Ask yourself the question?
WHO can replace my duty to provide money/income should I disappear tomorrow?
WHAT would be my family lifestlye when there is no source of income flowing in?
WILL it cost my children to stop schooling during my absence?
WHERE can my widow find additional income to support the family?
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Assuming that there existed a kind of machine that can produce money monthly/ yearly for you in your absence in due future , how much are you willing to pay for the maintenence today?
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Friday, September 30, 2011
Cost Of Living
Years of Living /Cost Per Year/ Total Amount Required
19------------- RM30,000------------- RM570,000
19------------- RM48,000------------- RM912,000
19------------- RM60,000------------- RM1,140,000
The above was assumed as when you retired at age 60 and lived for 19 years, the amount required for yearly usage.
First one was for RM2,500 per month which was the most economical, while the second was based on monthly of RM4,000 per month and third RM5,000 per month.
Bear in mind, that the cost of living today cost RM 1,800 may cost twice or thrice 10 years down the road.
Do you think your savings is sufficient to cushion this impact ( inflation) ?
This is only the daily cost for food, shelter, clothing and utilities NOT inclusive of medical expenses.
19------------- RM30,000------------- RM570,000
19------------- RM48,000------------- RM912,000
19------------- RM60,000------------- RM1,140,000
The above was assumed as when you retired at age 60 and lived for 19 years, the amount required for yearly usage.
First one was for RM2,500 per month which was the most economical, while the second was based on monthly of RM4,000 per month and third RM5,000 per month.
Bear in mind, that the cost of living today cost RM 1,800 may cost twice or thrice 10 years down the road.
Do you think your savings is sufficient to cushion this impact ( inflation) ?
This is only the daily cost for food, shelter, clothing and utilities NOT inclusive of medical expenses.
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