I think some ppl who have posted their net worth here arent telling the truth. Its silly to see someone who earns so high and yet believes in putting tonnes of money in FD. For what? Plus some have so much money sitting in FD so why bother taking a car loan? U get about 3.5% in FD and then take a loan and pay 3.5% to the bank. Does this make sense???

Some say they earn 500K per annum but then keep almost 300K in gov bonds and FD but only has 1 house as asset? Anybody who knows investment well enuf will know that u should invest in property especially in prime areas e.g Damansara, TTDI, Bangsar, etc. Plus you have 2 Japanese cars with an outstanding loan of 40K for the next 3 yrs. U earn 41,600 per month so u can easily pay off the loan with about 1.5 months salary and save a little on the interest rite? So why dont you? He has a 700K house whcih is fully paid up but he decides to keep a 40K 3 year loan active despite his RM41K/mth salary???

On top of that, he claims he pays 40K premium for 4 members of his family. A person earning 41K/mth can only afford to pay RM 833/mth/pax for insurance? Most insurances now have the investment tagged to it so the more premiums you pay the more its invested for you and yet this guy only pays RM833/mth/pax?? But ke keeps RM110K in FD with rubbish rates?

I think this is all bullshit. Common guys. If u wanna share then tell the truth la. Why need to boast and increase figures just to prove what? Ure only using a nick name here. Nobody knows you. So just tell the truth.

Anyway the following rough figures are mine. Nothing great but im working on it.

Age: 32
Job: Engineer
Married with no kids
Income: RM168,000 / annum

ASB: RM 255,000
EPF: RM121,000
Gold: RM 60,000
Cash in hand: RM22,000

Property (prime area) purchased at 475K in 2009 but worth 680K now (based on recent transactions)
15 year housing loan to finish in 14 years or earlier if i choose to.

Japanese car worth 45K now but loan paid off in full.

Currently paying insurance premium of RM 1100 / mth

Yes. Maybe. But i highly doubt it.

Hehe!

Yes i was shocked as well but transacted sales of similar units cant be wrong. Im located at TTDI, KL.

No the ASB is pure cash earnings from salary savings over the years. EPF is a stand alone and it is low because of my work overseas.

My current plan would be to purchase another property by end next year. Then the current property will be rent out with the rentals easily covering the loan repayment. I might even consider selling off my current property if the price appreciates to RM 1 mil. Right now im getting a return of approx 9% on the ASB. So will keep tht untouched for some time.

How does weekly repayment help since the interest is calculated on daily rest? Im already dumping in a bit more than my fixed amount monthly.

1) My EPF is low because i worked overseas for 3 yrs which had no income tax and no EPF contributions
2) Go check out the 2nd hand price of a 2003 Toyota Vios 1.5E
3) Yes im driving a cheap car because the car has given me zero problems and i prefer to invest in properties and gold. So unless the car starts giving me any trouble, i dont plan on changing it soon. Maybe next year.
4) My property is not located in Kinrara. That is not a prime area in case u didnt know. I live in an area where market prices are demand driven not market driven. There are only very few areas which can command such demands over a short period.

So before u accuse me know your facts first. From the points u have raised, i can contend that u have very limited knowledge about cars and properties. I dont lie and i dont feel the need to inflate my financial worth above and beyond its actual numbers.

Cheers!

All the info posted is recent and real time. No additions no matter how others may perceive it as.

As for the property, the transaction was done in 2009 not 2008. I could provide you with definitive details but that would be infringing on privacy concerns so my apologies there.

Actually many ppl have said that. But once they realise just where my money has gone to, they end up shutting up.

This post has been edited by cybermaster98: Oct 6 2010, 02:37 PM

Not rich. But enough to survive. there's no 'we'. Its only you.

Its not about how much you earn but how much are your liabilities. You can earn RM20K per month but if ure paying out RM15K during the same period then u wont have much left to enjoy a decent life.

By the way, earning 8K+ wont really allow you to lead a comfy life unless you do not intend to own a property.

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.

This post has been edited by cybermaster98: Feb 8 2011, 09:21 AM

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.

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.

Well i didnt take a loan. I pumped in cash. You can take a bigger loan n shorten the period. The idea is to make enough money now while ure still young. When u start a family, most of the burden of finances should be on your husband unless u both agree otherwise to split the costs 50-50.

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.

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'

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%.

Not to judge you since i dont know all details about you but:

1) Did u need to get a car? Why not a bike?
2) Rent an apartment as compared to getting a small room?
3) What entertainment? Could this have been cut down to suit your income?
4) Was your lifestyle in accordance with a 1500 salary or a 2500 salary?

Many ways of looking at this and maybe an equal number of ways to cut down expenses.

Where there is a will there will be a way

Yes so again its about creating a balance between your personal lifestyle and what is required to facilitate business growth. For your info, i too am in the corporate line and deal with some high profile clients. But in doing that there are always ways n means to get what you want with minimal expenditure. You will see that your entertainment costs are the main factor eating into your overall expenditure. Learn to manage that well and im sure u can achive a decent level of savings.

Again, i cant analyse your situation. You will be the best person to do so. BUt im sure that you will find ways to trim if u really look into it.