woah...such young age and have such net worth. Oh well, i'm all by my own. Grad 3 years ago

age: 26
job: Design engineer
single no GF (just broke up)
take home pay: 2.7k

House + expenses = 1.4k
CC bill = ~300

House = none
Car= old proton (the only gift my dad gave me when i grad so no loan)

Cash in bank = ~5k
Insurance = paying 2.4k per year. (Medical card with investment link)

I know at such age i have nothing but I'm trying hard to make some passive income. Hence, my CC bills every month. I keep failing but i nvr give up and stand up and keep going. I believe this year i'll be able to generate some passive income.

But one thing, i wonder why some of you call your house an asset if you still paying the loan to your bank? I mean if you need to pay let's say 1k to the bank every month and your rental is 500. So means the house become your temporary liability, right? It becomes asset when it generate passive income for you.

I don't know whether what I think is right or wrong but I'm going to generate some passive income and make sure that I am able to cover my house loan using the rental and passive income, then i'll get my property. Hmm.....

anyone, enlighten me, please?

I remember my dad once told me when we were smoking together outside the house

"Son, you are on your own now. Your dad don't have any money to support you and don't have anything to give u. If you want something, earn it. As long as don't do anything illegal"

Oh well. I'm working hard working hard....

consider yourself very lucky now . . . have a dad that told you to make money for yourself
dont have to headache about his financial . . .

I am also traying to have passive income this year. However, with my condition, it seems very tight own property this year.

age : 25 going to be 26 this year
gender : female
occupation : telecommunication engineer ( started working since July 2008)
salary : 2.6 k monthly

Commitment :
300 for EPF
500 for car installment
150 for education loan
200 for ASB loan
300 for utilities bills,astro n etc ( I am living with my parents)
250 for petrol & toll
150 for f&b
balance from montly salary = 750

so-called assets:

ASB loan : 20k
gold & silver : 10 k
ASB account : 2k
Cash in bank : 1 k
This is my experience:

July 2008-Jun 2009 : I was working in Satellite company
Manage to save 10k.
Then I start a small business, scammed by ppl and lost all 10k. Very very sad wasn't it?

July 2009 - now : I moved to GLC company. and started all over again after I lost 10k. However I could not save much coz I registered for master
                          degree part time. Will be graduated this May.

I do some online business which can generate profit average 200 weekly. However it is on and off coz I am also study. Sometime I need to go for outstation.

My wishes this year:

To save at least 10k
To earn at least 6k from online business

By 30, I want to have at least 100k.

Am I on the right path??

your master can help you to save those 10k imo. there's surely a change in your future salary 

btw, why do you put asb loan under assets? shouldn't it be placed under liability?

and you are doing quite well in your mid 20's

so-called assets:

ASB loan : 20k
gold & silver : 10 k
ASB account : 2k
Cash in bank : 1 k

Only 20K ASB loan? Max ASB is 200K rite? Why dont u try and put more in since the dividends are quite good? Ive maxed out my ASB since 2009.

I am afraid at some point my commitment will increase such as getting married, having child and so on.
And I also do not want too long loan tenure since it will be in certificate form until the tenure end.

How many tenure years do you take?
and do you think it better?

I remember my dad once told me when we were smoking together outside the house

"Son, you are on your own now. Your dad don't have any money to support you and don't have anything to give u. If you want something, earn it. As long as don't do anything illegal"

Oh well. I'm working hard working hard....

Saving 25% of your salary is not good at all. Everybody should target to save at least 40% with the current rising rates of inflation. Your 25% savings today might only be worth 10% in 10 years. So maintaining at least a 40% savings target now will provide the neccessary buffer against inflation.

For your info, im saving approx 55% of my salary every month and that is after taking into account the housing loans, insurance, bills and living expenses.

The act of saving starts when ure single not when ure married. Once ure married its very difficult to save especially when u have kids. Thats why its very important to have a solid financial foundation BEFORE getting married n having kids.

For your info, i was already earning a 5 figure salary before i got married which i saved. Thus it was alot easier for me after marriage to deal with the additional expenses of setting up home and starting a family.

So 8K may be enough for a single to survive NOW but if ure planning on settling down then u better start thinking seriously bout saving alot of that 8K. Saving doesnt only mean saving for retirement. It also means having extra funds for emergencies.

Saving 25% of your salary is not good at all. Everybody should target to save at least 40% with the current rising rates of inflation. Your 25% savings today might only be worth 10% in 10 years. So maintaining at least a 40% savings target now will provide the neccessary buffer against inflation.

For your info, im saving approx 55% of my salary every month and that is after taking into account the housing loans, insurance, bills and living expenses.

well, I wouldnt advice a fixed percentage of salary to be save, as everyone had different amount of salary, if one person salary is RM1000, 50 percent save is RM500, how do you survive with RM500?

Im refering to ppl who are earning a decent income. Anybody earning about RM1000 a month will find it difficult to make ends meet let alone save. But when i was earning RM1500 bout 11 yrs ago i did  manage to save about 25% of my salary. So i dont think putting aside 30-40% of your salary if u are in the income bracket >RM3000 will be a problem. If u cant do that that means your expenses/debts are too high.

Presumably you do not have children?

Having kids should not be made an excuse not to save enough. There are always ways n means to cut down expenses and increase passive income. Having said that, also have children according to your means. No point having 6 kids and then complaining not enuf money to give them a proper life. If your finances arent stable enuf, then hold off the kids or limit the number. I dont see why ppl would bring kids into the world and have them live a life of poverty.

The rule of thumb is always 'Live Within Your Means'

not comfy if ur gonna buy a hse & hav to worry bout the kids future education.
lets not even fo to buyin exp, branded luxury things.

Having kids should not be made an excuse not to save enough. There are always ways n means to cut down expenses and increase passive income. Having said that, also have children according to your means. No point having 6 kids and then complaining not enuf money to give them a proper life. If your finances arent stable enuf, then hold off the kids or limit the number. I dont see why ppl would bring kids into the world and have them live a life of poverty.

The rule of thumb is always 'Live Within Your Means'

Hold on.....you are preaching...... no one saying dont save.......but having children and saving 30 to 40% on a salaried income?
Are you also  preaching moonlighting? 

I am doing exactly that. I dont preach what i cant practice myself. Do you do a balance / debt check twice a week? I do. If u dont then dont dream bout saving even 30% of your income. Check your expenses and find ways to trim and you will be able to target at least 30% savings if not 40%.

Im refering to ppl who are earning a decent income. Anybody earning about RM1000 a month will find it difficult to make ends meet let alone save. But when i was earning RM1500 bout 11 yrs ago i did  manage to save about 25% of my salary. So i dont think putting aside 30-40% of your salary if u are in the income bracket >RM3000 will be a problem. If u cant do that that means your expenses/debts are too high.

I was earning RM 1,500 (have not deduct EPF and SOSCO) per month when I was employed. I can't save any.

Kancil = RM 309
Petrol = RM 150~200
Apartment Rental = RM 400

The rest goes to my food per day.

Have not counted in my bills, entertainment etc.

I'm living alone, that why I can't save on transportation and accommodation. Lucky to have small business to support my lifestyle.

Needed at least RM 2,000~2,500 per month to break even.