Wednesday, December 10, 2008

a retired teacher is fighting a case with 'one of the largest local banks' in singapore, over her request to withdraw her fixed deposit of almost $900k was denied by the bank, which the latter claimed that she doesn't have a sound mentality to make such an decision.

what interest me was not the case itself, but how a teacher managed to save almost $900k CASH in her lifetime!

lets do some simple calculations:

assuming the teacher started her career at the age of 25 and work all the way to her retirement at 60, ie 35 years in service.

$900000 / 35 years / 12 months = $2142!!

to make this calculation simple, assuming the pension and so on are given out monthly throughout the 35 years, this means that she is saving $2142/month!

wah seh!!

maybe i should regret not taking up the teaching post offered to me earlier..


*bang wall*

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