soul2soul,
Why not venture into property rental? You definitely hv enough bullet to start.

i have the same thinking, if RM550K property is too expensive for u then u can seek more affordable property, with your income and saving, i do not think u do not have any problems to buy property around RM250k-300K, instead of paying rental, u can start owning a house and pay monthly instalment. Bank interest rate is still low, cheaper to borrow now.

soul2soul,

<<I think I need to earn at least 15-20K a month to afford a 550K home.>>

1) It is a HOUSE. It is NOT a home..

2) There are people that earn 15 to 20K per month. But, they do not spend 550K on the house.

Why spend so much money on a house??

3) A person can do things and live a better life with all those money save from buying an expensive house.

Dreamer

You mean buying a 280K property, and take loan for 150K, rent it out to a tenant for 1.5K a month....

Thought about it, but I heard the yield sucks too, and the value of the property may drop as the apartment ages..

............. live within your financial means.....

actually if i were to have 15k per month income, i would be keeping at least 10k per month saving and then 1 year i have 120k...

and just struggle for 10 years...i have 1.2 million......

then i would have retired and get my 1.2 million to work hard for me....


so ppl... who struggle to commit too many things like house loan, car loan and even worst...is the credit card loans.... are like slave who work for others.....

so spend wisely........ and live within your financial means...

i heard someone said.. this .... earn like an engineers live like a technician..... Note: i am not mean that technician earning are lousy..but what i want to say..don;t simply spend all your cash....

i have friends..they just blindly chasing big cars, big houses, luxury items jewelery, branded watches...etc

Proper management I would say, but if I were to have 15K a month, the temptations to splurge on things that you would like to have or own is hard to resist..

Like my friend used to rant, if only he can earn 5K a month, well after having 5K, probably he will hope for more, as he is used to spend like 70%-80% of his income on car loans, credit card payments etc etc...

Er.. if you want to make your decisions based on what you heard, then you're not ready for this .

Do your own research

I was having a conversation with my colleagues after work. Most of them are fresh graduates on their first job.

We were discussing how much can we save with a salary of RM1.3k.

I was shocked when most of them were suffering a deficit about RM200-RM400. Some even resorted to ask additional money from their parents.

Worst of all, most of them were locals of the state and were staying with their parents.

How could I from another state who had to pay for rental and surviving with the salary paid be able to save at least RM300 a month?

Geez, these people spent too much unnecessarily.

Different people different needs. Anyway, that is call no financial management + discipline.

damn KL life. but salary of rm1.3k really..... hard to save la. cant blame them oso. you are saying KL or???

I think all of us must have some liquid money in the saving account.

Don't put all at FD, stock market and other instruments.

You must have at least one month salary in your saving account, who knows, you need the money urgently.

Never borrow from credit card and spend based on your ability.

Don't buy honda city if you are not rich, it can cost up to RM1500 a month minimum.

For me FD is still considered as liquid as I can withdraw it anytime in case of emergency.
I prefer to keep my savings low.

That was what I thought, but withdrawing will lose your interest.

I should put small FDs..

This is what keeping me from withdrawing FD unless really necessary.

FDs... would that be the best general investment deals option available??

i jus feel that FD are way off losing to inflation. reported yearly inflation - 4-5%
in real life, based on the pass 10years. bout 7%

FD yields 2-2.5% yearly. and we are still losing at about 2-5% money value p.a on inflation

he's talking DEFICIT ler.

when i started work, i get RM 1.2k only also can save $$$ ler.

This is call weak-mindedness. "Used to spend" is merely an excuse



These are called leeches. They have NO DIGNITY and would leech money off their parents just to fuel their own ego. You are at the right track while they are not. Stay on course



This is not about needs anymore. This is spending up until DEFICIT. This is called PARASITISM



More excuses. There are so many more that earn less than 1.3k in KL.



Rich people DO NOT buy Honda City.



You would never earn any interest anyway if you had kept in your savings.

what do you mean by rich people do not buy Honda City.

They buy Merz? Benz? Ferarri?

SO those buying Honda City is average?

depends on nature of job oso = ="
sit whole day inside the office or works that doest require much traveling then can save lo.

i'm not saying 1.2k or 1.3k cannot save.
if live outside alone, not with family.

room + bills (assume share room) rm200. left rm1k
expenses 3 meals a day rm600. (roughly rm20 a day)
hmm... what else?

i rmb last time when i studying at kl, my parents onli give me rm600 (include rent ady). gg-ed
had to do parttime to cover. then still manage to save a bit

i remember when I stay in Penang, I only need rm300 for food..