please, don't report your life insurance amount, not 100k, please report the amount you can get if you surrender the policy NOW, not when you die.

2nd, cut the credit card with scissor, you will thank me in future. ( but please settle the debt first only cut)

3rd, liquidate all mutual fund, stock options, use it to repay your and your gf car's loan quick.

4th, don't forget save up 6 months of expenses as your emergency fund.

5th, if you can't do 4th, there are only 2 choices.


NOMBOR SATU: <---i like bm ahha, increase your income: which means go find part time job

Number 2: decrease your expense, overall, from food to lodging.


Suggestion: sell off the car. get one car enough.

And, don't ever try personal loan to get out of the mess. It will kill you in future. Please talk to us if you are not clear.

This post has been edited by alexkos: Mar 3 2011, 01:43 PM

Wee,

why not take sometime to think how to improve your cash flow? this forum has alot of suggestion for you to consider

but i do agree with rakyat. Pay off your credit card debt. Then make some agreement with your gf. maybe she starts to pay half, you pay half. to improve your cashflow. you gotta do something, if not you'll continue trapped in it.

Why would someone wants to pay 50% or even 10% of his/her partner loans when they are not even married. This is not the correct way to show your afffection. It will only attract arguably bad kind of people to be your partner IMHO.

yalor.....but i think u make a good suggestion as the other guys as well.... credit card is always a pain....especially when u go out with frens and you helped settle bill and they pay you back as cash and later you forget and spent it... ..

but I already change this once i realize why my card statement is always high....now when it comes time for bill, I will take out my cash of my portion...then see who can settle it...kakaka.... (bopian, sry lor frenzzzz for my sake of pocket...)..now I can notice my credit card statement is back to normal as it only have auto pay for insurance + petrol...lol


i wait my gf works to be more stable next month then she will bear the car loan of hers.... no worry...she is not as what i wrote ( i try to be humour a bit la...sry la)...i always tested her..can see she is someone reliable (she definately will pay back the load i helped her to pay...lol) and can spend ur life with (btw...she is NOT pretty like angela baby...but she is really helped me to save my cash by keep nuggling me to spend less..lol)..she has started work for the first month and got her salary d..haha....but this month I only allow her to pay for house util bills and maintainence...meals we use "A-A" system.

hoped my life getting stable as soon as possible..

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Added on March 3, 2011, 2:27 pmjohnrck,

we are same boat who pays loan for gf...but u are a lot loaded than me.....howur do you do that for a cash of 200k even you said ur salary is used for 4 items (2 house loan + 2 cars?? ) ...u r insane since you no nid other expenses like meals..etc? ur gf no shopping? no go korea bbq? no ask you go movie? or sit at some cafe?

This post has been edited by wee1030: Mar 3 2011, 02:27 PM

hi wee,

answering your question, i used to make more money and spend less. now i make less money and spend more. if u can tell actually i withdraw some of my savings to buy car and house. yes, im insane because i spend everything i have now.

yes, we might be the same but i think im luckier than you...... my gf is good n financially secure also...... she will pay her own shopping and occasionally 20% of the time she will insist she wants to pay for our outing bills.... which i have no way to stop her or else we will end up fighting....

shud I forward your comment to my gf?? since she is starting to work...haha....btw.. I think I am better as we are now on A-A....and soon she take over her car loan....kaka...

i'm thinking what you mean by unstable job? you mean the salary is unstable or the job is unstable? I do believe if your gf is starting to draw salary, she should contribute to the car loan. Personally, I cannot brain that wait till her job to stable then only repay back. I mean if she suddenly has a huge debt to settle then I can understand. But job unstability is what? Hmmm....A-A system is a must even you're married. Just occasionally you pay la.

Thanks for advise man! BTW...how do you think if I have an amount of 30k cash on hands? (after clear the card outstanding)


1. put in housing loan acc to save interest (interest rate now is 4.1%)
2. put in FD (most goes t0 3.5-3.7%)
3. pay the car loan (no interest saved as car loan interest is compunded from initially how much you borrow)
4. Amanah saham?? (I do not have acc...but plan to have one)
5. Share ??
6. Mutual fund ?? <--- this i do not think i will try it again... my 7k...=.=lll

haha...

car loan. the lesser the principal, the lesser the interest charged. go.

Car loan's interest is not reducing balance dude....you will only save a measly amount if you settle it.

yep....car loan is evil, that is why faster settle car loan 1st

[quote=alexkos,Mar 3 2011, 05:00 PM]
car loan. the lesser the principal, the lesser the interest charged. go.

[/quote

Correct me if I'm wrong...car loan calculation is based on how much u loan when u buy a car..let say u loan 70k. Then calculate by f=p(1+i)!n . then f will be devided by n*12 and tat's ur monthly repayment. But housing loan is compounded daily by how much principle up to date which u still own bank?

nasib baik my time motorbike also can do

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Added on March 3, 2011, 10:17 pmfirst you need to check how much u save if settled yr car loan compare with yr home loan. Which is give you higher saving, then just dump yr saving to that.

If Link House got penalty becos of the lock-in period, then calculate how much need to pay the instalment to just ngam ngam after the lock-in period.

This post has been edited by Iceman74: Mar 3 2011, 10:17 PM

jeff is right, sorry for giving wrong info.

car loan interest is determined by initial amount, hence flat interest every month (quite alot)

house loan interest is determined by unpaid principal amount, hence interest decreases over time.

But we shouldn't make decision based on the interest saved by car loan and house loan.
One rule of thumb is to settle all debts except the home mortgage.

So I still suggest you to settle car loan first. It is unwise to talk about saving when one is in liability.

car loan interest is determined by initial amount, hence flat interest every month (quite alot)
>> in principle yes but in reality not true. For eg if u get RM100k for car loan for 5 years with interest of let say 2.4%
in principle the interest for 1 year is RM2400 and that is RM120 per month.

If you get a RM100k loan for 20 years.... with BLR-2%, the interest u r paying each month for the first 10 years is >60% of your monthly installment.
Eg ur monthly installment is about RM700, and hence the interest u r paying is RM350.

That is more likely the usual case. And ask more q to support my comment.

-How often do u spend RM100k on a car loan with reference to RM100k for house loan ?
Normally the ratio of car loan to house loan is 1:2 or 1:3 or even higher?

So? tell me how by saving on car interest will save you $$?

Forget bout your car loan (its actually a lease since the interest amt remain constant) it is a mistake u have to live with i.e. you do not save much by early settlement.

FD rates r lower then 'real inflation'; don't tell me u believe the crap bout 2.2% inflation? Check out petrol, hawker price & housing

ASN - your name indicates that u r not eligible except for the non-bumi portion which give relatively lower returns and got quota (normally sold out oredi) but if got xtra cash and can get without q'ing then okay I guess.

Housing loan - should be the best bet; 4.1% does not look like much but using an amortisation table and look at how much saving RM30k bullet payment will mean to a 30 year loan!!! Close to RM60k? Plus u can withdraw the excess payment in case of emergency (assuming you opt for flexi or semi-flexi loan)

Shares - abit risky for noobie but potentially high returns

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Added on March 4, 2011, 10:25 amBro, U only live once - if look like Claudia then very worth it!!!! Heck, I will surrender my whole monthly paycheck to her (at least for a few months, after bored oredi then AA or highway )

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Added on March 4, 2011, 10:27 amThat my friend is the secret to a long & blissfull married life

This post has been edited by rakyat: Mar 4 2011, 10:27 AM

Then I guess mine should be very simple and clear.
Work for 7 months.

Savings :
FD = RM 3500
Bond = none
Foreign Investment = USD 400

Liability :
None except paying dinner for GF. 4 day / week. RM 6 / dinner
Paying parent RM 750 / month
PTPTN : Outstanding amount RM 40k -> Pay RM 230 per month

No car, No house, No Mutual Fund.

How? Where should I start?

This post has been edited by bookstore: Mar 4 2011, 12:02 PM

FD RM3500 . How much do u get from there ?

Nvr know. I deposited it for 1 year term. And request them to credit the interest back into FD 1 year later.

That's all I have currently. Only 3% p.a. I guess.

This post has been edited by bookstore: Mar 4 2011, 01:46 PM

@bookstore

start by this step.

1) save up to RM3000 emergency fund
2) settle all debts except the home mortgage, so your ptptn loan, go pay it faster.
3) save up to 3 months or 6 months of your salary, depending on your job stability.
4) save around 15% of amount of your salary for retirement, go look for guaranteed investment plan, usually commit 10 or 20 years.


just an advice, hope it helps.