frd co are already have the pay cut...imagine the uneployment rate+freeze headcount+new graduate...making it harder for pple to even find another job when been retrench...

those who have bought some property during the peak will have some prob of paying for it when all these start to happen...now can only cross my finger...hope to have some min paycut to save my job...sigh
 

powder

Active Member
wat's sad is that the mentality of locals are not very geared towards surviving such climates... i'm surprised got so many pple still rushng to buy New cars... just for a 5k drop... which basically saves them $10 a month on a 120mths instalment ONLY...

pple who jump for 1.6l cars at 5k discount shouldn't be buying cars... as it is, i see several cars barely 1yr old being re-possessed... think we're too obsessesed with getting things when we can hardly afford.
 

findingnemo

New Member
Latest Christmas carol for 2008,

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town.

It's hitting you once,
It's hitting you twice
It doesn't care if you've been careful and wise
Recession is coming to town

It's worthless if you've got shares
It's worthless if you've got bonds
It's safe when you've got cash in hand
So keep cash for goodness sake, HEY

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town!

Finance products are confusing
Finance products are so vague
The banks make you bear the cost of risk
So keep out for goodness sake, OH

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town.
 

blue_diamond

New Member
hahaha....had a good laugh after reading the new christmas song from Nemo.....it makes my day...heheheh

Agree with powder...some people are not feeling the heat yet...or rather not have what we are going to face...think that the most worrying things....


When the full blast reach us...think it going to be the survior of the fittest...
 

powder

Active Member
when time comes we'll do wat we do best... complain to gov... as it is with most things... it's a sad mentality to have... there's absolute truth that we're a nanny state.
 

powder

Active Member
blur, last coe $2 does not mean the coming coe is gonna be $2, the selling price may be based on that but the chances of it happening on hindsight is gonna be difficult. it's like opening a bubble tea outlet when others are in the midst of closing... end up more pple are just gonna have to topup the money for their bids... else get the money back after 3 unsuccessful bids

gotto sgcarmart.com, and look at the number of cars on auction... most of them re-possessed back cos the cars do not come with keys... alot of pple can afford to pay 2-3k to buy a car, but the instlament they can't afford. dun pay for 1-2mths end up the car kena tow away without their knowledge... tat's why the cars are auctioned off without keys...
 
Powder,
My friend and her hubby bought a car recently. Their combined income is 5K. She was already grumbling to me that they didn't have any $ to repay parents for their wedding loan.

I was worried for her, gave her advice that it would be hard for her to continue with instalments and it would be cheaper to take cab than own a car. Well she didn't take the advice, and was buried in her happiness of owning a car. Haha leave it up to her!
 
then what happen to the owners after the cars are towed away.. really an eye-opener...will the bank sue the owners till they r reduced to bankrupt like what i see in newspapers..
 

rafflesjay

New Member
actually this recession is an eye opening for 1st timer like me.
Ya, although dont really like this idea but seem like we have to learn thru this to make us stronger.
 

sheezh

New Member
ya.. my company finished their retrenchment program and going to cut bonus.. hated thoes two days because there is so much speculations and unknowns, wishing that our phone will not ring.

although i feel that somehow, most people in Singapore are still not feeling the heat of recession yet with all the spending on lavish dinners and shopping. Next year is surely going to be worst, although what goes down will go up, only it's are we really down yet and how long.
 

cuclainne

New Member
green, the husband was also saying that taking a cab might be a better solution than owning a car (he was toying with the idea of letting go of ours). if it weren't for the convenience, esp. with the kids, we would have just stuck with public transport. he's complaining that the car is just sucking money away .. i don't know how people like your friend can take it ..
 

blue_diamond

New Member
i guess for this year...the 13th mth shld still be intact...once 2009...it more of making sure that the rice bowl dun ever break...let alone having any bonus....hehehe

Green,

I guess people like your friend will sure be hit the most if anyone of them lose their job or suffering a pay cut...although Singapore on general is consider a developed and quite well educated nation...however we seem to be lacking in financial education part...sad case
 

sheezh

New Member
wahh.. my place don't practice 13th month...
sad.gif
sad.gif
sad.gif


oh well, time to buy new belt..
 

powder

Active Member
sori was out...

hi blur, basically after the banks repossess, u either pay the outstanding within a very short period, or the banks will auction off the cars for sale... whatever sale-price they accept, minus your outstanding loan and all other fees... will be the outstanding debt to the banks...

above just a rough guide. it's no joke... u can go to an auction and pick up a 8-12mths old car for 15-20k less than the actual sale-price... go check this out http://www.sgcarmart.com/used_cars/listing.php?DL=501 of cos not every car is very cheap, but most are...
 

powder

Active Member
owning a car is no joke, the variables are really the killer... just breaking down the rough costs for me per month...

1. petrol - $400 (fulltank 1 week $100)
2. ERP/Carpark - $250 (1 week $80-90)
3. Insurance - $135 (1.6k+ per yr)
4. Road Tax - $200 (2.4k per yr)
5. Maintenance - $50 ($600 a yr)

Total - $1,035 a month Excluding instalments, excluding car valets if u drink, excluding summons... that's $12,420 a year IN ADDITION to the car's depreciation.

of cos mine a 3litre car, but even if u halve that amount, it's a good 6k a year, add that to a depreciation of 5k, it's 11k on a car a year... cab definitely cheaper. so if really wanna own a car, gotta work harder for a better income before committing yourself to a car.

well gear-up, the market may not be good, but we're the living creatures with the ability to find opportunities in the bad times...
 

vios

New Member
fwah powder... ur road tax damn siong. urs a 7-series or?
that is a good monthly breakdown... some just look at the instalment figures, and think it is that affordable by their salary.

it's like on a HDB mortgage but there are still your monthly utility bills, your monthly groceries, your monthly S&CC, your monthly parental allowances and all those stuffs...

gotta be financially rdy for wedding couples..
 

simpleman

Active Member
It is good to list out all expenses.

My monthly household expenses (compulsory ones) is 8K a month - and this is excluding entertainment, eating out, holidays and other not planned expenses. And I don't even have a mortgage to pay.

powder,

Your parking/ERP so cheap huh? And maintenance $600 a year.. only for normal maintenance.. not enough to change tyre leh..
 

powder

Active Member
vios,

nope not a 7-series, a lexus... ya wasn't very intelligent to buy a 3l car but it's a very good family car so i take comfort in tat. ya, the additonal costs are the killers... i just got a summon for driving over 70km on a 50km road, tat's another $140...

but thing to note is tat my income - can be increased IF i want it to. i simply work harder... most pple dun put themselves in a position whereby they can work harder and have it translated into more income.

ps: my car can throw in stroller, bicycle, etc etc... damn shiok. i should have bought a van... my frens doing tat liao...
 

miloice

Well-Known Member
my next car would be a hybrid. Make economical sense to be driving over 20km per litre.

Road tax is low as its only a 1.5l.
 

powder

Active Member
sm,

staying in condo now, so the parking is free but of cos the condo maintenance is not. the erp/parking weekly around $80-90 is for my lunch escapades to taka, marina, vivo etc... (i dun lunch in shenton where i work). stupid taka charges quite a killer... maintenance $600 only the servicing and little changes. Excludes tyres... tat's another 1.6k every 18mths...

i avoided checking on my monthly household expenses until u mentioned it... quite a shock to be honest... around 17.5k compulsory, with the same exclusions on food, entertainment and travelling.
 

simpleman

Active Member
I thought Lexus 400H looks very interesting as well.. was looking at it for a while.. it not for the current "uncertain" situation.. I would consider it seriously..
 

simpleman

Active Member
Although in a way the recession may not hit us directly yet.. for me for example.. there is no impact as yet.. but there is still this psychological impact..
 

powder

Active Member
my neighbour bought it when his kid was born cos he likes the functionality of an SUV... he see me dump so many things inside he also buay tahan. But fuel-economy really poor on SUVs. so yeah, tat's where the hybrid comes in... wait awhile lor, i'm sure more hybrids are coming. but try not to buy a lexus Brand New... u'll get killed.

i'm eyeing a Q7, but only at super-low prices else just hold back. no point spending money on car now... better to buy propery come april...
 

powder

Active Member
well i think generally the company's income/growth is likely to be affected if status quo, so good time to expand actually... can get quality employees without having to fight their unrealistic expectations of high starting pay... at least now i dun hear pple saying they wanna be an investment banker or be in banking as much as the last 2yrs... end of the day it was all 'Fake-Wealth'.
 

miloice

Well-Known Member
well powder,

that's why the company I'm working for is doing right now. Expanding the R&D like crazy. We are now almost double the size 2 yrs back.

Ironically, we cannot attract any singaporeans. Even local grads that applied for the positions are foreigners. Singaporeans are a minority in my company. Only about 18%.
 

simpleman

Active Member
My BM is already 5 years old.. although prices of car dropped a lot.. I am still OK even if I sell my car now as it has high OMV and COE rebate.

I really like hybrid SUV but for the fact that I think govt is not giving enough incentive for people to switch to more fuel efficient car .. so holding on ..
Of course, 2nd hand car always make more economic sense.. 1 year old car is really a good deal in the normal circumstances.
 

powder

Active Member
milo,

18% very low hor? but good for pple renting out property like me... i not complaining... ya it's a good time to expand, but must have very sound plan and focus, else if run out of money, the whole thing's gotta halt.
 

powder

Active Member
sm,

good time to scrap your BM, but true lah, it's a headache as to what to buy next... but buying Hybrid, make sure u calculate parf as 35% of OMV and not 55%. and for new ones, it's 30%... alot of pple assume it to be the same calculation as the normal cars, when calculating depreciation...

would love the 400H if not for the fact tat it's the same car, so abit boring...
 

miko2006

New Member
Don;t complain, think of how to improve yourselves in the next 1-2 years of crisis.

Talking about holding cash is not King!!!

It should be break down into short / long term goals

The short term pot will take care of our daily expenses, potential emergencies and the big ticket items we intend to splash on within the next two to three years. There could include the exotic holiday to Machu picchu or the downpayment for the home you have been eyeing. To meet our short-term finanical needs, leaving the money in safe, low rick vehicles such as a savings account or a fixed deposit makes sense.

The next pot of money is really meant for our long-term goals. We can afford to give more time for long-term investments to perform as we do not intend to touch that money for the next three years or more.

So, the point is, each one of us will have a different definition of short term and long term.

Make sure we know our goals and diving the money into the different pots accordingly.

Cash is clearly not king when it comes to our long-tern pot of money.

PM me if you need to share more.......
 

vios

New Member
powder, cannot cheong in the express lane like before, if you get a van... heh.

actually, my current targeted car quite different.. it's golf gti!
happy.gif

But like sm, im holding back my plans cos' of global uncertainty and would prefer to back it up with better climate conditions (end of 09?)..

"at least now i dun hear pple saying they wanna be an investment banker or be in banking as much as the last 2yrs... end of the day it was all 'Fake-Wealth'." - this is real funny. tsk tsk..
 

powder

Active Member
seems a fav amongst most... just abit too boxy for me... well keep a lookout for pple who simply wanna let go, u might find some bargains... it's a good time for bargain-hunting, doesn't mean u entirely dun spend.

last count there's like 70 2nd hand bmw 320i's in the market, cheapest around 7.5k depre a year... i'm expecting to see it hit 6.8k E-class going for 11k per yr... just wait and Offer.
 

kyotoxpress

New Member
green says: I like this quote "There're opportunities in every crisis". The challenge is how do you find these opportunities hehe.

It is true....it's right under ur nose.
 


vios

New Member
powder, like it cos' it's executively-sporty to me. Quite unlike the beng- or mod-sporty types. But as you might know, im quite cautious in outputting my resources on such luxuries... esp. in times like this. Yup,i'd always considered cars as one big form of luxuries including my current one.

but the heart thinks otherwise. Haha...
 

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