Can You Afford Your Favourite Prawn Mee in 20 Years?

Prawn NoodleMany Singaporeans enjoy a hot bowl of delicious prawn noodles, I know because I see long queues at prawn noodle stores everywhere I go.  With gravy soup or dry, you name it we have it in Singapore. What does financial planning got to do with prawn noodles? The prices keep going up!!!

20 years ago a bowl of prawn noodles cost $1.50, now the cheapest I can find costs $3… so 20 years from now it will probably cost $6. Nowadays a bowl easily costs $4 to $5 and even $10 for large prawns in your bowl. If you are a die hard prawn noodle fan you will pay for it even if it cost $20 a bowl.

During the festive seasons, prices of raw prawns skyrocket to $40/kg or more from the usual $12 to $15/kg so I won’t be surprised to pay $20 for a bowl of delicious prawn noodles.

What I am talking about is PRICE INFLATION of goods in Singapore. Everything will cost more in 20 years. Even a 4 room HDB flat costs $320,000 or more compared to $160,000 20 years ago… That’s doubling in 20 years. That’s inflation compounding at 3.6% p.a.

Can you afford the same lifestyle in 20 years? Can you afford the same bowl of prawn noodles after you retired? What plans have you made to ensure that you will succeed in your retirement planning? Are you sure you will definitely achieve your financial goals at age 65?

Even if you meet the CPF Life sum of $139,000 you will only receive $868 to $948 a month for the rest of your life from age 65. Do you really think this amount will help you live comfortably? Will you be dependent on your children, that’s if you have children? Many couples choose to be childless nowadays. Enjoy now, worry later… how sad.

One day, you WILL have to retire. That’s 100%. Even if you want to continue working, who will employ you at age 65? Any employer will prefer a younger adult with less salary than an older employee with a much higher salary. That’s the reality of life here. So don’t take for granted that your job is here to stay. One day, even your company will move to other countries to lower their operating costs.

Still want to eat your delicious bowl of prawn noodles?

Wake up and start saving wisely. You have to talk to a professional financial adviser who will guide you and help you achieve financial success at age 65. Don’t take any chances by leaving all your money in the bank earning less than 1% p.a. compared to the inflation rate of 3.6% p.a.  Your money will rot away its financial strength in the bank!

Contact an independent financial adviser representative now! You can also call me at 90011082 for a appointment next week. I have three slots left, first come first served. Sorry I don’t work on weekends.

 

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