Age 22 with such business mind. Impressive and thumbs up

Yes, I guess some of them are at the top 5% class of the good earning people.

Earning RM500K annually is the moderate size company director's salary.

They must be good in financial planning than us, can be our gurus here.

I am not at the top nor the bottom, I believe I am at the middle.

For me, spend great efforts to maintain debt free, having a little spare money is great enough.

I guess money does not bring everything, if you don't know how to use it towards the target of your life. (you are not supposed to stuck at house with these much of money rite?)

Most people here earn 2-7k, not seeing any easy way to go beyond this range.

looking around, i realized i am quite small fry only comparing to others..... still have to find way to be wiser in terms of financial planning. as you can see, too much locked in FD for several reasons.

one, iam not quite sure how to use them for investment. i m very bad at investment.
secondly, i might be buying a new house or upgrade my house. maybe want to get married and buy a new car too....

so... i am so stuck.

It will be near impossible for a common worker in their 20's to earn so high in Bolehland. Our salary are kept low for some reason.

However, many of my classmates who worked in SG , US or UK are earning modest six figure salary (after currency conversion) even at junior level management.

So my advise is, to earn high salary... go outside M'sia.

Xuzen

Totally agree. No many salaried worker can earn high in Malaysia. The only way to earn high is to be creative and do your own business. However, high income = high risk.

Oversea is always the best. Learn more and earn more.

(Note to self: Why did I come back to M'sia?)

My closed relative worked in Hong Kong for the last 20 years and came back to Malaysia few years ago for retirement. Overseas is good for exposure for salary earners, Malaysia on the other hand, is good to live as the living cost is lower, and people here more lay back and environment more relax, property is comparatively cheaper too.

Hah.. yeah young people these days have so much $$. When I was 22 and just started work, my net worth was negative

Assets
Amanah Sahams - RM2k
Cash in bank - RM3k

Liabilities - RM55k student loan

Income: RM2k/month before tax, EPF and loan repayment. After all those... net income RM560/month
Car: 10 year old car (borrowed from father) but have to pay for all maintenance cost.

That time I seriously regretted giving up a USD35k/annum job in the US to come back and work in KL. But in hindsight it was probably a good thing I came back to work and gain much experience here.. Took advantage of the job to learn a lot about running a business (from my big boss), and used that experience to improve my lot.

Impressive... even a student earning more than a manager, his future muz b pretty bright.

guys this my net worth

Age : 24
job : System Engineer
status : single but got GF

Asset(s):

ShopHouse- 1 Unit ( still owe bank rm 180K) RM 270K
Single Storey House ( owe bank rm 45k) RM 70K

12 years old proton saga ( fully paid to bank)
Mondenas Kriss 110 motorbike

Insurance

not sure ( i dont think i have any insurance)

liabilities

PTPTN loan - RM 10k guess - paying minimum now
credit card - 4K out of 10K for my gold card

investment

currently no at all

cash in hand - 3K (very low) sigh~

both of my propertys is now on rental so i managed to pay bank using the rental money


guys i need advise on insurance and the investment.

This post has been edited by crash_makers: Nov 21 2009, 03:39 PM

Off the cuff, I would say total up all your liabilities (debts). Then make sure you have equivalent assets or estate to match it. If you have inadequate, buy life insurance to cover the difference. If you do not do that and if you die, your assets will be forcefully liquidated by the court and be used to pay your debtors leaving nothing to your next of kin.

Xuzen



This post has been edited by xuzen: Nov 21 2009, 11:47 PM

Yea, tat the basic and important bout medical card.. DId u think about Critical Illness Strike? Medical card only cover for ur hospitalization fees, How bout ur living fees?

is there any good life insurance policy? mind to share? thanks

you asked the wrong question, u shd check the title b4 replying it

haha my bad

will look in other thread

with a new property and a home loan coming in, i think in general, i have a negative net worth; probably when i die, only it will turn positive (from insurance monies)

Buying property in a good location is the way to go, IMHO



This post has been edited by Moolah: Jan 13 2010, 07:05 AM

Please post according to this format if possible!
Would like to benchmark my current financial status.

I will start with mine.

Age: 26
Managed Savings to date: RM80000+-
Job: Mechanical Engineer
Field: Utilities
Salary Range: RM3000+-
Years Working: 2.5 Years
Part time: Online selling
Investments: Shares, FD, Loans
Liabilities: None
Properties Owned: None
Vehicles Owned: Proton Iswara A/B (Fully paid)
Future Plans: None atm
Planned ways to maximise weath: None atm

THANK YOU! FEEL FREE TO POST YOUR COMMENTS ETC...

This post has been edited by stupidbump: Jan 15 2010, 03:04 PM

Age: 22
Managed Savings to date: RM30000+- and still accumulating
Job: Student (3rd yr LLB grad)
Field: Legal?
Monthly Allowance: RM1000
Years Working: 1 Year
Part time: IT trading
Investments: Unit trust, properties(small2 wan, join ventures with others).... will soon join forex trading
Liabilities: None
Properties Owned: None
Vehicles Owned: toyota camry (parents' gift)
Future Plans: having 1mil net worth by age of 30
Planned ways to maximise weath: will focus more on properties investment

This post has been edited by Nidz: Jan 15 2010, 03:08 PM

wao...22 driving a camry from parents is not bad...at 22 i only had RM5000 savings...zzz

How you started with your online business? Mind to share?