it's too early to buy a property with Rm20k saving only...

my humble opinions

I'm 27 and been working for 4 years now.

Salary: Over MYR9000 (for the /b/ fans)
On a serious note, I'm now working overseas and drawing about MYR18k (after tax and "EPF"). Bonus is not included and I don't consider claims as an income. Just started working here since Apr 2010.

Savings: MYR100k (MY), MYR44k (overseas)
When I was making MYR2900 in my first job, I would set aside MYR1500 for savings. Now I make myself save MYR10k/mth. Before anyone here start to comment that I have crazy spendings, the COL here is expensive where 1 tiny one-bedroom apartment is setting me back MYR5k/mth not including utility bills.

During my time in Malaysia, I was staying at home with my family.

My bonus will be used for one off spending such as holidays, gadgets, etc.

Debt: Zilch
2nd year into my career, I bought the cheapest car I could find - Proton "Ah Beng" Saga (my name rhymes with Ah Beng and I got the orange color rather than black). It was good in taking me from A to B. Took a 3yr loan which I've completely repaid recently.

Paid off my PTPTN although the interest rate is so low. Bought a 2yo car here for MYR50k (new = MYR100k) by cash, my beloved "Ah Beng" is now with my dad.

Investment: Zilch
This is where I need some advice. I was very focused in climbing the corporate ladder and all my time was devoted to work. I've tried to "invest" once in stock market and it burnt me bad (very bad) because I believed a "reliable" source, 50% was gone within 3 months and now its left 25%.

I'm still very busy at work and I prefer to invest in something that doesn't require constant monitoring. All my money now is in normal savings account

Like Lucifah, I was waiting and waiting and waiting for the property bubble to burst and that's why up until now I don't have a place of my own. Anyway, I'm still waiting. I also plan to use my MYR10k/mth savings here to buy a house here someday.

Other than waiting, I'm quite interested in gold. I was thinking to put about MYR80k into gold.



So what do you guys think? Is waiting for the bubble a good thing? Put my money in gold while I'm waiting? FD perhaps?

This post has been edited by bysquashy: Dec 1 2010, 06:33 AM

There is no such investments that doesn't require constant monitoring except the funds that invested under PNB or Fix Deposit by banks but the return is so low that hardly can beat the inflation.

Investment is an area where hardwork is required in order to be successfull. I suggest you devoted some of your time to learn and buy books on investments like Unit trust,stock market and property books. Busy at work is not an excuse it is all about time management i.e take 15-30 minutes a day just to read about investment knowledge.

This post has been edited by imax80: Nov 28 2010, 01:23 PM

if u r busy, u can be a passive investor. there r lots of pubic fund/ pnb experts around here, seek them out in their thread
http://www.icapital.biz/english/
they got 3 funds, invest in them. then just follow them & buy those individual share in their holdings. leverage on their homework

maybe go buy BERKSHIRE HATHAWAY & buy those individual share in their holdings. leverage on their homework
then buy a few index/commodity funds/etf, reinvest the dividends & watch how unit trust compete with them
coz not everyone got the time, interest, risk averse nor inclination to do share pickings on their own

Hi there, observing this thread for quite a while and decided to post

Age 19, working as customer service officer 1800
spend all and work again LOL, wanna buy a car but thinking of commitment of 9 years, scare already

If u r busy, better invest in unit trust and doing dollar cost averaging. It might help you to reduce risk and growth your capital without closely monitoring.

Another ways of investment is doing dual currency, maybe you can choose the potential currency to invest in and gain high interest and looks for appreciation of currency.

Portion of your money may assign for FD placement for preparation of down payment of your prospect property. Suggested Ambank, CIMB Bank which is bank provide high interest rate in short term tenure FD placement. Property price will go down a fare bit after June 2011 due to government impose of new rules 30% down payment for 3rd home buyers. Less people will speculate in property market. It will consolidate pricing of property.

This advice is based on my own opinion, you may go ahead to do some research.

Have a great day ahead

Do more savings before u purchase a car.

Car is the worst spending and one of biggest culprit why people have not enough money left each month.

save for a few years so you can pay it down in 5 years. btw, just a quick reminder. don't make the mistake of thinking you can squeeze your monthly income for your monthly installments. It has a whole lot more dan lain-lain.

no choice ... due to poor public transport and increasing criminal case ... car is a must nowadays ...

like people work in IT com in cyberjaya ...

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Added on December 1, 2010, 10:42 amshould be earn more salary ...

downpayment for car is not espensive compare the monthly loan + maintenance

This post has been edited by Ken: Dec 1 2010, 10:42 AM

Car is important as i need to go back my hometown in perak, just fork some portion of my salary?
normally i ride a bike to work because of jam, i will just use it for going hometown and raining

can explain lain lain? insurance? road tax?

Actually, it is an excuse and modern people get use to it.
It is not totally a "must".

In the old day, when I was students and graduated, no everyone after graduated buy car to go to work one.
Most ride motorbike, only after few years saving enough significant downpayment, only buy car.

Now we see even student drive car to school as it is a "must" as public transport is poor.


It is not about drive or not drive alone, having a car mean monthly commitment on car loan, maintenance, insurance, road tax, even parking fee is not cheap etc.

If really want or 'must' own, take the smallest and cheapest car option.

cheapest viva DP 10% then stretch to 11 years. no choice, want cheap monthly means pay more long term. easiest to afford since a few months work would be enough for the DP, then every month allocate about 10% - 15% for the installment.

IMHO, owning a car due to poor public transport and increasing criminal case are lame excuses. If people wanna get out the rat race, which is the main purpose of having this thread, they must be creative. When people blame it is not convenience or not safe without driving car, then how sure the people know driving a car is safe also?

Please think of other better reasons to justify the intention to have a car. Driving a car was previously a privilege right that people have to go through a very high standard test then only they can get the licence to drive, and owning a car needs well financial planning for years. Now Malaysia drivers' standard are so low that everyone including a blind man think they deserve a right to drive a car, so do you think driving nowadays is safe? Now we see a bunch of college students and fresh graduates think they "need" a car to ride to school/work without having the earning powers to afford a car.

LOL .

This post has been edited by kinwing: Dec 1 2010, 05:18 PM

Would you let the commitment drag you down the road for so many years even though it's 10%- 15%
I think i have to use 20-30% of my salary as my salary is kinda low
Feeling insecure if buy car

When I graduated, for my first job, I was taking public transport, then when I have saved enough put in very little money for a very old car (2-3 month's salary). Few years later was given company car, so I haven't bought a car since that day. Every couple of years, was transferred to elsewhere and get new car. Yes it is hard life, but depending if you are willing to do it.

You don't have to struggle to buy a car, just buy what you need ie. transportation. An older car can also get you to where you want to go similar to a new car. When I have my old beat up car, I couldn't care less what people think of it, I only want it to transport me to where I want to go. So as long as it gets me to my destination, who cares how it looks like.

This post has been edited by gark: Dec 1 2010, 06:12 PM

I have a friend who earns only aroumd rm1500 per month. But i admire him, can still survive each month in k.l. He spends:
fixed expenses
rent:rm250
bike installment:rm250
car ins. (share with his bro uses only on weekend:rm250
edu loan:rm300

the balance is for meal and savings. He's very stingy type person but i still admire him

I wonder what is his edu qualifications ? SPM leaver ?

Im a Uni graduate and i earn 1.6k..

what is your job ? Maybe try to look for better jobs