Date: 23 October 2021
This article https://www.scmp.com/comment/opinion/asia/article/3152898/how-singapores-zombie-stock-exchange-undermining-its-financial serves an important lessons we can learn.
Globalization and the widespread use of the digitalization means there is no difference to trade outside of the country of residence. In the past, people trade local stocks due to familiarity. However, these days, people have become less familiar with local stocks especially those in the sunset industries.
Generally Singaporean grew up in the strawberry generation which prefer the comfort zone instead of venturing into entrepreneurship. Our local companies have also become strawberry and fell into complacency. It’s no surprise our Singapore stock exchange has become zombie – a reflection of the local entrepreneurship situation.
The strawberry ? generation I’m referring are now in their 50s. I’ve seen many people in their 50s who lost their jobs. What was surprising to me is that they knew their experience and know-how were getting obsolete many years earlier. Yet they didn’t do anything to upgrade themselves to prepare to change to another industry.
While I can do investment planning and grow wealth, there is nothing I can do if my clients are complacent in their job because wealth accumulation purely relies on having an active income.
I personally spent at least $10,000 ?a year in upgrading. Although I’m in the finance industry for 15 years, the things I did 15 years ago were totally not the same today partly because of the industry changes and partly because I learn better ways of doing things that benefits my clients.
The only constant is change.
How much are you investing in yourself in self improvement?
The preference to stay within your comfort zone is a mental illness. It can become a zombie just like SGX.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
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