Need advise.

My friend current salary is almost 3k. Working at rural area. Food paid by company.
He get an offer at city offering him 5k and yet he turned them down after carefully do his budgeting on his monthly expenses.

I advised him to grab the offer as 3k to 5k its alot of increment!
Is working at city requires very high monthly expenses? ><

anyone here experience b4? If salary increase merely by 10-15% its understandable but its over 50% increment!

Basically i also dump alot of money into PTPTN. Hope to clear it in 2-3 yrs time. As i still learning to invest, its best to clear all the outstanding loan first. Of cos if any investment gives higher interest than ur loan then concentrate on ur investment first.

Here mine:

Salary: 2.7k net
Saving per mth: 1.2k avg (30-35%)

Car - 498 (2 more years)
Study loan - 10k (plan to settle this yr or latest next year)

ASW: 35k
FD: 11k (3 mths EF)
GIA: 7k
Cash 15k

Where should i park my extra cash?
1. Increase my EF
2. Increase GIA
3. Dump some into shares / stock. No UT pls
4. Clear my study loan? i had dump 15k last year.

i plan to go sg early this year if there a opportunity. Or should i keep more cash?

Any advise on what should i do with this extra cash?

i dont think he interested. lol
Correct me if i am wrong

Income in RM:
Monthly Salary = 2800 after all deduction

Expenses in RM:
Food = 100
Transport = 100 (Petrol)
Phone Bills = 70
Internet = 90
Parents = 300
Entertainment = 400 (maybe less)
Car loan = 498 ( 2 years to go)

Total = 1458

Monthly saving = 1100-1300 (bout 35-40%)

Asset
ASW = 33,000
Saving = 11,000
Fixed Deposit = 15,000
Gold = 7,000
Stock = NIL

Liability
Study loan = 9k (plan settle by next yr but currently not paying)
Car loan = 498 (till 2014)

Hoping to put more of my savings into shares / stock.
Or should i consider buying properties instead? Since by year 2014 i should be finish paying my car and study loan.

Please advise. Financial freedom still very far or near impossible for me...lol

Hi chabalang,

Thanks for your input. I'm 28 years old now. And yes staying with my parents at this moment.

1) I did not include car maintenance cos work place is very near my home. In a month or two, normally i would go for biz trip hence the allowance given is more than enough to cover my car maintenance and etc.

2) Ya my car is the culprit. Trying to cut on entertainment. But nowadays everything is expensive
400 bucks for entertainment include family dinner=100 bucks (once a month), gift/fren wedding=100 bucks, 200 bucks is for myself

3) I'm a saver. But certainly not an investor haha still learning though. Thanks for the link.

Plan to get a house when my car is fully paid.
But i still thinking of going SG work probably this year. Is it advisable base on my current situation?
Seem like need to pay twice more than car loan which means my budget gonna be tighter
And also ya, i plan to get a medical card as well which is about 100-150/mth

What i mean is car loan is RM498 (2 yrs to go)
House loan will cost approximately bout RM1k.

If i plan to get a hse after finish repaying my car loan, my loan will be double, compare car loan with hse loan. So will have tighter budget.

Hope my above explanation is clear.
Sorry for the confusion

Woh! AAAABBBB u are way ahead from alot of us here.. u really manage your money well!

Below is mine:
saving per mth: about 1.5k (end of this year will be able to save 2k cos car loan finish at Nov-13)

Internet+hse phone: about RM90 (under 1 package)
Utilities - Parent pay
Petrol: less than RM100
Phone bill: about RM60
Food: RM50 (mostly eat at home, breakfast lunch dinner)
miscellaneous: RM300 (occasionally go out with fren and shopping)
Car loan: RM498 (11 more mth) - Myvi
House loan : No hse
Education loan: left RM10k (plan to settle it lum sum before oct-13 get discount ;p)- PTPTN
Credit Card: Pay in time (normally swipe when pump petrol or shopping)
Personal loan: No
Parent: RM400 (RM300 pocket money + RM100 for dinner)


By end of this year, i'm free from loan but if i were to buy a hse then....

Investment:
ASW:41%
FD:19%
Gold: 4% (plan to take out all, but currently at losses lol)
Cash 19%
Share: 17%

As can see FD+cash is almost 40% which is not really good imo (did not work hard enf for me)... should i increase my share to 50% maybe? but the risk is there...or maybe get a hse instead? but i dont really like to have loan on me... but a lot of fren advise me to get a hse

Any advise would be appreciated.

I also manage to save about 25k p.a and almost had 100k now but still think not enough...
Always have the thinking of what if... as in comparing with SGD currency which is 2.5x then it would be RM250k
Had planning to go sg for quite sometimes now, just dont have enough courage to do so....
cos currently in my comfort zone... office only 5min drive away and mostly stress free environment.... or should i go sg?
it would certainly double my income

erm... i'm a saver but not an investor (still learning)
My target is to have bout RM2k passive income monthly at least... and free from loan
Study loan: Will settle latest by oct 2013
Car loan: Finish by 2013
Hse loan: NIL - no hse my biggest headache LOL

still looooong way to go to financial freedom!

Thanks all for the advise!

@wongmunkeong - i'm just looking for a simple life in future, nothing fancy
i'm not into luxurious stuff but a healthy lifestyle and early retirement.
orh ya and oversea vacation at least once/yr! had been practicing it for 5 yrs
but how long is my plan to stay in sg? (if i ever work there) frankly speaking i din think bout it yet.. maybe till i get RM2k passive income / mth (min) and free from loan?

fyi, i save bout 40-50% of my salary and do have a daily budget to keep track on my expenses. (had been doing it for the past 5 yrs! ) i'm not stingy tho... just to keep track on my $$

i'll try to apply for a job in sg first and see how it goes.. Thanks again!

@adolph - i'm currently 29y.o

End of this year, i'll be free of debt after finish paying my car loan by end of this year. Just settled my study loan few days ago.

Currently, looking for a hse! i'll be in debt again soon.

Envy those who able to settle study loan, car and hse loan all together