This is just a broad brush estimate on how much it would cost an average Sinkie to live here from birth to death, or the sum of money he needs to earn and to pay for the privilege of living in Sin City. It will only consider a few basic factors without going into nitty gritties of living.
For the first 25 years, it could range from $500k to a million to grow a child to an adult. The same amount would be needed from 65 to 80 or more during the golden years. These two phases of life will cost between $1m to $2m for each person.
For the duration of 25 years to 65, the working life, it will need something like $2.5m to $4.5m. At $1k pm for personal expenses, this will work out to about $500k for 40 years. Add in two children will be an additional $1m to $2m. The flat will cost between $500k to $1.5m. A car, at $100k per car for 10 years, it will cost $400k for 40 years.
Just using these simplified numbers, an average Sinkie will need $3.5m to $6.5m to survive in Sin for a period of 85 years. And assuming that the cost for the first 25 years is paid by the parents, it is still between $3m to $6m to get by. And where is the money coming from?
A Sinkie must make this sum in his 40 years of economically active life. This works out to be about $5k to $10k pm, using the minimum and maximum estimates. Any Sinkie earning less than $5k pm is likely to struggle all the way to survive, ceteris paribus.
Can you afford to live in Sin?
Chua Chin Leng AKA redbean
*The writer blogs at http://mysingaporenews.blogspot.com/