Money Not Enough, as usual

"George Tan is married with two children (3 and 4 years old). He and his spouse earn $50,000 per annum in year 2007. They have $10,000 in their bank account and $30,000 in their Central Provident Fund.

The assignment requires course students to work out a 5-year Personal Financial Plan (PFP) for the Tan's family, assuming that their household earning remain unchanged for the next five years."

The above is a brief portion of an assignment that my students are supposed to work on in the last couple of weeks.

A student gave me this interesting comment in last week's class. He said, "The family of 4 would find it hard to survive with $50,000 annual income."

So I responded in my usual practical self, "Before you get married, you better ask how much is your the other half is earning."

And after today's headline of of less-than-30-somethings who are earning alot but saving nothing, you better check whether he/she is in debt...