Penelope Trunk posted a list of tips for career management in hard times on her blog earlier this week. I think her tip on specializing is especially true. If you're really good at something, and that something is rare, you're going to be in demand. It's the universal law of scarcity value.
So what's scarcity value? It's an economic factor that allows an item to be priced well above it's actual cost. E.g., the current real estate situation in Singapore. It takes a whole lot less than SGD250, 000 to build a tiny 3 bedroom flat but the lack of available housing and the en bloc craze has pushed prices above what one would consider to be normal. It's a great time to be selling off your investment properties but if you've been saving for a few years to finally buy a place of your own, well, I hope for your sake that you've got an exit plan and take comfort in knowing that the prices seem to have leveled off.
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