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I attended a talk today. One that really shocked me greatly about Singaporean life...
Let's just assume that you're 21, working till 62 years old...that's 41 years. In that 41 years your monthly salary is $4000.
That's $1,986,000 earned.
Now let's think life expenses. The things Singaporeans can't live without.
House (HDB 4-room flat) : $550,000
Renovations : $70.000
Car (2 considering after 10 years normally your car needs to be replaced) : $220,000 to buy 2 average cars
Wedding plus Honeymoon : $70,000
Children's Education (Assuming 2 kids) : $140,000
Now that's $1,050,000 in total.
So now if you calculate the amount of money after those expenses : $918,000.
That's about $1865 per month... Assuming you live till 62 years old (41 years of being alive)
In a month you'll spend
Phone bill : $100
Petrol : $300
Food : $600 ($20 per day for 30 days)
That leaves you with $865 to do what ever you want.
But please I won't die when I'm 62. I'll probably live till 75-80?
That's about $1400 per month if I live till 75? So $400 extra?
Please I didn't include taxes, COEs, housing utilities, medical expenses, children falling sick etc. etc. etc.
Nor did I include future inflation.
And who has a job that has a starting salary of $4000? Or be assured that they'll always have a job.
Singaporeans will always be in a cycle of debt. Scary isn't it?
Now I have another reason to get married and take my wife out of this hell hole.