Uncle, u are planning to send your kids oversea to further their educations? If local, i think not need 1m, probably need like 300-500k for medical course. 

I don't know what is the commodities 2m. Ignoring that, you have 5m. Even if deduct 2m for education, you have 3m. 8 years left to 56 yr old. If save 200k per year, will get another 2m. Minimum 5m by 56 yr old. Even if earn 5% on it also got 250k. Yes, you can retire by 56 yo. But I am sure you already know that.

Who told you earning RM 700k per year is consider ok? 

Age: 22
Occupation: 3rd yr Software Engineering student/ Part Time Online Business
Marital Status: Single
Asset(s):N/A

Study loan: N/A, scholarship.

Insurance: Medical Card
Investment:
ASB: 30K
AHB: 55K
Gold: a few gold bar,dinar and dirham coins

MT4 acc: USD 2 were left.

Cash in Bank - RM2K



any suggestion how to gain the assets etc.

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.

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%.

Alright... Rm3000 income.

40% of that is Rm1200, so you have Rm1800 to spend.

Say you work 5 days a week (20 days a month.)

Rent is 300.
Food is 300.
Transport is hmm.. say you want to be luxurious and take a cab to and from work every day, maybe Rm30 a day? that's Rm600.

300+300+600 = Rm1200. Still have Rm600 a month to spend, don't know where to spend it.

Say you really like to leave all the fans and lights on, so maybe Rm400 power bill.

Still got Rm200 don't know where to spend.

Why cannot?

Back to my earlier comment. Should you be starting a family with a RM 3,000 salary? That should be the question here not the others. If you know that ure gonna find it difficult to maintain a family with that salary then shouldnt you be working to get that income bracket up before that?

In saying that, i also know of ppl who are earning such a salary and still are able to save & have a family. They spend on whats neccessary and cut down on other wasteful spending.

Exactly! Thats the point im trying to make.

So don't start?

It's a sad mind that can't think of anything to do that doesn't involve money and who says you got to eat out?

Wow, you really can't think of anything to do that doesn't involve money? and bread is Rm1 a loaf, you consume 100 loaves of bread a month?

Just curious, is your children excel academically?if they arent good, lo. cal is better n cheaper too. Otherwise basically you are sending your children to disneyland. 120k expense per year is 10k per month. With your current asset, it is possible. more than that.

Bottomline: YES achievable for both RM1M for children's education
AND your retirement
AND added bonus of having something to give back to society & your children's future generation
EVEN WITHOUT additional savings & additional investments (other than re-investing)
Caveat: Assuming (yes, THAT word again ) that the %pa of expected growth/returns & average inflation %pa i used is close enough.

Details and for your own "cooking" of numbers, growth/returns %pa & inflation  %pa, see attached
Normal disclaimers apply: Use at your own risk