Yup yup 3rd party or comprehensive lar, still need car insurance due to "the law".

Eh - car can work even if i don't work mar.
Drive to buy groceries or mengurat that 60 year old hottie leh

3rd CLASS Financial Planning if you plan JUST BECAUSE U NEED TO COS THE LAWS FORCE U TO DO SO.

Well, 3rd class or 4th class, there are things which are forced upon us by law, thus, one can't by-pass it mar. Any how, it's a very small amount comparatively, thus i didn't bother to plan that

I don't know about U but i just do the best i can with the resources, info and personal logic i have at hand, and if/when i learn better, tweak as it goes along lor.
Any detailed pointers would be good

I may be under a rock or something, but i've not seen personal and even company level financial planning with "totally unchanging financial plan" for several years, let alone umpteenth years. It is tweaked as it goes along - even within quarters. Perhaps the companies' i've been with financial planners and my own financial planning is 4th class gua.

This post has been edited by wongmunkeong: Apr 22 2012, 11:55 AM

Dear all Gurus and sifus of Financial management,

Wish to ask any other option other than below suggested by my sister:
The story goes this way..Yes, my sister lately going to get exam for Insurance agent under Hong Leong. She asking us (Myself, Herself and another sister) to save the money we pay to our parent to buy the "Saving Plan", calculation as wat i can recall is something around RM15k per year, paying 6 years, then following year will get RM 3K+ each year. In addition of tat, got those other coverage la..those with 6 digits figure wan la..

So my question is this a better way rather than giving the money to my mum? main point is my mum can hardly save if we pay cash to her.

Looking forward on your experience sharing...

Thanks in advance,
Aliluya.

Effectively, you will be paying premium thus:
Year 0 $15,000
Year 1 $12,000 ($15,000-$3,000)
Year 2 $12,000 ($15,000-$3,000)
Year 3 $12,000 ($15,000-$3,000)
Year 4 $12,000 ($15,000-$3,000)
Year 5 $12,000 ($15,000-$3,000)

#$3,000 being the payment received from the 1st year.

Assuming that you can compound these @ 3% per year in your FD,
The cash flows for each of these payments compounded @3% at the 6th year are:
Year 0- Year 6 17910.78
Year 1- Year 6 13911.28
Year 2- Year 6 13506.10
Year 3- Year 6 13112.72
Year 4- Year 6 12730.8
Year 5- Year 6 12360

Total cash accumulated at end of 6th year @ 3% interest rate = 83,531.70

For this, what are the benefits the insured get?
1. Insurance for protection
2. $3,000 yearly. This $3,000 yearly translates into 3.6% return on the sum accumulated of $83,531.70.


What do you think of such deals?

Dear all dai lou, my friend particular as follows:

working in MNC,
monthly salary net 4.5k,
bonus net 19k,
house commitment 2.4k/4 name,
shop commitment 3k/3 name with rental income supported
car loan installment per mth 660
cash on call 40k, installment 1.2k per mth (is this wil goes to ccris report?)

am i stil eligible for 250k financing for shop lot?

You didn't give your details, how to know? Above are your friend's right?

I had to read twice then it hit me
Friend's data but asking whether jinchuan815 (poster) is eligible for 250k financing for shop lot pulak.
Aiya - Kaka, a bit serong English ok gua, we're not all Oxford or Cambridge English.. mine's OxFart

Ok ok jinchuan815, from what i understand, your friend's eligibility depends on:
1. net monthly income
2. MINUS all monthly debt repayments
3. and last but not least, the market value of the shoplot

The data U shared is not clear enough
a. monthly salary net 4.5k
OK clear

b. bonus net 19k
er.. consistently $19K per year for several years? It's in the EA form?
If so, use the EA forms as supporting evidence to the financier

c. house commitment 2.4k/4 name,
anoneh - how much is he/she to pay monthly?
The financier won't care divided by 4 or what

d. shop commitment 3k/3 name with rental income supported
anoneh - how much is he/she to pay monthly?
The financier won't care divided by 3 or what

e. car loan installment per mth 660
Ok clear

f. cash on call 40k, installment 1.2k per mth (is this wil goes to ccris report?)
Yup, this lessens the amount he/she can get as loan for his shoplot (see 1. 2. 3. above)

This post has been edited by wongmunkeong: Apr 24 2012, 08:23 AM

HAA, basically i just learn from rich father books series, others books i found out too boring for me to continue~~

i have highlight some note on the book, everytimes i get temptation, i will read it again and again to cold me down, but so far, start working one year till now, only save 10k++

Kiyosaki's "Rich Dad" series of books?
Concepts are ok but you may want to watch out for the details/action-able items
http://www.johntreed.com/Kiyosaki.html

Very popular books. After reading RDPD many years ago and decided that was my last. Wonder how is his real estates fare when US property bubble burst? I think he actually make more money from talks and books. Many wannabees in the local scene too.

I understand your sister is very enthusiastic to earn her commission after the prep talk by her upline and colleagues
but have you all checked the fine print that about payment..... the savings must be paid till what age maximum

you do understand that once no job, the payment..... the savings still has to be paid unless surrender with penalty
http://news.yahoo.com/1-2-graduates-jobles...-140300522.html

you are aware that insurance co uses your payment..... the savings to invest (refer net investment income)
http://www.bnm.gov.my/files/publication/dgi/en/2010/L1.pdf

Koniciwa fellow forumers.
Since most of the postings here are in the vein of:
1. How am i doing (savings vs expenses based on net income)?
2. Will i have enough in X years time for a $YYYK home/car/imported spouse /etc.?
3. How much death insurance should i have?
4. How much will my EPF be?
5. How much will my mortgage be if the loan is $xxxK, interest is y%pa and term zz years?
6. What is my Asset Allocation and Net Worth based on.....?

"To help those who help themselves", attached is the "cleaned up" (another version) of my older ZIP postings with a bunch of Excel files.
Instructions:
a. Please install Excel's Analysis Toolpak (google it or search about it here or Fund Management topic please if you're unsure how to install)
b. For Excel beginners: Play with the variables in YELLOW cells - i worry about U fiddling with formulas, thus, yellow cells are non-formulas
c. For Excel intermediate/advance: Go ahead and play with all cells

Hope these help and as usual - USE AT YOUR OWN RISK.
These are just simulations and calculations not gospel truths and, in addition, i'm only human, prone to make mistakes


Attached File(s)
 To_Share___PFP___cleanedup.zip ( 380.98k ) Number of downloads: 223

thx for the info, any others good suggestion??

Need your opinion on my current dilemma:

Took a personal loan years ago and now the balance is RM 17,+++ with 4 more years to go. Have funds saved around RM 20,+++. Should I use the funds and make an early settlement of the loan which would entitle me around RM 1,300 discount or should I just leave the fund in ASB and continue servicing the loan until finished?

Effectively you have the choice of investing $15,700 today.
You have the choice to save this amount in company A for an annual return of 2.1% for 4 years and at the end of this period, the company will return to you $17,000.85.
On the other hand, you can save this in ASB where the return is very much higher, perhaps, 3 to 4 times that of company A.
Therefore, leave your fund in ASB and continue to service the loan over the next 4 years.


-------

Here are the mathematics:


If today you were to invest $15,700.00 at a rate of 2.01%, you would have $17,000.85 at the end of 4 time periods (e.g. weeks, months, or years). In other words, a future value of $17,000.85 is equal to a present value of only $15,700.00.

What does this mean to you? Well, if you had a choice between taking an amount higher than the $15,700.00 today and taking the $17,000.85 at the end of 4 time periods, you should take the money today. By doing so, you would be able to invest the higher amount at 2.01% for 4 equal time periods, which would end up giving you more than $17,000.85.

Read more: http://www.investopedia.com/calculator/FVC...x#ixzz1t0HHaVJu

http://forum.lowyat.net/topic/1577849/+1249
and a few other threads/topics, use LYN's search function and also Google's

Dear all, need some advice...

Is it feasible if i get a housing loan of 300k - 350k on a shared loan? I started work just over a year... It is for own stay as planning to get married in the future, so i would live in it around 10-15 years at least... it is also a partial investment as it is a new launch unit and will be located to less than 2km near to a future LRT station... Since its a new launch, within these 3 years im just paying slight interest before the vp... below are the breakdown of my current income and expenses...

INCOME (Self):
1. Salary : RM 3000
2. Fixed Allowance : RM 300
3. Variable Allowance : RM 1300 ~ 1650

INCOME (Partner):
1. Salary : RM 2500
2. Variable Allowance : RM 200 ~ 300

FIXED EXPENSES (Self + Partner):
1. Insurance : RM 260 + RM 160
2. Gym membership : RM 175
3. Telephone bil : RM 150
4. Car noan repayment : RM 550
5. ASB savings loan : RM 631
6. PTPTN loan repayment : RM 300

VARIABLE EXPENSES (Self + Partner):
1. Food : RM 800 ~ RM 1000
2. Transportation : RM 500 ~ RM 600
3. Others : RM 500 ~ RM 600

The rest will be to our savings... So our income after EPF and tax deduction will be Min/Max -> RM 6497/6897... Minus expenses Min/Max -> RM 4026/4426... so monthly we have around RM 2471 to spare... last year my partner have 7 months bonus while i have only 2 months... so that is extra RM 1700 monthly if divided... but not taking that into account as its a bonus...

For RM 2471 to spare, taking a loan of 350k for 35 years would be RM 1613 per month... Since we're still early in our working years, commitment is lower now... but at the same time, in 3 years time when its completed, our income will increase... so is it advisable to take on such huge loan at this stage? im 25 this year btw...

This post has been edited by mango27: Apr 25 2012, 09:37 AM

I would like to hear some advises for mango27 too

anyone know or have ideas how to re-shorten personal loan?