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 Personal financial management, V2

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felixmask
post May 13 2013, 02:53 PM

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QUOTE(bobkf @ May 13 2013, 01:52 PM)
Net Salary: Around RM 3200

Commitment:
Property Loan: RM900
Car Loan: RM500
Savings: RM300
Food: RM500
Internet + Phone: RM200
Electricity + Water: RM50
Misc Expenses (GF), groceries etc: RM300
Credit card payment (new house renovation, furniture etc) = RM450
Total: RM3200.00

Nothing left for emergency or any other purposes. It is common for me to fall into deficit each month where it showed in accumulating credit card payments.

My status:
1. Owed credit card about RM4,000.00. Each month pay some but then uses the back the same amount. Hard to reduce. Always got emergency, car maintenance etc.
2. RM360 investment in Instaforex with friends. For fun. So far grew 10% each month.
3. RM4k savings in another account. This money cant be touched, need it by end of this year.
4. No part time job.

I need to find more ways to cut my spending and increase my income through part time. Anyone can give me any idea ?
*
reduce internet + phone
reduce house reno + furniture


felixmask
post May 13 2013, 03:13 PM

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QUOTE(bobkf @ May 13 2013, 03:06 PM)
Internet and phone are already using the lowest plan. Any lower would be as well a cancellation.

House reno and furniture is already paid by credit card. Now it is just repayment, which is the 4k.
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before you comitmet - think again the debt you want to pay.

Debt - is current value you not afford and commited using future money to pay.

might well you you need to cut your telco. No internet you still able go to work, home to sleep.

This post has been edited by felixmask: May 13 2013, 03:14 PM
felixmask
post May 18 2013, 12:02 PM

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QUOTE(Puchong Family @ May 16 2013, 08:19 PM)
Dear sifus,

Is that possible to ask bank to perform valuation and show valuation report before I accept the Loan Offer Letter?

I'm buying a subsale home priced about Rm550K. Banker claims can get me 90% loan based on my profile and property value.

I afraid the margin may get cut off to 85% or 80% after I accept the Loan Offer and after I sign the S & P with the seller. If that going to happen It will not be possible for me to raise the difference which may go up to 50K.

I'm trying to avoid the situation where some of the forummers have gone through in buying subsale property where Margin of Finance got chopped off upon release of Valuation Report and after accepting the Offer Letter.

This is my first property.

Currently not servicing any loan.

What would be the best approach to avoid the foreseen problem?

Please advise..
P/s: I have placed 3% Earnest deposit with the Agency. Applied loan with the agent's friend. Pending outcome of the results. S&P expected to be signed 2 weeks from now.
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hi Puchong Family

When you place 3% earnest deposit: you need to put clause "If not able to get 90% loan, buyer get full refund earnest deposit within 14 days" before you sign and give the moneyflies.gif to real estate agent. The reason why Earnest deposit hv addition note allow to write in and the real estate dont preprinted for buyer. Buyer hv to wise when see subsale house ask is real estate agent allow get full refund before proceed to sign & give earnest deposit.

you buying Condo or Landend property ?


felixmask
post May 18 2013, 12:20 PM

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QUOTE(jojo88 @ May 14 2013, 10:02 AM)
Hi and dear all sifus...

my monthly net income in mids 30's - rm 5k
commitment:
1.4k force savings to repay apartment loan
800myr insurance
250myr mom
750myr phone, personal exp, food
200myr entertainment
1.6k myr balance- additional savings

I'm having one mortgage loan balance 145k currently tenanted
covering the loan repayment + force savings to repay in short tenure

cash in hand/bnak/share- 80kmyr

dilemma:
I would like to invest in another property ( double storey house ) and
rent it out, after some time, maybe i will take back for own stay as currently, i stay in small apartment fully paid

As the price of dbl stry is quite expensive, i have chosen and eyeing on subsale unit about 650k.

If i buy, i use up all my 80k for downpayment.. and rent it out to cover instalment.

If i dont buy, i use the 80k to finish off my 2nd apartment; and monthly savings, and probably finish the loan by end of next year.
Is it risky to do so, with my current income? or just forget it.
i could finish my current mortagage apt by end of year
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HI jojo88,

No one have crystal ball what will happen tomorow. Possible interest rate hike or economic downturn or even economic growth becoz najibconomic. Based on my calculation 1/3 of your net salary is not sufficient servicing 40year of 650k loan.

Have you check with bank your financial crediability to loan rm650k using net salary.Forgive me if im wrong.
felixmask
post May 18 2013, 12:31 PM

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QUOTE(Puchong Family @ May 18 2013, 12:28 PM)
Yes I did. Full refund of Earnest deposit if unable to get 90% loan or Valuation fails to meet asking price.

Landed home.

The point of discussion is this:

Even if I get 90% loan Offer Letter it is not a guarantee. Offer Letter is always subject to Valuation Report.

This is the tricky part where Valuation Report only expected to be out 3-4 weeks from the day where I have accepted the Offer Letter and sign SPA.

If Valuation Report undervalueved thn my 3% deposit and lawyer fees at stake
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How come can different one. Do you ask loan runner ?
felixmask
post May 18 2013, 01:47 PM

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QUOTE(Puchong Family @ May 18 2013, 01:05 PM)
What you mean by Loan Runner?

Haven't you heard of cases where Margin of Loan got reduced after Valuation Report is out? If you haven't thn here it is:

https://forum.lowyat.net/index.php?showtopic=2814723&hl=

It can happen for subsale cases.

Offer Letter is given based on the information that you have conveyed to the banker, likewise the banker to valuer. They give you the OFFER LETTER based on UNVERIFIED prelim info.

If not by you, thn your banker (in order to get the sale done) may exaggerate the info such us extensively revonated, kitchen extended, car poach extended and bla bla bla.. No one comes to see to verify the info before giving you the OFFER LETTER.

After we accept the OFFER LETTER the real processing begins. Panel valuer will be sent to asses the property wether it is worth the loan amount or no. When the report comes Margin of Finance may go down compared to the initial offer which was printed in the Offer Letter. Say they cut 10% of initial offer (example RM50K) do you think all buyers will have that much of stand by cash to pump in? So subsale buyers please be aware of this!

Why valuation?
So that the bank can offload the prop at auction without loosing money when customer default the loan. If the bank unable to offload the prop, LETTER OF DEMAND will be issued to the VALUATION FIRM to pay the losses incurred cause the prop seems to be tak laku kat market having reported by the Valeuer that the value is so and so..
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how long already ?
felixmask
post May 18 2013, 02:39 PM

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QUOTE(Puchong Family @ May 18 2013, 02:34 PM)
10 days left
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Do you ask your bank seek another valuer ?
felixmask
post May 20 2013, 12:27 PM

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QUOTE(jojo88 @ May 20 2013, 11:09 AM)
hi felix,

thanks for advice.

I have not checked on that part, but have a thought to combine loan with sister and she is eligible as she has higher income.
But, is it OK to buy...? Or diversify the cash in hand to other investment.

My motive oF buying now to hedge the price + investment

Looks like.. maybe need to wait till i have more $$
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the choice is your, we dont hv crystal ball to tell the future.

Since you able to combine income cover the loan, is not a problem to buy the house.

When come to crisis any investment also hv risk to depreciate. The question is investor able to take the risk and hloding power of their investment to reap the profit.

House and your other investment hv different type of risk.

Buy house you still can see the physical house even crisis - as long you able to service the loan the house is your.
Buy other investment - once depreciate is paper loss, hv to wait till the market return good.
felixmask
post May 21 2013, 06:33 PM

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QUOTE(Airveekay @ May 21 2013, 04:00 PM)
Felix offer good advise. What are you working as bro?
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IT programmer aka COBOL
felixmask
post May 21 2013, 06:49 PM

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QUOTE(Pink Spider @ May 21 2013, 06:42 PM)
@super dooper kedekut and forward-looking DIY financial planner icon_idea.gif
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I didnt buy anything didnt meanz i kedukut, becoz i didnt born with assest but debts for me to solved.

You didnt know my father pass away didnt leave anything for me.

felixmask
post May 23 2013, 05:25 PM

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QUOTE(itsybitsy @ May 23 2013, 04:41 PM)
Hi. I'd like to seek some opinions about my asset allocation. I currently have the following:

34% FD
16% Savings & Current accounts
34% Shares
16% Unit Trust (Global equities & bonds)

I currently have some extra money to put aside. Which category should I put it in? Am thinking maybe should increase my bond fund.
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Got invest in PRS?
felixmask
post May 24 2013, 08:27 AM

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QUOTE(edwardccg @ May 23 2013, 09:16 PM)
I can't find the correct place to ask this question.

Sorry for trouble.

May i know is it any people can open an islamic saving account? (I am Chinese, and not muslim)

I plan to open a BSA on Maybank, but notice there is slight different on the interest/profit between normal BSA and BSA-i (minimum 0.3% vs 0.4%)

Is there any things need to concern if opening an islamic account?
Thank you
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it open up for all religion. The way it manage the account using islamic compliance only.
felixmask
post May 24 2013, 11:03 AM

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QUOTE(edwardccg @ May 24 2013, 10:54 AM)
so it will be ok i have a conventional account + conventional CC + islamic account under my name?
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yes, not an issue. Islamic hv their own islamic compliance and pratice in banking.
felixmask
post May 24 2013, 11:22 AM

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QUOTE(jasontoh @ May 24 2013, 11:14 AM)
Did you invest in PRS? I just did recently to reduce my tax, though I think it will be about 500-700 tax difference from my current tax bracket.
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this month, after get my salary. imporatant is mine no service charge 3%

This post has been edited by felixmask: May 24 2013, 11:24 AM
felixmask
post May 27 2013, 08:55 AM

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QUOTE(itsybitsy @ May 24 2013, 01:05 PM)
Not yet. Only 3k a year though.
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get back tax relief also money to invest more.
felixmask
post May 27 2013, 08:55 AM

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QUOTE(jasontoh @ May 24 2013, 11:35 AM)
I directly pay 1 lump sum of 3K. Will be getting 5.xK annually after I retired. Anyway, it is a good way to save money at the same time reduce tax. at 19% tax bracket, it is almost RM600 savings per annum, then at 21% it is 600++ and at 24% it will be over 700
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rclxms.gif
felixmask
post May 27 2013, 02:19 PM

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QUOTE(jasontoh @ May 27 2013, 02:06 PM)
This is exactly why I "invest" in PRS. The best part is, you get 10 years tax relief.
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rclxms.gif rclxms.gif rclxms.gif Where you invest PRS? Public Mutual or Hwang ?
felixmask
post May 27 2013, 02:31 PM

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QUOTE(jasontoh @ May 27 2013, 02:25 PM)
I thought we buy something like insurance? Anyway I bought mine from Great Eastern, since my brother has some connection to it.
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http://www.hansonlye.com/private-retiremen...etirement-plan/


Same as PRS?
felixmask
post May 28 2013, 04:29 PM

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QUOTE(Airveekay @ May 28 2013, 04:03 PM)
Hi Jason, I can introduce to you Prs scheme. Up to 3000 a year entitled for tax relief
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Are you an agent ?
felixmask
post May 29 2013, 09:12 PM

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QUOTE(PhungTM @ May 29 2013, 08:19 PM)
Hi guys, I'm currently still studying in university. I'm planning to work part time to earn some extra cash.
Should I deposit it into FD for now? or do I buy blue chip stocks though it will be very small amount...

One more thing, regarding the PRS, i still dont quite understand even after reading about it. The part about the tax relief and the part about investment. Do we invest the money in the PRS ourselves or something like a unit trust?

Thanks guys
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since you study best focus in your 1st study not stock. Got money but no good grade how to find good job with money ?

1) This my personally do so in College - the reason i get good grade and go inside the Tiger Bank.
You must remeber you must be outstanding from other, how the company can chosse you when the world have plenty of fresh graduates.

2) Since you hv small amount of money, the broker fee may cost you higher to breakeven. Below the link for your understanding stock.
https://forum.lowyat.net/index.php?showtopi...t=0&p=26100154&

3) You dont hv emergency money. You may not know when you need becoz you still can get money for parent.

4) PRS or UT is the same concept pulling a group of money to buy various stock either region or buying Bond.
All this what to buy will do by equity research, so Investor dont need worry how to pick the stock or bond market.
The only different is PRS you not enjoying withdraw the money back when you need vs UT. Becoz PRS will penality you for early withdrawal.
http://www.ppa.my/index.php/how-prs-works/faqs-on-prs/
And you havent start working, so you not fill up Income Tax then not able to claw back tax relief.

Final one.
If you hv sufficient emergency money, then at your age you best give your moneyflies.gif to UT
Please note not all UT fund can grow you money; you must do you homework which fund house and fund type hv performance to show.
Juz a little while pain, less worry for investor after decided. you able to find at Fund Investment, Fund Supermart, Public Mutual and etc topic
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