When Singapore first became independent in 1965, our country had almost nothing – meager finances, no land space, supply shortage.
The country was not expected to survive.
Let alone succeed.
Over the years, Singapore has instead transformed itself into a developed country – one that is well recognised within Asia.
3 Financial Lessons We Can Learn From Our Nation’s Success
While many think that being rich is only possible if you are rich in the first place.
Singapore’s success is definitely THE example to prove them wrong.
Our nation’s gross domestic product (GDP) per capita has soared from just US$517 (S$697) in 1965 to US$65,233 (S$89,929) in 2019.
I have narrowed down 3 key reasons that led to Singapore’s success.
All of which we can all draw lessons from and apply them to our own personal finances.
1. Globalisation → Diversification of Income
As of 1965, there was a huge lack of infrastructure, sanitation needs, water supply, and most importantly, a lack of natural resources.