...dreamer,.. Thank you and you are right about the 3 points,... will give it some thought.

As for the transferring of money, well,... my strategy is slightly different : I intend to migrate there first at this moment, fnd a job there and start building-up my residency in the country-of-choice to earn my Citizenship. Then when my children grow up, I'll be able to enrol them into the U's and the tuition fees will be much cheaper compared to a foreign student's.

I assumed not many parents take this step, guessed I'm a contrarian in this respect,...

i strongly recommend u to refinance ur existing housing loan and get a flexi-mortgage (what i mean in this flexi mortgage is whatever amount u put extra will reduce interest payment, yet can withdraw anytime). Since FD u will only earn at max 2.5% while paying ur housing loan interest of BLR+1.00? or BLR-2.5%, you will still have to pay at least 0.5% more (BLR-2.5% - FD rate of 2.5%). at least same you few thousand bucks in a year!

Lawyer1,

<<I intend to migrate there first at this moment, fnd a job there and start building-up my residency>>

Why?? You are WEALTHY enough.

A) For most country, you can invest / move enough money to qualify for residency.

B) You have ENOUGH MONEY that tuition is not issue for you anyhow.

C) How realistic is that you can find a DECENT JOB oversea?? It is SAFER and MORE LIKELY that you invest and retire over there.

Dreamer

Dreamer, u r sending a very wrong message here, by encouraging people to channel out their money to overseas as much as they can, i really wonder if u r a true malaysian? if u hate the government and malaysia, why r u still living in this country? form your previous posts i guess u r very loaded and can live in other country comfortably.

You are sending the signal that we are going to have a World war III malaysian version, holding asset and cash in this country is unsafe and better run as quickly as possible to overseas and everybody if they can channel out all the money it will be better. DOn't you think your opinion is bias to those who still love this country and not rich enough to migrate to other country? Many ppl are still cant afford to pay their monthly utility bills, not to think about channel out their wealth out of the country......

cheahcw2003,

1) A TRUE Malaysian HATE what the government done and still doing to the country. So, are you a TRUE Malaysian?? Or, a government supporter??

2) Anybody that is WEALTHY enough should PROTECT their wealth from being destroyed any single country.

Dreamer

This post has been edited by dreamer101: Sep 24 2009, 07:27 AM

guys, any comments of my monthly usage and savings?

CrossFirE,

Gross income means salary/income before EPF and TAX and so on.

So, your GROSS INCOME is 2.4K. To survive, you need to save at least 10% to 15%. 15% = RM360 per month.

If you can consistently save RM700 per month, you can do better than only survive.

But, first thing that you need to do is to

A) Save 3 to 6 months of emergency fund.

B) Study and learn about investment before investing.

The second thing is to figure out how to go to the next level. Making 5K to 10K per month.

Dreamer

Hi there,

I am new at calculating my networth. So here goes. Advice appreciated.

I only have 1 source of income at the moment:
Income: Average 6.5k after tax/epf
Expenditure (per mth):
Rental + Utilities = 400
Meals = 600
Family = 1100
Car = 500

Assets:
House = 0
FD Emergency Money = 20k
FD Short term (waiting to put into investment) = 18k
Cash at hand = 5k (not inc some other cash notes I used to travel overseas)

Liability:
Car loan outstanding = 11k (inc all interest)
PTPTN outstanding = 24k (paying minimal rate at the moment)

I just graduated late last year and have a good 30 years in front of me. Any businessman love to share knowledge with this young man?

kaiserwulf,

Your net worth is asset - liability = (20K + 18K + 5K) - (11K + 24K) = 43K - 35K = 8K

Dreamer

for example, if i can save around RM 700 or RM 500 at least. i can use the additional money to buy things? as you said have to save at least 15%?

Then when I buy house....

So everyone is indebted to the banks la. No wonder some bankers I know is so rich.

Everywhere else is the SAME. Which country has NO corruption?

kaiserwulf,

<<So everyone is indebted to the banks >>

Not true. There are TWO KINDS of people.

A) Those people that pays to the bank

B) Those people that bank pays them

I own bank. I make money from bank. I am not indebted to bank.

It is YOUR CHOICE to be in (A) or (B).

Dreamer

---

Added on September 24, 2009, 11:10 amconstant,

So, you have NO PROBLEM if Malaysia sink to the level of Indonesia and Malaysians have to migrate to oversea just to find a job??

Dreamer

This post has been edited by dreamer101: Sep 24 2009, 11:11 AM

how you own the bank?

Dreamer,... thank you again.

As for your replies on A) above, I have done some calculations,... yes, could be just enough,... but I will need to leave the money with the Gov't in question, for which I will lose out on the interest income,...

As for B), well,... if we can save on the tuition fees, why not, right ? Why spend if we can save, thus, though I'd earn myself a Citizevship to save on this. Is this a good move ?

As for C), I know it won't be easy (given my age), but if I make it, there will be many advantages, among which are my childrens' tuition fees and living expenses there will be cheaper in future, I will have a new life, I will be able to "escape" from Malaysia, etc, etc,..... It sort of ties in to my own aspirations too.

Anyway, I will have passive income from Malaysia to cover me when I moved over initially, and when I am still in the midst of building my life there. That's why I always emphasise on passive income, 'cos this is the element that will act as my insurance, no the active income. Sure, my company will still be running even though I am not physically in Malaysia, but I'm sure there will be slowdown.

I know of many people from India, China, etc who moved overseas without proper financial backup, and when they couldn't find a job there or couldn't find the job they wanted at the other side, they had to give up and return to their home country. In the same process, they had to give-up on fulfilling their PR conditions,.....

If a migrant has enough financial backup, then I am sure sooner or later, he will get a good job to sustain himself, and finally the family that he will be bringing along,.....

The above would be my opinions,......

Hmmm, I am still waiting for a reply from Geekin,... Thanks again to those who have replied,... you can PM me too if you have any matters.

Malaysia taxation system is based on income derived within the territory of Malaysia.

If you are a non tax resident and you spend less than 60days in Malaysia, the income derived within Malaysia is not considered as income, hence not taxable.

If you are a tax resident and the income derived outside the territory of Malaysia, the income is considered as remittance, hence not taxable. But then you would have been taxed in the corresponding country, hence it is not an gain per se. It is just to avoid double taxation.

I good scenario perhaps if you receive your income from tax free country (Bermudas, Cayman Island anyone) and remit them to Malaysia. Then maybe you will be able to avoid tax.

Xuzen

Buy the bank shares

To all,

i don't think that saving is the best way.
instead of saving why not earning more money.
to me earning is much easier than saving.
try to earn more by doing part time.
eg. business, investment and so on.
i'm currently doing a investment and doing quite well.

Dare to dream everyone.
When your dream is big then you will look all the matters are very small.

Dreaming alone is not enought, make sure it comes with plans and action.

What is your retirement plan if you're not saving?