Ladies and Gentlemen, member of the press,

I am new here
May I ask you all the following questions. As LYN has very vast pool ppl from all kind of backgrounds, so this is going to be a good pool of
information sharing.

I want to learn if my existing financial status and net worth is healty, lousy, etc.

So I want to share my info and hope you can share your info too. Please follow the format. At the end of the sharing, you can add your comment/advice.


Age: 28
Occupation: Service Engineer
Marital Status: Not Married but got gf.


Asset(s):

House (2 stories)-
RM220k Outstanding Loan: RM 98k 15 years more

Car (Japanese car)-
Market Value: RM 60k Outstanding Loan RM 45k 4 years more


Liability (ies):
Study loan: RM115k -borrowed from my uncle and he say when he need money will ask from me, any moment(cash)!
Parents, sorry ah pa and ah ma to call you all liability

Insurance:
Life: RM20k

Investment:
Bond: RM20k
FD: RM 220k

Cash in hand
RM10k

Seems like you got a lot of money in FD. Other than that, seems normal life of being laden with debts just as the banks have planned all along.

Age: 28
Occupation: Shop Assistant
Marital Status: Not Married but no gf.

Asset(s):N/A

Study loan: N/A, parents pay.

Insurance: Medical Card

Investment:
FD: RM 7k

Cash in Bank - RM35K
Cash in Hand - RM1.2k

Age: Unknown
Occupation: Electronic Engineer Associates
Marital Status: Single and no GF


Asset(s):

Control property - 4, market value RM490k.
Bank owe me RM10k
Undisclosed amount of silver


Liability (ies):
Loan 380.4k (4 X property) for 30 year
Owe mom RM14k

Insurance:
Life: S$1200 pa

Cash
RM28k

Date as of today.

wow what type of service engineer so rich 1?

Interesting...young man/woman working in Singpore... why cannot reveal your age?

Your house and car should be filed under liability, unless you are earning rental from your house.
Your total liability i counted (68K+45K+115K=258K)
Your asset is at 250K, (unless you're dead, then add 20k lol) plus value of house at 220K, so you have 490K. Networth at 232k?

Not sure if this is the correct way to count though.

IMHO, its highly commendable

If you have 220k in FD why not pay back your loans to save on the interest? The miserly interest from FD won't be more than the interest you're incurring from the loans.

My exect sentiment..... or use big part of the $$$ to invest in higher yield vehicles. But the most logical move is to clear your existing liabilities 1st

(1) He has over 100k worth of study loans that MIGHT be collected so he has to prepare for that?

(2) He prefers to have some cash in hand for emergency and possible investments?

(3) Marriage provision

incredible. you are future tycoon.

1. assuming the house when u initial purchased is 220k, outstanding loan 98k, so
220k-90k = 130k DOWNPAYMENT.

2. BOND = 20K

3. FD = 220K

4. CASH = 10K

TOTAL = 130K + 20K + 220K + 10K = 380K

You 28, service engineer, assume u graduated at 23(the earliest), working experience = 5 years.

RM 380,000/60 MONTHS = RM 6333

RM 6333 excluding all your expenses.

this is very healthy, but, i think it is bullshit more than anything.

Maybe he inherited some of the cash. But I would definitely use the cash to pay of the debt. No use keeping so much in FD if the interest you get is lower than the interest you pay. Keep 6 months as emergency (about 36K) and the rest pay down debt, even your uncles "cash on call" debt

Suspect you purchased your house 5 yrs ago, now should be about to exit lock in period.
Refinance your current house with flexi loan, then put your FD under your flexi loan to knock off the interest, ONLY IF they new loan rate is HIGHER than your FD rate. I would say, if your FD locked in ages ago, there may be slim chance FD rate higher than new loan rate.

Another one would be, pay off your car loan first before your house loan, because the interest rate for car loan is generally always higher than house loan. go for early settlement and ask them to calculate how much u need to pay back. (even without the FD, may unlocking equity in house to pay off car loan, to save on interest component, if u have no intention to use the equity for other purpose.)

Full flexi loan also allows your to draw down anytime to repay your uncle on cash call.

very healthy net worth position for a 28yo. Next big spending to consider is wedding. But seriously, if you are the risk taking type, consider to have higher return investment, still young and can afford to be dangerous.

If risk averse, consider to repay debts only if the cost of the credit is very expensive, e.g. credit card, personal loan, else usually property investor will say borrow as much as you can, wisely.

If you own 3 houses in Subang, the market value will 1 million plus...

This post has been edited by arsenal: Sep 11 2009, 01:08 PM

pls, the world is bigger than u think, i have engineer friend who bought 300K house within 3yrs of working with CASH, 2nd house in another 2yrs later. another friend may not be that capable but owning 3houses with loan but more in FD/share.

for TS case, we do not know whether he was working part time b4 and for the past 5yrs if u invested well from 2004-2007, u might have make a sum from stocks, probably he cash out n put in FD. that was just my assumption based my friends' experience.

afterall, if TS keep his expenses low, he doesn't have to earn 10K/m to get wat he has now.

Very rich friends you have there 36 months of saving and investing coming out with 300K

me 27 yo

financially fit for now !

I assume u know O&G engineer can make alot of money if u r very very hardworking...

@santaclaus,
do respect here is not Kopitiam.
U can always ask for clarification on 20K for insurance, in this case, I assume is policy value. it was not mentioned under liabilities.

This post has been edited by yewkhuay: Sep 11 2009, 06:05 PM

Rich parents kuah..... lets get real in M'sia nobody makes RM300k during their 1st 3 yrs of working (put things in perspective - the starting pay of an engineer is RM3k)