Whenever I conducted a seminar, this interesting trend always happen. Whenever I ask them how much the interest rates of the banks giving them, they always are dumbfounded. Most Singaporeans were forced to open a bank account when we were in our primary school, and out of convenience, some people really just continue to leave their monies there.
And it’s because their parents told them to save money in the banks and they will be rich. Take a look at the interest rates at that time and you will realize it is true! An interest of 7-8% in 1983-1984 is a lot! But take a look at now,2013 with interest rates of 0.05%! Down from 2012 at 0.125% within a year.
This means you put $1000 and at the end, you get $1000.50. Yes, you are right, that…
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