for 3 minutes, just ignore the blue tag

i'm currently nearing my thirties. what i do and how much i earn shouldn't be important, rigth?

currently,

1. i maxed out my ASB investment
2. HP repayment about RM 800, another 2 yrs left  <-- my only liability, currently
3. property loan repayment = RM 2k per month, 9.5 yrs left

i've been saving almost 60% of my salary. my ASB goes from zero to max within 5 years.

i don;t desire many things but i still do spend normally - a new phone every year, this and that, fine watches, bicycles, gadgets, etc etc

now my big problem: i just don't have any idea what else to do with the money. pls help.

atm, i just dump my extra money into ASM or ASW which earns me about 6% return annually.

and to quote from a popular pop song "i wanna be a billionaire, so freaking bad... bla bla bal bala bal"

and oh yeah. i'm single. w/o insurance (never believe in insurance)

hi all,
just need some POV on my financial situation. i know i might be criticized of my ignorance on savings and high CC debt but i'm willing to hear your advises to learn from it. Here is my situation:

Salary: RM5,500 (Net)

Commitment:

Money for Dad : RM600
Insurance: RM300
Phone bill : RM 120
Petrol for Car : RM 400
Credit Card : RM 2300 (RM 1650 balance transfer-3 credit card which all ends in Sep 2013 and balance is minimum payment for another credit card)
Gym : RM165
Car maintenance : RM 200-300 (in every 3 months use credit card most of the time)
Eat/Entertainment/Misc :RM 1200 as i eat lunch and dinner outside (nobody cooks at home)

Currently I'm saving RM500 per month but I need to travel for holiday in March and April. I will be able to start saving for emergency and investment from May onward. I'm planning to start investing in order to get RM 50K in 3 years (for wedding and house down payment). Any suggestion how to achieve it?

I'm starting to learn on mutual funds and etc. hope i am able to come out of the debt and start learning how to earn from investment. I would want to be debt free by end of 2013. Hope this info is sufficient. Hope to hear your feedback on this. Thanks in advance.

BTW, pls repeat after me - Stock INVESTING, not TRADING
Just a thought 

Pay - 3800
Pay (after deduction) - RM 3400

FIXED
Study Loan - 450
Parents - 250
Bill - 100
Credit Card - 100
Food and misc - 800

BALANCE - RM 1800

Should have gotten better grades.. lose so much on student loan darnz
With this balance can buy house and car ar?

hi,

I am in the early 40, reccently face some dilema on which loan need to setter first on my home loan?

Loan A-
Balance  around 190k, mthly instalment RM1600, left 12 years +, currently tenant out for kindergarden purpose, so every month generate rental income of RM1200  to cover the instalment, balance need to top up around RM400.

Loan B-

Existing house stay by me, balance around 30k, monthly instalment RM768, left 3 years+

My question is, in coming Feb/March, i will have some cash to come in result from sold off an old house, but i doesn 't quite clear  which one need to setter off first.

Let say i have  70k to clear off the instalment. In my plan 1, i willl pay-off the Loan B(30k), and pay off 40 k for loan A because  after all i need not to pay the instalment any more, but the cons is that the bal interest charge was not that much , is around 2-3k, On alternatively,  i come out with plan 2,  pay back 70k for loan A, and  it will reduce the interest drastically,  and reduce the tenure as well, but the cons is that i need continue to serve the instalment for loan B.

Plan 1- clear-off loan B, have more COH
Plan 2 -reduce the amount of loan A, less COH, but reduce interest charge in long term.

Need some advise  on Personal finance on above matter, which plan i need to use in order to get better return on personal management /investment, especially under current uncertainty economy?

Opinion; which plan is better for 22-year-old earning roughly RM2000. Spend half salary on sedan like Vios so that when loan is settled in 7 years (and presumeably get married and maybe have 1 kid), no need to upgrade car coz the car size will be just right for that age/position title coz maybe manager by then. Hence save a lot of salary when car loan settled..... or buy according to means now, like Viva etc, then upgrade every 4-5 years according to changing salary/job title/family needs etc?

Nnathan
(Calculate how much you need for retirement at Compare Insurance Malaysia. OMG you will be shocked)

Guys. My monthly expenses:

Fixed:
Car Loan: RM470
House Rent: RM260
Credit Card Installment: RM350 (5 months left)
Phone Bill: RM50
Total: RM1150

Variable:
Parking: RM50
Petrol car/bike: RM200
Food and everyday's expenses: RM750
Public Transportation: RM100
Total: RM1100

I am 25. Earn about RM2200 per month. Don't drive cars too much as i have bike but i think i'm going to take public transportation for a while now. The problem is there is so many unexpected things happened, and i have no savings and i have just settled down my personal loan lately and want to begin to save now. No more personal loan and credit card usage for me after this, regret so much. In the near future, my monthly expenses will change because of further study in Degree as a part timer soon.

Fixed:
Car Loan: RM470
House Rent: RM260
Education loan: RM450
Phone Bill: RM50
Total: RM1250

Variable:
Parking: RM50
Petrol car/bike: RM200
Food and everyday's expenses: RM750
Public Transportation: RM100
Total: RM1100

What should i do guys? Where should i cut the expense?

Ok,ok, maybe not Vios. What I mean is buy a sedan - not a compact car/entry level car like Viva, Kelisa etc. The question is which is better financial decision?
If buy the sedan (Saga/Grand Livina/etc), it is a bit steep for the young graduate on RM2k-RM2.5k but over 7 years, his salary will increase until finally the loan is paid off. At that time, he has other commitments like want to buy house, pay for own household expense/kid etc, so wouldn't he have made the wise decision to spend on his car in his young, responsibility free days so that  he does not need to buy another car later on (since a sedan is good enough)?
Whereas if he were to buy 1/3 his salary, every couple of years he has to upgrade to match his current needs so he is forever trapped in the hp cycle.
That was the debate; not the car brand.
Anyway thanks for all your feedback.
Nnathan

RM 2k for Vios is suicidal, regardless of how much you have left after monthly costs.

Hi guys,

I am in dilemma and need some your point of view. I am single guy aged nearly 35 this year. Working in private company and have very low commitment (don't have a girlfriend yet). I just bought a single storey corner house and I live alone. Sometimes I always thinking that it is such a waste buying big house but live alone. As a single person, I don't have a problem to pay the house every month but I started to think to sell the house and buy a small apartment to suit my lifestyle instead. Should I sell the house and move to smaller apartment? Your point of view is much appreciated. Thanks!

Hi Wongmunkeong, thanks for the advices. A lot friends of mine suggested me to rent out the rooms so it can support me financially. I welcome this idea, the thing that hold me back is that I am not sure if I can stay together with strangers (tenants). I like my current location as it near to town. Very peaceful here. Do you rent out your house too? Ha..ha.. we are on the same boat here. Cheers!

"Home Alone"

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Added on May 17, 2012, 12:03 pm

Not so easy my friend, although I have low commitments, it was hard for me to convince them before bought my current house. Not sure if they willing to lend the money for an investment. (Btw, my income is so so only )

about medical card, i want to ask you.

most company, MNC co provide medical benefits to staff including medical card. however this is all up to retirement (age 60). After this how?

Can get a medical coverrage after 60? if buy now , not worth it rite since co covers all.

Advise pls

9 months but I am confirmed now. The situation is that I have zero savings. I think I should have that emergency funds at least 6 months then consider acquiring a unit. Renting sucks and sharing a rooftop can be difficult if you don't know the other occupants really well.

Tentatively the location is somewhere in Damansara Perdana. I think that is the only area within my affordability. My office is in Damansara Heights by the way.

Any ideas of a good mortgage plan? I am looking at the MBSB first home buyer package where you don't have to put down payment, but I am sure there's a catch somewhere.