I wanted to ask , heard that it's possible that someone retired to save up epf .Every month RM 100.
Is it true ?

You're not looking at the whole picture.
You don't buy lots of cooking oil, but bear in mind that majority of the meals you eat outside in restaurants use cooking oil. Food prices will increase.
If sugar price increase, most drinks will also increase in price. Bread, and lots of food has sugar as ingredients.
Do you still remember what happened when the petrol price shot up last year? Removing the fuel subsidy will cause inflation across all industries due to increase transportation costs.
Problem is, are our salaries increasing fast enough? NO! That's why the subsidies cannot be removed just like that. It has to be removed sloooooowly.

---

Added on October 25, 2009, 3:24 pmNo.
1 month RM100 = 1 year RM1,200.
30 years = RM36,000
Assuming the dividend from EPF is the same as inflation rate.
So.. when you retire 30 years later, you will have the purchasing power of RM36,000 today. How many years can you live on this Rm36k?


This post has been edited by simplesmile: Oct 25 2009, 03:24 PM

Find a small town and stay there.
You can survive for about 3 years..
After that, work again..

In singapore, I seldom see people retire, even engineers after their retirement have to drive taxi, work at restaurant..

I wonder why nowsaday people cannot easily get retired.
Thing will be tougher a few decades later..

Definitely agreed
In the old days, only the husband works.
Then, both husband and wife work.
Now, both husband and wife work 2 jobs each.
In the future, our children will study during the day, and work during the night to help support the family.

last time one person worked for RM600 can feed a family of four.
now RM 5000 cannot do the same. Perhaps we have too high demand of life now?

Yup, part of reason as well.

Our grandfather/mother day, each month don't need to pay HP bill, broadband bill, Astro bill, little transport fee,whole family own a car is very good liao, now every member of family owns a car etc.

Every new year buy one or two shirt, now people every month change new shirt somemore must be branded one, etc.

Lot of constrast difference of life-style which lead to every month not enough.

about the credit card stuff, everytime when apply for a credit card from a bank, 1 VISA & 1 MASTER card will be given.

Is this consider 2 principal cards and will be taxed RM100???

Yes.

You can apply only 1, there is no such thing of compulsory to be 2.

Just banks stuff or agents 'tick' both (Visa and Master) as they are rewarded based on number of card signed up.

My sister bought 1 Compaq Desktop using Citibank CC, after that she wants to buy AirAsia ticket using CC (with special point), the telemarketer said cannot and must upgrade to AirAsia CC.

My sister ask for ONE card but when she got the approval and received the card. There are both VISA and MASTER.

I also kena both cards when applying for OCBC CC.

Next time must open my eyes BIG BIG.

Actually NO MORE next time because I'll not apply new CC already, instead cancel all and leave 1 card is enough.

This post has been edited by cactuscch: Oct 25 2009, 04:53 PM

Cancel the card, scold the telemarketer and complain to BNM.

The reason why they do it, because consumer never complain about the issue, so they take for granted and advantage of the consumer.

i experience this also, went to bank to apply 1CC but suprise when 3letter come to me said that i apply 3CC...
stil nvm coz the CC is free for life that time, but now thinking of cancel all the card b4 year end...

what for paying gov 50??? we already paid income tax rite??? 11m own a CC in M'sia, if 1 ppl need to pay 50, that surely easy money for gov...

Yea. If it's free for life, I don't mind if they send me 10 cards. Can take up CC collection as hobby, ehehe. But now the situation is totally different, thanks to our dear PM. !@#$#

sorry I still dont understand , I heard that they will give 5% like epf. Is it possible to save more than RM 100 per month ?

This is the attitude and root of reason (no offence ) , why they send you 2 when you apply 1. As agent/banker get commission/rewards based on number of card signed up. So why not send the customer another one as I can get double the commission, while we ourself customers never complain. It is we causing they take advantage of the situation.

There is little benefit for customer for having too much CC. 1 or maximum 2 as spare is more than enough already.

simplesmile,

Learn how to use Excel to calculate. It is not hard.

=FV(0.04/12, (30*12),-100)

Assuming 4% dividend rate.

You get

$69,000 after 30 years.


epalbee3,

As far as I can see, many people are retired in Klang.

simplesmile,

For most 2 incomes' family, the SECOND LOWER INCOME does not provide positive NET INCOME to the family.

epalbee3,

My family of 4 only spend RM2,000 per month. And, this is true for the past 4 to 5 years. And, we SPENT a lot more than our neighbors. We paid of our car and house.

Most of the expenses are for FRUITS, VEGETABLE, and SEAFOOD.

Folks,

You hang around with WRONG group of people.

If you want to learn how to retire, hang around people that has early retired.

A) Many families that I know save 50+% of their gross income.

B) My brother and sister are RETIRED before 50.

C) Many people that I know are retired or semi-retired (work for fun only)

The ONLY CONSTANT for all of them is they are FRUGAL.

Dreamer

This post has been edited by dreamer101: Oct 25 2009, 07:22 PM

Oh I see, you're talking about the new EPF savings scheme for the self employed?
Yea, the Govt will contribute 5% of your contribution up to Max RM60 a year. For 5 years only. After that, Govt stop contributing the 5%.
So, if you contribute RM100 a month, then 1 year is RM1,200. The Gov't contribute 5% x RM1,200 = RM60 a year.
So, in 5 years, if you keep contributing, the Gov't will give you RM60 x 5 years = RM300.
I believe you can contribute more than Rm100 a month, but the Gov't won't contribute more than Rm60 a year for you.

this is another strategy to create more revenue for the EPF...
but wonder those who self employed would contribute to this new scheme that only yield 5% or rm60 a year
for those self employed rm60 is just like a 60cents for them

This post has been edited by ! Love Money: Oct 25 2009, 10:36 PM

Hello.. may be you are living at a low cost area which costs low.

RM2000 is not enough for car and house, plus other expenses.

I came from seremban, I guess one person needs at least RM1000 per month for retirement. (food already 500++)

I guess living in city is not that cheap. Ok, hang around with which group of people depends on which job you are in.

By the way, I dun believe in boosting myself by buying expensive cars and use branded stuff, but I do need one or two pieces.

That's y I m quite surprise how fresh graduates can buy a honda city in their first job.

Dreamers, you are right. hang around with WRONG group people does make a lot of human made problems, however, sometimes there is no choice for that..

govt not interested to ur rm50 lah, they know many will cancelled their CC. instead these will happen;
- we all will bring more cash in wallet or bag and more frequent ATM
-- >more legal/illegal migrants as snatch thieves cari makan here
finally -->more corruption for imigresen dept/ police, politician (issue permits, medical check up etc), more head levies for govt, faked IC biz (JPN staffs?), more modenas motorbike sales (to snatch thieves), more biz for foreign labor agencies (controlled by cronies), and many more....

just for fun...cheers

the broadband rebate does not benefit everyone especially the poor, old people and students ... why because they dont eligble to pay income tax so they cant rebate .. if goverment is fair and open tender on the broadband we will pay less than what we paying now with high speed ..

i dont see the budget 2010 will help the country grow .. and i am shocked to see the allocation for PDRM and army ...

looks like we going to buy more chopters and submarine ... the money will go to drain ..

every year there is allcoation for transportation but every year we see the same thing .. where the money go ..

only non-corrupted gomen will bring propers to the people .. NO RASUAH

This post has been edited by MoonRider: Oct 26 2009, 12:33 AM