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 Personal financial management, V2

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post Jan 7 2013, 11:18 PM

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I feel for you and I am sorry to hear your story.
Hope you will be better off in the future and be in position to provide for other people.
cynthusc
post Jan 8 2013, 01:49 PM

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QUOTE(AAAABBBB @ Jan 1 2013, 10:21 PM)
I am 32 years old, still noob and need your help. Here's my summary of my earning and deduction:

Salary: 2800 (after deduct EPF + Sosco)

Internet: 88
Utilities - RM100 (Electricity + water)
Apartment maintainance fees - RM150 ( I usually paid in advance quarterly coz I hate go every month pay)
Petrol: 150
Phone credit: Digi Prepaid balance RM650+, super long talk time.. I think cannot finish credit, I seldom reload..
Food: 400
Car loan: No (settle) - BLM
House loan : No (settle) - Living in Condo
Education loan: No (settle)- PTPTN
Credit Card: No
Personal loan: No

Basically I just spend RM800+ a month, sometimes work OT got a bit more money ok to pay the Indah water, miscellaneous bill, dunno wat bill wat bill, bill come I just go settle them..

Net savings per month: RM 2000 / I just make it easy count, I dump in extra RM1K into savings making it RM25K per year.

Rough calculation today I have around RM150K cash in FD, Sukuk, etc.. use the intrest go holiday jln jln around RM3K per year

I take old ppl advise practise - "AFISH". I do not like risk, no investment. Money must be protected by PIDM up to RM200K.

A - ASN, Wawasan 2020, Sukuk, etc
F - FD
I - Insurance
S - Shares (Dare not buy)
H - House (Done)
Can I retire at 50 years old?

I read about this
http://budgeting.about.com/od/Why_Budget/a...Millionaire.htm
If You Save: $2000 per month

You'll Be a Millionaire In: 19 years and 7 months.
*
Dear AAAAB,

It seems that you have a good head on your shoulders. I don't see why you cannot achieve your goals. However at your age of 32, do you have any other goals like getting married and starting a family? I understand that you want to retire at 50 but have you thought what you want to do when you reach your goal?

I have the same goal as you, to retire by 50 but the way I am going about it is different. I save a fix sum of RM3K a month, similar to you but I also make between 50K - 100K extra per annum with other investments. My approach is two fold - increase income exponentially and maintain low expenses. Because of my approach, I think I can retire even earlier, if I want to. I don't think reducing expenses is a problem for you (you are a pro already). My suggestion, is to study investments that can fetch you better returns so that you can achieve your goal earlier and then maybe you can spend more on yourself (better food, and maybe even start a family).




jerrymax
post Jan 8 2013, 03:04 PM

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QUOTE(AAAABBBB @ Jan 1 2013, 10:21 PM)
I am 32 years old, still noob and need your help. Here's my summary of my earning and deduction:

Salary: 2800 (after deduct EPF + Sosco)

Internet: 88
Utilities - RM100 (Electricity + water)
Apartment maintainance fees - RM150 ( I usually paid in advance quarterly coz I hate go every month pay)
Petrol: 150
Phone credit: Digi Prepaid balance RM650+, super long talk time.. I think cannot finish credit, I seldom reload..
Food: 400
Car loan: No (settle) - BLM
House loan : No (settle) - Living in Condo
Education loan: No (settle)- PTPTN
Credit Card: No
Personal loan: No

Basically I just spend RM800+ a month, sometimes work OT got a bit more money ok to pay the Indah water, miscellaneous bill, dunno wat bill wat bill, bill come I just go settle them..

Net savings per month: RM 2000 / I just make it easy count, I dump in extra RM1K into savings making it RM25K per year.

Rough calculation today I have around RM150K cash in FD, Sukuk, etc.. use the intrest go holiday jln jln around RM3K per year

I take old ppl advise practise - "AFISH". I do not like risk, no investment. Money must be protected by PIDM up to RM200K.

A - ASN, Wawasan 2020, Sukuk, etc
F - FD
I - Insurance
S - Shares (Dare not buy)
H - House (Done)
Can I retire at 50 years old?

I read about this
http://budgeting.about.com/od/Why_Budget/a...Millionaire.htm
If You Save: $2000 per month

You'll Be a Millionaire In: 19 years and 7 months.
*
It's amazing that your expenses reach RM800+ monthly.

For me my fixed expenses would be

Room rental = RM 400
Parents allowance = RM500
Food = RM 300
Transport = RM300

None of these expenses can be reduced no matter how hard I try. rclxub.gif
AAAABBBB
post Jan 8 2013, 08:12 PM

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QUOTE(jerrymax @ Jan 8 2013, 03:04 PM)
It's amazing that your expenses reach RM800+ monthly.

For me my fixed expenses would be

Room rental = RM 400
Parents allowance = RM500
Food = RM 300
Transport = RM300

None of these expenses can be reduced no matter how hard I try. rclxub.gif
*
smile.gif U rent a room right? Ask landlord to add a bed. Twin sharing double decker - can reduce by 50% thus u paying RM200 only. My brother in KL is sharing room la that is why room rental can divide by 2.

Parent allowance RM500 - ok, being noble son/daughter to support parents. I no comment coz I nothing to give, coz they are a lot richer than me.

Food - RM100 coz only lunch eat outside. Lunch cannot help it need to eat outside coz working. Breakfast eat bread or biscuit at home + a 3 in 1 cofee, Night cook your own dinner - Making sandwich or cook bihun put some choi sum vegge or eat oat. Cheap cheap only.

a loaf of bread, eat 2 slices for breakfast n 2 slices for dinner, RM3.20 Bonaza can last u at least 5 days.
buy eggs cheap only 10 AAA for RM3.20. Boiled them hard 100% coz egg in boil form after eat can tahan lebih lama.
buy magerin Planta instead of butter cost less than RM10
3 in 1 drink those Aik Cheong or get those Spirulina type with a lot of oats cost less than RM15
bihun 1 big packet RM2, choi sam get the 1 bundle RM2 type, cook clear soup bihun put some choi sim add some salt. Salted fish also cheap/ telur masin also cheap can consider add a bit..ratio it ok to last longer
Cook oat also cheap la.

Gas 1 tong 1 month also cannot finish one la..coz not boiled soup...just simple cooking less than 5 minutes each meal...

Transport - RM300 . Try to reduce to RM50. Take commuter and free bus Go-KL, walk a bit lo...
http://www.spad.gov.my/news-events/announc...-service-routes

Ha smile.gif Now u achieve RM850+ monthly too....I salute you coz there u give parents allowance RM500...Congrats u just spend RM350+ on yourself..Unbelieveable!!! cool.gif

I saw some ppl that eats a lot one...In order to save even more...They just took plenty of white rice + some curry will cost RM1.00, they bring from home 3 hard boiled egg S size one and eat together for lunch...If u eat like this..on the meal you can further reduce to RM50, thus should be Amazing achieve RM800+ montly spending same like me.... nod.gif tongue.gif

This post has been edited by AAAABBBB: Jan 8 2013, 08:18 PM
AAAABBBB
post Jan 8 2013, 08:45 PM

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QUOTE(fahrur_07 @ Jan 4 2013, 09:17 PM)
i have 14k
i plan to use it on march this year for car downpayment
better to put it in ASB or fixed deposit?
*
Car depreciate a lot one...Let me share with u my experiece

I very long time ago buy a Proton Saga Knight 1.5cc 2nd hand by cash 10K. It is year 1988 or smtg like that year manufactured.

Sit until here there got bubble karat ...hole here and there...like chicken pox

i park at parking lot other car also scared park beside me...anytime the car can blow up one the engine...I also think like that looking at the condition..

Park that car in front of Proton show room...Ppl go to show room, saw the car also shake head one then no buy...

then being offered RM5k to trade in...

thus I get the new Proton Saga BLM 1.3cc manual around RM35k...

until today I still feel regret I should have get the 2nd hand kancil 660 manual RM4-5k buy cash instead, then will see RM30K more in my account to help me generate more cash !!!

RM30K, 5% interest is like having additional RM1.5k per year, equivalent to almost additional RM125 bonus per month...

RM100+ is a lot of money..Just imagine if economic bad, company stay flat, no increment at all the RM100 comes in handly lo...

Bad if company no order, just 4 days work, less pay already - the RM100 is a lot of money to survive and stay alive...

Worst if company lay off u, just pay u 2 month compensate ....the RM100 extra is life or death already..





mikro
post Jan 8 2013, 09:09 PM

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From: Subang Jaya




until today I still feel regret I should have get the 2nd hand kancil 660 manual RM4-5k buy cash instead, then will see RM30K more in my account to help me generate more cash !!!

RM30K, 5% interest is like having additional RM1.5k per year, equivalent to almost additional RM125 bonus per month...

RM100+ is a lot of money..Just imagine if economic bad, company stay flat, no increment at all the RM100 comes in handly lo...

Bad if company no order, just 4 days work, less pay already - the RM100 is a lot of money to survive and stay alive...

Worst if company lay off u, just pay u 2 month compensate ....the RM100 extra is life or death already..
*

[/quote]

Bro, I share to same sentimental as you, for me upgrading my proton iswara is not an option and I hope I can drive it for 20 more years tongue.gif

Hopefully everything still alright by then, no rust, no burst, spare part still available rclxms.gif

For me, I don't see much future in my job but currently, I like it, so saving money and investing from time to time is the right way cool.gif

Can't imaging my life without my proton whistling.gif

cheer

Rich_Lim
post Jan 8 2013, 11:14 PM

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Wow, reading how you all save and the % saving from monthly salary it's very scary! I'm afraid my line of job wouldn't allow me to save by havin simple meals & no entertainment at all... Yet bravos to you all
jerrymax
post Jan 9 2013, 11:04 AM

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310 posts

Joined: Oct 2007


QUOTE(AAAABBBB @ Jan 8 2013, 08:12 PM)
smile.gif U rent a room right? Ask landlord to add a bed. Twin sharing double decker - can reduce by 50% thus u paying RM200 only. My brother in KL is sharing room la that is why room rental can divide by 2.

Parent allowance RM500 - ok, being noble son/daughter to support parents. I no comment coz I nothing to give, coz they are a lot richer than me.

Food - RM100 coz only lunch eat outside. Lunch cannot help it need to eat outside coz working. Breakfast eat bread or biscuit at home + a 3 in 1 cofee, Night cook your own dinner - Making sandwich or cook bihun put some choi sum vegge or eat oat. Cheap cheap only.

a loaf of bread, eat 2 slices for breakfast n 2 slices for dinner, RM3.20 Bonaza can last u at least 5 days.
buy eggs cheap only 10 AAA for RM3.20. Boiled them hard 100% coz egg in boil form after eat can tahan lebih lama.
buy magerin Planta instead of butter cost less than RM10
3 in 1 drink those Aik Cheong or get those Spirulina type with a lot of oats cost less than RM15
bihun 1 big packet RM2, choi sam get the 1 bundle RM2 type, cook clear soup bihun put some choi sim add some salt. Salted fish also cheap/ telur masin also cheap can consider add a bit..ratio it ok to last longer
Cook oat also cheap la.

Gas 1 tong 1 month also cannot finish one la..coz not boiled soup...just simple cooking less than 5 minutes each meal...

Transport - RM300 . Try to reduce to RM50. Take commuter and free bus Go-KL, walk a bit lo...
http://www.spad.gov.my/news-events/announc...-service-routes

Ha  smile.gif Now u achieve RM850+ monthly too....I salute you coz there u give parents allowance RM500...Congrats u just spend RM350+ on yourself..Unbelieveable!!! cool.gif

I saw some ppl that eats a lot one...In order to save even more...They just took plenty of white rice + some curry will cost RM1.00, they bring from home 3 hard boiled egg S size one and eat together for lunch...If u eat like this..on the meal you can further reduce to RM50, thus should be Amazing achieve RM800+ montly spending same like me.... nod.gif  tongue.gif
*
Food maybe can but RM 100 impossible ah. My lunch 1 meat 1 veggie already RM5.

Transport is fixed already. I travel by bus and MRT, not in KL. Hehe..
wongmunkeong
post Jan 9 2013, 11:15 AM

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QUOTE(jerrymax @ Jan 9 2013, 11:04 AM)
Food maybe can but RM 100 impossible ah. My lunch 1 meat 1 veggie already RM5.

Transport is fixed already. I travel by bus and MRT, not in KL. Hehe..
*
I aM POSSIBLE tongue.gif
2 hard boiled eggs + 2 fruits + 4 slices of bread tah pau-ed from home for lunch daily (kiamsiap + health concious)
My cost? definitely lower than $3 - all sourced from Tesco, on a 5% cash back credit card + 1% Tesco points sweat.gif

Guess how much per month my working lunch cost? laugh.gif
wongmunkeong
post Jan 9 2013, 11:21 AM

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QUOTE(Rich_Lim @ Jan 8 2013, 11:14 PM)
Wow, reading how you all save and the % saving from monthly salary it's very scary! I'm afraid my line of job wouldn't allow me to save by havin simple meals & no entertainment at all... Yet bravos to you all
*
"Scary" + "my line of job wouldn't allow me.."
OR
choice / priorities? wink.gif

Usually folks that havent found a big enough WHY / burning desire will have other priorities than cutting cost & building their assets.
No probs ar - just don't beat yourself over it & say "i must save/create passive income"
when in reality one doesnt have to
coz no burning desire & need to

Just a thought yar - no right/wrong per se notworthy.gif
adolph
post Jan 9 2013, 11:24 AM

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QUOTE(jerrymax @ Jan 9 2013, 11:04 AM)
Food maybe can but RM 100 impossible ah. My lunch 1 meat 1 veggie already RM5.

Transport is fixed already. I travel by bus and MRT, not in KL. Hehe..
*
Jerrymax,
You mentioned about MRT, MRT already began their operation?
jerrymax
post Jan 9 2013, 12:19 PM

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QUOTE(wongmunkeong @ Jan 9 2013, 11:15 AM)
I aM POSSIBLE tongue.gif
2 hard boiled eggs + 2 fruits + 4 slices of bread tah pau-ed from home for lunch daily  (kiamsiap + health concious)
My cost? definitely lower than $3 - all sourced from Tesco, on a 5% cash back credit card + 1% Tesco points sweat.gif

Guess how much per month my working lunch cost? laugh.gif
*
Everyday bread won't feel sian? Haha.. Don't tell me it's RM50 per month!! shocking.gif



QUOTE(adolph @ Jan 9 2013, 11:24 AM)
Jerrymax,
You mentioned about MRT, MRT already began their operation?
*
Sorry I wasn't being clear on previous post. I meant Singapore MRT. wub.gif
Rich_Lim
post Jan 9 2013, 12:36 PM

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QUOTE(wongmunkeong @ Jan 9 2013, 11:21 AM)
"Scary" + "my line of job wouldn't allow me.."
OR
choice / priorities?  wink.gif

Usually folks that havent found a big enough WHY / burning desire will have other priorities than cutting cost & building their assets.
No probs ar - just don't beat yourself over it & say "i must save/create passive income"
when in reality one doesnt have to
coz no burning desire & need to

Just a thought yar - no right/wrong per se notworthy.gif
*
Of course from time to time I skip lunch as well but I tend to have gastric prob when I do, in addition I'm in healthcare line too so wouldn't want customer to see me as sick as them sad.gif now I'm starting a new phase of life as someone's husband so every things change, it's no longer only my prob but as married couple's issue to solve..

Maybe like you say, the burning desire is not that great yet or more like I'm getting into the comfortable zone, when te real commitments havent come in yet
gark
post Jan 9 2013, 01:43 PM

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QUOTE(Rich_Lim @ Jan 9 2013, 12:36 PM)
Of course from time to time I skip lunch as well but I tend to have gastric prob when I do, in addition I'm in healthcare line too so wouldn't want customer to see me as sick as them sad.gif now I'm starting a new phase of life as someone's husband so every things change, it's no longer only my prob but as married couple's issue to solve..

Maybe like you say, the burning desire is not that great yet or more like I'm getting into the comfortable zone, when te real commitments havent come in yet
*
Don't beat yourself up to increase your investible wealth. Money is NOT everything, you only live once so you need to enjoy yourself once in a while, starving and penny pinching is not a good practice. Forcing yourself to suffer is neither good for your well being and mental health, thus affecting your income generating work.

Set aside a reasonable amount of your monthly income like 20% for a start and invest diligently, and never be attempted to 'touch' this investment account. The rest spend it all to provide enjoyment for you and your family. If you have good savings and investing habit, in matter of years you can already see your passive income comes up substantially.

Be moderate, but keep a close eye on your expenses and never go into debt for "things"... that does not give your income.

This post has been edited by gark: Jan 9 2013, 01:45 PM
wongmunkeong
post Jan 9 2013, 02:05 PM

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QUOTE(jerrymax @ Jan 9 2013, 12:19 PM)
Everyday bread won't feel sian? Haha.. Don't tell me it's RM50 per month!!  shocking.gif
Sorry I wasn't being clear on previous post. I meant Singapore MRT.  wub.gif
*
Every day breathe air + drink clear water "can also sian" lar right? tongue.gif
Like i said, it depends on individual's priorities + my tongue's taste buds are my brain's + emotion's slaves, thus they have NO say laugh.gif

Some people prefer to eat changgih (though not necessarily healthy) or drive new cars every 5 years by going into debt. They cannot even think of a life without such - thus, that's their priorities.
Mine's health, freedom & security - not taste & image.

This post has been edited by wongmunkeong: Jan 9 2013, 02:06 PM
cynthusc
post Jan 9 2013, 04:32 PM

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Why do people equate eating cheap with starving? I don't understand.

I eat cheap but I definitely eat healthy. In fact every day I have vegetables and protein in my diet. I also eat high fibre bread and have fruits every other day. The only difference : I cook.

My monthly food bill for 2 is less than RM450. My daughter takes food like tuna sandwiches, egg sandwiches, roast chicken sandwiches and even sushi to school. All homemade, healthy and cheap.
Kaka23
post Jan 9 2013, 04:36 PM

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QUOTE(cynthusc @ Jan 9 2013, 05:32 PM)
Why do people equate eating cheap with starving? I don't understand.

I eat cheap but I definitely eat healthy.  In fact every day I have vegetables and protein in my diet.  I also eat high fibre bread and have fruits every other day.  The only difference : I cook.

My monthly food bill for 2 is less than RM450. My daughter takes food like tuna sandwiches, egg sandwiches, roast chicken sandwiches and even sushi to school. All homemade, healthy and cheap.
*
+1

Huh.. I need to do something with my meal $$. I am spending averagely RM500/mth for breakfast, lunch and dinner only for myself!!!
cynthusc
post Jan 9 2013, 04:56 PM

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QUOTE(Kaka23 @ Jan 9 2013, 04:36 PM)
+1

Huh.. I need to do something with my meal $$. I am spending averagely RM500/mth for breakfast, lunch and dinner only for myself!!!
*
Start changing your meals one by one. Plan your meals for a month and make a shopping list. Buy a lunch box that can keep your food warm. Cook some of your meals in advance and freeze.Eg. lasagna, spaghetti sauce, soups, burger patties, cutlets, marinated lamb. Veges you can prep for a week.
wongmunkeong
post Jan 9 2013, 05:06 PM

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QUOTE(cynthusc @ Jan 9 2013, 04:56 PM)
Start changing your meals one by one. Plan your meals for a month and make a shopping list.  Buy a lunch box that can keep your food warm. Cook some of your meals in advance and freeze.Eg. lasagna, spaghetti sauce, soups, burger patties, cutlets, marinated lamb.  Veges you can prep for a week.
*
But but.. if lazy.. (guys without taste buds & time):

Lazy Office lunch:
1. Carbo: Whole meal / full grain bread OR cook 5 days worth of brown rice & pack into 5 containers, freeze them.
2. Protein: Hard boiled eggs (5 days worth, chuck in fridge when boiled - nature's packed fast food tongue.gif) or cheese
3. Fibre & enzymes: 2 helpings of different fruits (another of nature's fast food)

Lazy Dinner:
1. Carbo: Brown rice pre-cooked as above & frozen OR spaghetti/noodles
2. Protein: Dory fish 1 slab or chicken fillet or eggs (switch around)
3. Fibre: Frozen veggie or veggie from garden (yes i have a huge garden of "Taiwan choy" but gotta pluck lar biggrin.gif)
Throw all into a pot, cook & eat out of pot. Only need to wash pot + fork laugh.gif

Saves $, time & healthy enough.
Kaka23
post Jan 9 2013, 05:18 PM

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Wong - sifu,

I like your below statement!

Throw all into a pot, cook & eat out of pot. Only need to wash pot + fork.

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