THURSDAY OCTOBER 9, 2008 TODAY
GILBERT GOH KEOW WAH
WHAT can we do to handle the current eco-
nomic crisis?
This financial storm will pass us by, but
the important thing is to hang in there. This
is what I try to live by
1 Try not to delve too much into what is being
published. Read just enough to stay abreast
of what is happening round the world. Read
motivational books rather than the negative
news to stay on top of the situation.
2 Stay positive always. Remember that as in
previous financial catastrophes, banks and
corporations have a way of bouncing back.
The same will happen for our economy: Be
patient
3 Stay lean. Cut back on unnecessary expendi-
ture. But if you smell a bargain and if you need
it, why not make the purchase? In good times,
the same dollar may not get you the same
product. Shop smartly for good deals.
4 If you are out of work, focus on getting back
into employment. Register with the Commu-
nity Development Council (CDC) employment
arm nearest you - there are five such CDCs
spread round Singapore. They also provide
financial assistance for a limited period if
you qualify.
5 If you are being hounded by banks for
repayment of mortgage or credit loans, stay
steady and face up to the credit officers.
It is best to arrange for a meeting to explain
your financial situation. Most banks are sympa-
thetic and will even arrange for the interest less
the principal to be paid over a limited period
before the situation improves for you.
The worst thing to do is to "hide" from
them. Once a lawyer's letter is issued, the banks
may not be so willing to negotiate then.
6 Network more, especially in these lean
times. I managed to find employment after 911
through networking with a long lost friend.
Even though it was part time work, at least
I had income coming in and I got my self es-
teem back. With that experience, I found full
time employment with another company six
months later.
7 Stay fit. The body is wired to the brain and
vice versa. Those who handle downtime bet-
ter are those who manage their physical and
psychological health well. When we feel good
about ourselves, we will approach a crisis
better prepared. It's time to take out those
running shoes again!
The writer was unemployed for two years from
2001 and writes this from personal experience.
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