Well, there could be naive people who think it is a good time to upgrade to a GCB in a crisis, thinking they will still be in a job only to realise that they got retrenched immediately after they bought their GCB. How like that? Sure go bankrupt.
My advice is if you want to upgrade to a GCB, you should pay it in full cash eg. $10m rather than taking a mortgage and relying on salary to service the mortgage. If you don't have the $10m cash, then just buy a cheaper property costing say only $6m. This should be more affordable. So, even if you lose your job, you still have a paid up home.
Most important lesson is to own your home outright with no mortgage.
Quote:
Originally Posted by Unregistered
You will have to ascertain your situation properly before committing to any big investment both in good times and in bad. In bad times, you will have be to extra careful. You may want to take small bites of investment within your comfort level.
To totally close yourself out from investment during a crisis is to miss out on good opportunities.
Once the current crisis blows over, you will again start to hear stories of people making it big reaping the rewards of picking good bargains when others are cowering in fear.
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