Why Passive Income is needed in Singapore?
Travellers frequently choose Southeast Asia (SEA) because of its low cost. When compared to other parts of the world, living costs like rent and food are often very low in this area. Due of this, travellers from all over the world are drawn to Southeast Asia and are given the opportunity to do so.
Singapore, on the other hand, stands out due to its greater cost of living.
The Economist Intelligence Unit (EIU) placed Singapore and New York as the most costly cities in the world in its Worldwide Cost of Living (WCOL) 2022 assessment.
The Worldwide Cost of Living (WCOL) survey from the Economist Intelligence Unit (EIU) is intended to assist human resource managers worldwide in determining cost-of-living allowances for expatriates and business travellers. As a result, it might not accurately represent Singaporeans' cost of living.
How does the government support Singaporeans in managing cost increases?
- Take care of domestic supply-side restrictions. To help moderate company cost rises and lessen the ripple effect on consumer prices, this involves regulating the supply of industrial and commercial space.
- Encourage market competition so that Singaporeans can benefit from low prices. In certain cases, this entails lowering entry barriers. To avoid significant price increases in the event of disruptions, it also includes diversifying the sources of supply, notably for food.
- Monetary policy is being tightened, with a focus on the trade-weighted exchange rate (also known as the S$NEER, or Singapore dollar nominal effective exchange rate). The Monetary Authority of Singapore (MAS) has tightened monetary policy five times since October 2021 in an effort to reduce domestic cost pressures and import inflation in order to maintain price stability over the medium run.
- Give people and companies specific help, especially low-income Singaporeans. The Government has implemented a wide range of policies to aid Singaporeans and businesses in navigating the country's high inflation and the difficult global economic climate. This includes the $500 million Jobs and Business Support Package and the $560 million Household Support Package at Budget 2022, as well as a $1.5 billion Support Package for Households and Businesses in June 2022 and a further $1.5 billion COL Support Package in October 2022, both of which will provide additional support for lower- and middle-income groups.
What self-help measures may Singaporeans take?
Adding a passive income source can help manage the rising expense of living. Many people are looking for ways to supplement their income and save savings to fall back on in case of unforeseen expenses or income loss as the cost of essential necessities like housing, healthcare, and education is growing.
The changing nature of work is another factor contributing to the surge in demand for passive income. Due to the absence of benefits and job security that traditional employment provides, the gig economy and the advent of internet platforms have made it simpler for people to launch their own enterprises, but they have also made things more unstable.
The development of technology has made it simpler for people to invest in assets that earn extra money which can generate a steady income without the need for active management.
There are many ways to get passive income, and the optimal one for a particular person will depend on their resources, abilities, and interests.
Where to start?
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