$600,000 for the NKF CEO T T Durai? We should organise a robbery on him. J/k..back to the topic.
My simple theorycraft with respect to a single person.Based on my calculations of an average Singaporeans' that earn an average of $2000/mth, it takes 300 months=25 years to earn that amount of money. Assuming u save at least $1000/mth,u take 50 years by then. By the time u are already in your 70++.
For those earning above the average pay,lets say $5000/mth. It takes 120mths=10yrs to earn this amount and 20 years to have this figure in your bank account. At the age of 40++ u have this amount,good for u.Can start to prepare for a luxurious post mortem working life.
BUT WAKE UP YOUR IDEA,u think its possible to save $2.5k/mth? Daily expenses,petrol,monthly home & car installments,entertainment,insurance,PUB,HP bills,supporting parents, will mount to a bill of at least $3k+ monthly.
How how how? Many Singaporeans are trying to meet their ends meet and hardly have much savings in their bank account. I am very disappointed with the comment from Mrs Goh,$600,000 is peanuts. Fantastic i should say. I can buy a WRX + a condo with some spare cash. Comment is given without thoughts bout the norm of Singaporeans conditions.
$600,000? Only if u are a $5k-er monthly and a hardcore saver.