Congrats. Missed your earlier epf projection

i am not worthy... this maybe 3rd time liao get compliments from you... my ego can but my heart cannot take it... hahaha

i more wise guy then wise mam... so no need accolades

made my day nevertheless... you have a good one too...

No worries, I removed it because I didn't want it to become another hooha or looked as showing off.

Basically I mentioned if I didn't get any increment and just with the continued contribution+ dividend, I'm looking at a double digit million in EPF.

Someone chimed in confirm got people say not enough to retire and sure enough, that came to fruition 😂

I also missed it, but congrats.
Just out of curiousity, the double digit million as in the redraw rate or the savings? I'm sure there are some who save more than enough to retire...in fact some can retire comfortably just redrawing from the EPF annually. It's just political noise trying to paint as though all Malaysians cannot afford to retire.

Just the savings. Basically I'll have that amount when when I reached my retirement age which is more than enough to retire.

Just a joke that someone will come and say it's not enough la, which someone will eventually say need more lol.

I’m not greedy nia. Single digit millions also can liao….

Some of these folks who say double digit millions also not enough are probably those that have very high day to day expenditures …. 10m in EPF easily get 4-500k tax free annual dividends. That’s like someone earning 60k gross a month. So those that can’t retired with that maybe their current earning is 2m annually…. 😅

Ooooo.... i'm waiting for theedge or EPF to announce how many EPF members have more than 10 million in EPF... last stats was for 2020, and it was 248 persons. I am sure it is nice to be in this list...

less exciting is the stats of 67K members having between 1 to 10 million in EPF.

you should be happy in the 1-10 million group vs the <10k group...

3 years has past and I would like to review on my personal financial progress.

My last post was in August 2020, in another topic


and NOW, I'll follow this topic format:

Age: 29
Occupation: Planning & Development Executive
Nett Pay: 4700
Marital Status: Just Married this year

Savings/Assets:
1. FD 25k
2. Rakuten 52k
3. PRS 10k (Topping up 2k yearly for income tax relief)
4. ASM 46k
5. SSPN 8k
6. KDI 10k
7. IBKR - VOO&BND 19k
8. Palm oil Planters' Scheme - 40k
9. OCBC 360 savings - 8k
10. EPF - 115k


Total Assets: 333k

*Had just successfully bid for a lelong unit in Johor with Market Value of 250k, planning for flipping or for rental investment.


Had relocated from Johor to Penang on year 2021, and due to the smaller market for property in Penang my salary dropped by 20%, hence the same nett salary even after 3 years. Been struggling with job finding for around 1-2 years with unstable income (and emotions), just landed on my current job and trying to be settle with what I have right now.

From the past 3 years, I have researched and tried out:
1. Roboadvisor : Wahed, StashAway, KDI
To which I DCA about monthly, however it fluctuates too much and most of the time the return is below my expectation and eventually by this year when it rises I decided to sold all and withdraw. Only park some of my emergency fund in KDI for its fixed return.

2. SSPN
Just a diversity of my investment from ASM, however after 3 years of monitoring the interests is lower than anticipated (and I'm not eligible for tax relief since I do not have kids) so I've decided to withdraw all as well and park elsewhere.

3. IBKR : Etfs
Fund from my roboadvisor are parked at ETFs, planned to DCA as well. I could save on management fee, and for the part 1 year my funds are performing OK.

4. Palm oil Planter's Scheme
This has been introduced by my family side and with a yearly return of 9% I invested one plot, however recently it has not been doing good and although there are some "Rehabilitation" plan proposed I personally do not have high hope on it. I classify this 40k to be lost towards bad investment.

5. Property
I have been eyeing for lelong unit for a few years now, joined a few auction myself but only succeed in buying just very recently. Currently studying for Penang and Johor property however due to the Sg currency and rental demand, Johor property have more opportunities for investment. As for Penang, am eyeing for affordable units for our own stay.


Due to the property industry downtrend, and smaller market as compared to KL and JB, I am actually trying to settles for a less hectic job and ty to shift towards IT/Financial field (yes a totally diff field). The decrease in my income and savings has slightly affected my investment plan, but currently the main goal is to settle down and focus on my career path.

Since I just started for property investment, I am considering to get a few more property for rent or airbnb. However, that means I would have higher commitment and most of my money are tied upon the property in which I might not be able to have fast financing in times of emergency that requires a big chunk of money. So I am considering whether stock/ETF investments are actually better than property investment?
Or if there are other advice to me, I am more than willing to learn.

Thanks all for your time!

Hmm all that with a net salary of rm4.7K? No growth in salary in 3 years? Betul ke???

Oh no, I did have a salary increment back when I was working in Johor. And early 2022 I moved to Penang. Then there's a one to two years period where I first rest and done some freelance jobs. Then I landed this job mid of 2023, the salary is lower than what I was getting in Johor, as well as no allowance for Penang job.

Very good saving rate. Keep it up

I would refrain from investing in what land what farming what plantation opportunity.. Many people lose money from it. Future number is easy to print out. Hard to execute.

Just joining the fun

Age: couple of years to 40
Occupation: Healthcare professional
Marital Status: single but attached
Asset(s):

Properties:
5 fully paid landed properties in klang valley

Cars - one Mercedes and a BMW
Market Value: should be around 500k in total
Liability (ies):
none as I recall

Insurance:
None , never bought any insurance except for my cars

Cash/ other investments :

7 figure ASNB
3 seperate premier banking status for FDs

Rather conservative as I don’t usually take loans, and not a believer of insurance/ any investment schemes and such

you look sorted for life. well done! what is the secret to such achievement? i call it achievement cause it doesn't appear overnight.

any pama help since young? or everything built from scratch? some good mentors in life too, i assume?

I’ll be really honest
Yes PAMA helped a lot no doubt
Despite my username I’m a non bumi .
Got I’ll say decent result in SPM 12 straight As but did not get the course of my choice through government scholarship , PAMA scholarship instead. Was sad for a while as there were only 11 subjects to take last time and I got 12 As what else could I have done better
But it worked out eventually
After graduation it was basically just work study work study , 15 years gone by just like that . From a lowly worker became ok I’ll say decent job to have 3 meals . Went through many exams and such , some with passing rates as low as 7%.
Could I have done it without my PAMA? No

Am I Sucessful? Yet to see , I do not have my own family yet

Financially? I don’t know . There is always another step for you to take
I’ll say enough for me for my current frugal lifestyle but if you compare with others , it is always lacking
If I compare with my sibling who is in Australia , buying couple of properties yearly , I think they fare better

Cheers

don't compare with others especially those in another country. you have definitely done well in your studies (12 straight As!) to build a solid foundation for your life. 7% success rate, is dead difficult.

who says education isn't important - i always champion the importance of education.

living a frugal life is the way to go.

well done, brother. may your example be a role model for the rest to follow.

You did very well regardless how it was after your SPM. Never ever compare.... as chinese proverbs... yan pei yan, pei sei yan...comparing against each other eventually led to death.... very more so to siblings.

You are set for life and more. Intact more than FAT FIRE.

You have no kid, not married technically. Your only commitment is only yourself. 5 fully paid properties with such fluids fund at 7 figures, plus a medical profession which will have priority access to med care....

You are more than set. Questions is are you willing to move on.... take the next step. Accept who you are (as in whatever you always wanted to do but never did, etc) and enjoy life yo the max.

Age: 34
Occupation: Financial Advisor working under investment banks
Working duration: 6 years
Commission earner: 1.1M on 2021, 1.6M on 2022, this year 2023 should be higher
Marital Status: Just married, 1 daughter
*Have some small other 7 F&B franchise businesses not collected any profit yet, I am a small shareholder of sleeping partner*

Savings/Assets:
1. Saving RM 100K
2. PRS 520K, (I pay alot PRS due to I no longer contribute EPF)
3. EPF 130K
4. Started collecting branded watches this year value: RM 230K, easily sell to any 2nd hand reseller at RM 180K (Audemars Piguet)
5. Myvi 2012, full payment mum driving
6. Crz 2013, full payment dad driving

Total Assets: 930K, (not including mum and dad’s car)

Liabilities:
1. Property A under loan repayment another 30 Years, monthly repayment RM 2000
2. Property B under loan repayment another 30 Years, monthly repayment RM 1900
3. Subaru BRZ 2014, under loan repayment another 8 more months, monthly repayment RM 2300 (this can be asset after 8 months)
4. Upcoming Brand New Porsche Taycan GTS 2023, under loan repayment another 9 years upcoming on Oct 2023, monthly repayment RM 8500
5. Insurance, RM 3600 per month, alot of life insurance
6. Maid, RM 1850 per month
7. Upcoming liabilities for next year seeking property at 2.8M loan @ monthly repayment around 12K per month on 2024
8. High maintenance wife 🤣, not declaring amount

This post has been edited by furuku89: Sep 30 2023, 10:33 AM

Wow nice income there.

Assuming new property n new car, whats your monthly spend like? 50k per month?

U rpobably need to up your emergency cash though. I know ppl who live the high flying life with big commissions, allowances or bonus. Like pilots, Oil n Gas types. When things suddenly change, they get into trouble.

Yes, I am not a great saver, I tried do saving but ended up I withdraw my saving. That is why I throw savings into PRS account, may consider to max out EPF 100K per year also. I cannot control my spending because I am a sales field meeting HNW client require alot of profiling and entertainment. My bank commitment is not high, but spending on shopping on luxury clothing part and charity i do alot too to contribute back to society.