But if that’s true, why aren’t you and I whipping out our money shooters to make they rain every time we go out for bubble tea with all the toppings?
Well, the likely reason for this saddest of disconnects is because rather than being cash-rich, most Singaporeans are asset-rich. That means that instead of having loads of cash sitting around in the bank, most of our wealth is tied up in assets, most likely property.
So what happens if you, say, need cash for your retirement, but all you have is the condo you’re staying in? You’d have no choice but to sell it, right? Because otherwise you can’t convert your private unit into cash.
Or can you?