Hard to comment if we dont how much home loan is left?
Do you have other assets or saving? What is your estimated networth?

Being able to save 40% of your total income is very very good already.
You are already on the right track. Depending on our total networth, try to diversify your investments to other class of assets.

your house is not an asset yet ! are you living in this house or rented out ?

Home loan about RM 450,000 left! :-( I have paid about RM 250,000 to this date.

I don't have other assets or saving. I use my Dad's car.

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Added on February 12, 2012, 3:54 pmLiving

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Added on February 12, 2012, 3:56 pmYes, home is my only 'investment'. I paid RM200,00++ in lump sum on my home, leaving all other investment has to be channeled to the home. The reason is that, if my monthly commitment to my current home loan is high, it might not be possible for me to get another property, so I decided to pay in lump sum RM 200,000++, though I'm not sure if I had made the right move considering that I have no plan to spend money on car/marriage in the near future.

This post has been edited by bravofeel: Feb 12 2012, 03:58 PM

Then like what other said, you should start saving some emergency cash ie 6-12months worth of living cost. This is to survive any unforeseen circumstances. Like if you lose your job tomorrow, would ou still be able to pay your mortgage and feed yourself when you are looking for new job.

Save enough of emergency fund before you start goreng-ing property.
Life is full of surprises, but not all of them are pleasant. Unfortunately.

Hi bros here....

need help to calculate a bit .

Is it best to take a loan to payback credit card debts ?

Loan from RHB

Borrow 4k , every month pay 378.24 for 12 months (Interest 13.38%) = 378.24 X12 = RM4538.88

The interest seems lower than the bank but am I really saving money by doing like this ?


Thanks in advance

Whoa.. effective rate of interest is about 26.98%pa (if the sample used is correct)? U sure that's LESS that yr credit card? Looks similar to credit card charges.

This post has been edited by wongmunkeong: Feb 14 2012, 06:55 PM

got a partly qualified accountant in GGC u dun ask

Personal loan to pay off credit card debt is NEVER a good idea, the effective interest rate is way higher

Keep ur CC balance, pay AS MUCH AS U CAN every month is the better option

Please help this student in completing his final year research, your contribution by participating in this research will be deeply appreciated, god bless you.

https://docs.google.com/spreadsheet/viewfor...YZmFuQUJnZEE6MQ

Thanks for helping


I didn't know you can count ma

If :"pay AS MUCH AS U CAN every month" is not an option.


So guys , meaning if I pay monthly 378.24 to my credit , the interest is lesser than the loan ?

if you really need it try to look for those 0% balance transfer. and commit yourself to settle the balance transfer and cut your old CC to prevent from accumulating debt again

ASSUME u got the highest tier credit card finance charge of 18% p.a., that's 1.5% per month

4K outstanding
every month pay RM378.24 for 11 months
12th month u need only pay RM228

so, do ur own math for the savings

if ur CC finance rate is lower than 18% p.a., can save even more

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Added on February 15, 2012, 11:08 ambalance transfer is a good alternative too
if combo with the method I suggested, can save even more

KEY - EVERY MONTH U MUST PAY

This post has been edited by Pink Spider: Feb 15 2012, 11:09 AM

==...yeah u're right

Dude, don't say its impossible when people are doing it. It may be because people have learnt the strategy of high frequency cut-off and compounding, while matching it with sufficient hedging.

You replied to a 1 1/2 year old post. FYI.

Hi guys, really need some advice here...
Currently 23yo, working as wedding videographer in a bridal shop but will take freelance job too
Earning between RM2.5-RM5k depending on months (Nov-Dec usually highest)
With such unstable income i find it very hard to cope with my expenses...

Fixed
RENT: RM340
BILLS: RM80
INSURANCE: RM160
MOM: RM300
CAMCORDER INSTALLMENT: RM500
Touch n Go: RM150

Variable
Food: RM400
Transport: RM400
Groceries: RM400
Phone: RM120
Pets: RM20 (Feeder crickets)
Others: RM200

Currently living with gf, we buy groceries once a week and cook our own dinner, usually i only spend on food for my lunch or yumcha session and some snacks...
Was actually planning to save RM1k per month but this seems impossible unless i got freelance job on that particular month or if my salary have more than RM4k
Need some advice on how to reduce my expenses...

Being a videographer means you tend to travel a lot for functions. So I guess transportation and TnG is un-avoidable. But make sure you claim your 20% rebate for TnG if you travel often.

You have both food at RM 400 and also groceries at RM400. I assume groceries include for your GF as well. You can opt to spend less here by buying less of those expensive groceries if there are any.

Others at RM200 I assume for other in-frequent activities or groceries or maintenance.

How many months before you finish paying for your camcorder? RM500 seems to be the biggest fixed cost and from your info, is used for freelance work. If your freelance work is more during a particular month, try to pay off this item as the work you are doing is directly connected to this fixed cost. Similar to freelance work costing you your transport and TnG allowances. Try and budget and price your freelance work to these costs and see if it is actually paying enough/worth the effort.

Your basic pay from your regular job is the limit you should use to manage your expenses. If you depend on your freelance/part-time job to manage your expenses then it will only cause you head-ache as it is not constant. So if you earn RM2.5k month from your consistent salary, your expenses should not exceed this! Your part time job should be helping you, not adding to your costs of living. (RM500/month camcorder)

Your freelance work for the entire year should be ideally covering your costs of paying the camcorder and travelling expenses every month. RM500/month means RM6k per year. Your freelance work is earning you how much per year? Is it covering your costs of your equipment and transportation costs? Are you making a loss/profit in this business? Your equipment as a professional videographer should cost at least RM10k, so I assume you are paying for this RM500/month.

This post has been edited by skiddtrader: Feb 18 2012, 09:26 PM

Hmm im using monthly integrated touch and go, can rebate 20%???
Yup, u are right, groceries are for the both of us, i usually spend on my lunch and yumcha session too
others are random expenses like cutting hair, buying new clothes, hardwares, entertainments etc
My camcorder installment still got 4months (RM2k) left, actually im paying it to my mom because she borrow the money from her boss
My basic pay is only RM1.6 while my fixed expenses are already RM1530... If i were to manage my expenses based on it i wont have enuff for my meal and groceries...
I just started my freelance job so i dont have much job yet but so far so good, its more than enough to cover my cam installment + transportation
Actually i was thinking to use my income in my work for my expenses and save up all the money i earn from my freelance to buy a house (Aiming to save 10k per year, save 30k and get a decent 150k-200k house)
Not planning to get car anytime soon

I don't understand what is integrated TnG? AS far as I know, if you use more than 80 times a month on tolls, you can get a 20% rebate. The rebate will be credited back to your TnG card.

If your camcorder got 4 months left, you should be able to see some improvement in savings soon. Using your earnings from the freelance job and saving it is a good idea provided you have enough to cover your expenses.

Basically you need to cut down on expenses somehow, either by eating less, yumcha less, buy clothes less etc. Some adjustment needs lifestyle changes. For example some people like to get a RM30 haircut every month, a lifestyle change will mean you find a cheap barber and cut it for RM10 instead of a fancy saloon. Instead of yumcha in Oldtime, go yumcha is small mamak shop etc. This options make you look cheap but this is up to you how much you want to sacrifice to save. Some people got no social life and save a lot. Some people don't go dating instead watch TV at home. Some people just stop spending all together.

Next you need to increase your earnings either by charging more for your freelance by providing more options in your packages. Do overtime if there is in your normal work. Try to find other customers or network with other videographers for opportunities in big events like corporate events for your freelance work.

It's hard to grow income from investments if you got not much savings to begin with, so I would suggest you save up first before going for next step in wealth generation.

Your HP account if possible try to get a main line and sub-line to reduce costs and sharing of credit.

Your best way of reducing costs is to know how much you incur costs in the first place. So start a excel file of a 555 book to note down EVERY expense you incur. Including daily toll, yumcha, buy newspaper, petrol etc. This is tedious at first but when you see how much you actually spend in a day it will surprise you, then you can then try to reduce it. For example, I used to spend up to RM40 a day on average. I started reducing slowly and manage to get the lowest at RM25/day on average over a month. Your phone bill can show you how much costs you incur in a daily phonecall/sms etc

Good luck!

Hi I am looking at this saving plan from MCIS Zurich and would like seek advice from SiFu here whether it's a good plan to go for retirement ?

Also another concern is I read that Swiss Zurich is opting to exit MCIS Zurich Malaysia as they have purchased MAA and our Bank Negara rules one company cannot hold 2 insurance company. Not sure will there be any impact if I invest on this plan. It's a long term plan. (as attached)

Thanks in advance.

hi Guys, I'm 26, I want focus on building my own investment portfolio. I've just finished servicing my sins (unsecured debts) with savings of 5000 on bank and monthly 1400, from my 3500 net income, no house and car commitment, my aim is

1. saving up for a high rise property worth 300-350k (down payment of 35k?), or option landed property 400-450k (down payment of 50k)
2. fund for marriage 30k?
3. any online or books for building investment portfolio with different vehicle (beginner)
4. How long can i reach my goal No.1 No.2. what kind of action should i take now?


thanks in advance for all your guidance =)

This post has been edited by kangry: Feb 20 2012, 04:51 PM