Almost half don't have enough savings for an emergency.

The Straits Times has an article titled "Close to half of Singaporeans don't have enough savings to tide through an emergency."

Although I know that there are people who do not believe in having an emergency fund and although I know that many do not have an emergency fund or a big enough emergency fund, this is still pretty mind boggling.

If the article is true, one in two Singaporeans are at risk of crashing hard financially in an emergency.

I know there are some "investment gurus" who tell people that there is no need for an emergency fund and that we can always borrow money from the banks.

I think these "gurus" are simply evil.

They shouldn't going around peddling such dangerous ideas which might work for them but not for ordinary people.

They should know that everyone's circumstances are different or maybe they know but they simply don't care.

Why do I say that?

Banks are fair weather friends.

Banks would lend money to people who already have money.

When we are really in distress and have nothing of value, try borrowing money from the banks and see what they say.

When we really need to borrow money, we are probably scrapping the bottom of the barrel.

There is most probably nothing left but despair which is worth nothing.

These "gurus" peddling such ideas could be financially well off and could easily borrow money from the banks (but I don't see why they would since they probably make so much money from selling their courses already.)

If their students are in distress and if no one is going to lend them money, will these "gurus" step in to help?

Seriously, no one cares about our money more than we do.

We genuinely care about our financial health or at least we should care.

No one else does.

What about AK?

Does AK care?

Today's weather is quite good hor?

Things might look OK now in Singapore but there is no way of knowing how long this will last.

Things could take a turn for the worse and it could happen quite quickly.

Don't be overly optimistic.

Having an emergency fund is not being overly pessimistic.

Having an emergency fund and an adequate one is being pragmatic.

For new readers of my blog and for readers who need a refresher, read these:

1. Compared to anger and fear, shame is worse.

2. How to have peace of mind as investors?

3. How much to have in our emergency fund?

Gambatte!

Recently published:
Singapore Savings Bond: Fully allotted.