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this 4% is refering to the population of KL or the "working adults" In Malaysia?

This post has been edited by yklooi: Aug 26 2020, 04:10 PM

i was just pondering your post with the article in post 1280

The 2019 report found that 0.2% or 43,646 adults living in Malaysia were placed in the over US$1 million wealth band, while the majo-rity of the adult population (96.1% or 20.97 million people) were categorised as having wealth at or below US$100,000.

This comprised 42.7% of adult Malaysians with wealth between US$10,000 and US$100,000, and 53.4% with wealth under US$10,000.

The remainder 3.7% was placed in the US$100,000 to US$1 million wealth band.

from that, as now 2020 many still have outstanding loan thus not classified as net worth?

ok,
then they could be/are in the 3.7% band then

try not to pay off your car loan....early settlement of your car loan may not save you much...you that money to do some investment.

1 million target at retirement?
assuming your retirement age is 57, you have 30 yrs to go....
assuming you have 30k in epf now
assuming your pay is STAGNANT at 4k per month and your total EPF contribution 20% (800pm) is also stagnant and EPF dividend rate is also stagnant at 6%pa
an online retirement calculator shows 1 million at retirement is still achievable...at about RM980k

try play with the number to see how it goes
https://www.calculator.com.my/savings-calcu...or#.X-k4bZPiuUk

just that the buying power of that 1 million is not the same as of now,....especially looking at the trend of MYR

Moderation is the key to life...
Have a moderate expectation to what you can hv with Yr current capabilities n availabilities.
Have a moderation to a holistic financial plans that may include a moderation of what can can spend, saved, invested, income protection n mitigation& etc, etc
Target set and achieved may not be the final goals, as you may hv a 3 millions goal achieved at retirement but by that time your expenses required during your retirement period may out spend what Yr 3 million can generate,.. Then in the end you may not hv any money left too

Of course it is always better to hv a plan, without a plan, you will not know where to go n how you plan to active Yr plan n plan of what resources are needed to achieve Yr plans.
But for many people, they are not in the capacity to hv a plan.

This post has been edited by yklooi: Dec 28 2020, 11:20 AM

What I wanted to ask was should I take part of investment and cash to pay off the short term loan and free up cashflow?
Do you have cashflow problem?

Or do you think I should continue to invest the cash as what I have done since early this year, and continue with monthly payments.
seems like you have no cashflow problem,.....then continue with the monthly payment....
pay off those loans only if the interest charged by those monthly repayment is > the returns you can generate from your investment.

My portfollio grew quite significantly during this bullrun. But now I see an opportunity to clear off the consumer debt once and for all, and free up further cashflow to invest.
is the consumer debt interest > the returns you can generate from your investment?

looks like the 34k personal loan is the 1st target....what is the interest charged pa?

clear the personal loan first as HP loan...not much untung even if you pay early...

having more cash flow "may" entice you to go 'spend" on something good to have or may encourage you to go into riskier investment

if you are out of work...you should have "emergency fund" to tie you over for some time and also you can unload your 82k + 20k as back up...

btw, do you have emergency fund stocked up?

how much cash do you need depends on your emergency fund and your credit card limits too

moderation have to take into your income in relation to cash to spend "happily", saving ratio, any insurance plan to mitigate yr risk and protect your savings, time spend with family members etc etc....
not just Cash/Investment/debt.
if no debt is "best", but sometimes debts is good if used correctly at the right time too

This post has been edited by yklooi: Dec 29 2020, 10:31 PM

depends on your availability to have cash ready in time of need...
example....you need cash for car repairs like engine overhaul or you knocked on someone or TV spoilt needed replacement....
if your parents can lent you about RM5k ~10k...then you don't need to have large amount of cash ready or no need to off loading your investments

i would think, (for me, my case....10k cash at hand would make me feel secure + i hv credit card and cash less medical cards)

no it is not too late....but it depends on your final goal amount you wanted to have and at what time frame you need to achieve your financial goal too ....
thus too late or not....depended on your goal, time frame, the amount you can save for investment and the choice of investment you made.

IF you have just $4,210 (RM17k) to your name, you’re still richer than half of the world’s residents.
https://www.cnbc.com/2018/11/07/how-much-mo...-worldwide.html

Thus your are not only pretty well compared to other peers, but 50% of the world's population....

It is a good saving rate 👍👍
But the cash on hand is just too low, unless you got some other places to get somme extra money if and when needed
Do remember to cater for the renovation cost n the electrical things you need to buy for your condo in 3 yrs time.
Also hope you had inputed the monthly expenses required for the cond like maint fees, sinking fund, cukai tanah, cukai taksiran, condo insurance etc etc.
Hope you hv also take up some risk mitigation vehicle,... Like insurance.

What if after you had settled Yr loan?
No more life coverage,...
If hv surplus, then it is always good to hv some basic coverage for the benefits of dependents

It will be expensive bcos the chances of claim will be higher...
I think if you Start early should be cheaper premium
I also think not all life insurance ends at 60...with renewable...
I think there are those that covers longer than 60....
I could be wrong

This post has been edited by yklooi: Sep 17 2021, 12:44 PM

you are among the top x% of the population.
among 164, 400 of the 21.82 million adults Malaysians

Adults are classified as individuals above the age of 18 years. In 2019, there were approximately 21.82 million adults in Malaysia.
https://www.statista.com/statistics/667521/...ts-in-malaysia/

In 2020, there were around 16.44 thousand millionaires living in Malaysia.
https://www.statista.com/statistics/785029/...f-millionaires/

Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities.[
https://en.m.wikipedia.org/wiki/Net_worth

I will omit it (actual residence) when doing that,
But will include it & the possible sum from life insurances when I tell my spouse n children....

No $$ in epf??

Ok noted.
Good luck n hope your loved ones can support themselves without needing your help, or support you just in case you needed helps


This post has been edited by yklooi: Oct 24 2021, 10:46 PM

Yes, a big yes. I would continue.
@60k pm or 2k per day.... I would be stupid not to. Unless that work is against my beliefs, my well being n health or impacted alot if my offwork life😊

Btw, is your friend still working now?

This post has been edited by yklooi: Mar 16 2022, 10:19 AM