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Daily Briefing: How RMB devaluation affects Singapore; Six ways to escape the rat race
And 3 major traits of a money monk.
China is currently Singapore’s biggest export market, accounting for 14% of our export value. Therefore a devaluation vis-à-vis the Singapore dollar will make Singapore’s goods more expensive to the Chinese. To put matters into perspective, five years ago, 1 Singapore Dollar (SGD) traded as high as 5.33 Chinese Renminbi (RMB). Now 1SGD trades for 4.48 RMB. The RMB has strengthened a lot against the Singapore dollar. Read more here.
The basics of being financially-savvy is to be able to differentiate between your needs and wants, then maximise the value of your expenditure on the needs. Besides, what is the point of walking an hour to work and saving those $2 on your transport? Is the value of that one hour worth just $2? Find out more here.
This is especially true in Singapore where we are brought up to study in order to get a job, to earn money to fulfil the 5Cs. It is hard to think about pursuing your passion and not worry about money. But are we able to strike a balance; instead of tolerating a job for the sake of money, do something we like but earn a little less? Read more here.
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