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 Personal financial management, V2

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kidmad
post Dec 7 2010, 04:48 PM

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QUOTE(goldfries @ Dec 1 2010, 04:53 PM)
cheapest viva DP 10% then stretch to 11 years. no choice, want cheap monthly means pay more long term. easiest to afford since a few months work would be enough for the DP, then every month allocate about 10% - 15% for the installment.
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Can't agree more. With 1.8k salary try to stretch longer.

QUOTE(singdreams @ Dec 1 2010, 05:47 PM)
Would you let the commitment drag you down the road for so many years even though it's 10%- 15%
I think i have to use 20-30% of my salary as my salary is kinda low
Feeling insecure if buy car  laugh.gif
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Well do you need the transportation? if yes then you got no choice. I will definitely take a 9 or 11 years loan if i'm in your shoe. Myself wanted to get a motor as well but looking at the accident rate recently and because im travelling on highway DAILY from Klang to Cyber.. i see alot of those who ride motor was lying on the road recently cry.gif cry.gif cry.gif Don't dare to get anymore.
kidmad
post Dec 7 2010, 10:05 PM

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QUOTE(singdreams @ Dec 7 2010, 06:18 PM)
Don't scare about this one, i drove at KL very fierce also never get bang because i got skill  biggrin.gif
Cut the queue damn fast but i hate dust and pouring.The statistic that you're seeing made u afraid then u won't be able to save money
Since i'm now just starting to work, i afraid i can't get the car loan since i don't have 3 months payslip yet
11 years commitment  shakehead.gif
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Bro most of the accident i see it was not caused by the carelessness of the motorcyclist le. On Elite highway back to Klang. i saw a total of 3 accidents.
1st) the lorry rammed over the motorcycle. fxxking gross! whole road with blood the guy covered with black plastic on top already...
2nd) i think fast lorry past by or something the guy lye on the floor at the bahu jalan. Motor already terkandas at the bahu jalan. To be honest i can only pray for him.
3rd) because of 1 stupid blardy gen2! i can still remember! he keep flashing light behind of me despite i was driving 120km/h then he pandai pandai cut from fast lane to 2nd lane then to 1st lane.. overtake here and there. Near the toll after Setia Alam i saw his car already bank the divider but got one poor innocent motorcyclist lying on the 2nd lane. Seems like when the car lose control most probably pusing pusing and langgar into the divider in 1st lane causing the motorcyclist to crash and somehow he landed in the middle of the road unconcious.

*Most of the Motor accident i see were not caused by the motorcyclist, it's those car/lorry driver who drive damn freaking fast on a highway.
*this all happen in 5 months time. I wonder how many more did happen when i was not driving on the road...


Added on December 7, 2010, 10:07 pm
QUOTE(almeizer @ Dec 7 2010, 09:55 PM)
Just my opinion, those involved in accident, some are those too confident about themself. No matter how good is your skill, u will never know where are the reckless and speedy driver out there.

I have seen a video that the motorcyclist got hit by truck driver and ram over then he become those dead dog/cat that sometimes we can see on the road, only his head can see seen clearly. I'll show u the clip if I can find.
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Did that happen near the Mines? I get to see one clip too which happen in The Mines not far away, the lorry just ram over the motor and drag the body for more than 100 meters! that one is confirm mati!

This post has been edited by kidmad: Dec 7 2010, 10:07 PM
kidmad
post Dec 16 2010, 10:48 AM

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QUOTE(cherroy @ Dec 16 2010, 09:45 AM)
There is a transportation called motorbike.  tongue.gif
It is an exponantial factor, you spend first then no saving left for investment purpose that can generate you passive income, even FD also is a passive income generator.

We have motorbike that can be used as transportation as well. Not necessary between public transport and car only.
I don't know why people never consider this option.
In fact, motorbike is more effective in traffic jam time, more time saved.

Saving 20-30k, even pathetical FD rate at 3%, still generate you Rm900 pa, equivalent to about Rm80 per month to pay off your bill. As time pass, those saving and passive income factor can replicate and compounded even bigger as compared spending all to loan repayment each month with little saving left.

One with figure going up (saving), one with maintaining at zero (spend all), for sure, as time goes, the gap will be widen.

By then the passive income become substantial, which at that times, only thinking of changing new car also too late, which financial situation become more comfortable.
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Well agree with you on the option of saving and having a passive income but i have to disagree when the source of transportation is motorbike. Actually i have tought of it, wanted to get a Naza Blade to ride to office but in 6 months time i saw 4/5 motorbike accident on Elite highway where i travel and commute daily. After deep consideration i choose not to opt for a bike due to safety reason.

I dorwan to save a little and end up dying sad.gif .
kidmad
post Dec 16 2010, 03:57 PM

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QUOTE(BoltonMan @ Dec 16 2010, 01:28 PM)
actually key to save money is, risk your life to accident and life become boring ...

depend what you want.
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Haha don't agree with that bro. For safety maybe at a start get a cheap car then few years later start saving.

QUOTE(jasontoh @ Dec 16 2010, 02:11 PM)
Then, what is the point to save money when you will die the next minute?


Added on December 16, 2010, 2:15 pm
A lot of way to do it actually. Get a cheaper car if you want to save and invest, especially since motorbike quite dangerous in your opinion (same as mine), but to some forumers especially in this topic, they will not agree. I personally feel that there is no point in keep saving money in bulk while you are not going to enjoy it. It is better to have a balance aka not over stretch your income or becoming too stingy to yourself. Just my opinion though.
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Yea i got the cheapest car already but yet i don't feel worth it sad.gif wish i could buy a Ford Mustang GT at USD32k! our car is seriously over priced. Now with the rising of House prices as well seems like what i am earning monthly is still TOO little. I was once freshie as well i know how it feels being paid <rm2.5k and yet have to survive in KL which is having such a high living expenses.
kidmad
post Apr 13 2011, 08:48 AM

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QUOTE(sheahann @ Apr 10 2011, 01:11 PM)
Use family car. Sometime atos sometime elantra. Plan to buy car after 2 years.
Wanted to save 20k as downpayment for car. How
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quite pointless to save for a loan. Save to invest that would be better.


Added on April 13, 2011, 8:52 am
QUOTE(sheahann @ Apr 7 2011, 11:24 PM)
help me about my financial ,
going to work in June. fresh grad with 2.5k. after minus epf left 2225

assume
Parents 300
Petrol and toll 264
Food 500
Rental 165
Phone bill 80
Etc 100
PTPTN RM50(can pay RM50 everymonth ah? better than not paying anything)
Insurance i duno how much..lets say about RM150 per month ?

Total 1609 ...

So 2225-1609lleft 616.

Is this even possible ? how can i save up to 1k per month ? OT ? usually ppl 1 week OT how many days?
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You sure you get paid OT? I know loads of office you work after 6pm they dont pay you a single penny. Endure for the 1st and 2nd year then move on for a better pay check later on. Rm616 maybe try dumping rm100 or rm200 monthly to Etiqa Permier Saver, that was the 1st thing i did when i came out as a freshie. It's been 4 years.

This post has been edited by kidmad: Apr 13 2011, 08:52 AM
kidmad
post Sep 27 2011, 10:21 PM

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QUOTE(Julie28 @ Sep 6 2011, 03:05 PM)
Anyone can give some advice here?

Me & hubby bought an intermediate house at Klang Valley area which costs RM600,000. Loan is around RM500,000. It's expensive because it's really near to Shah Alam industrial area.

Monthly payment around RM2500 (not started yet). I saja2 calculate the loan interest using a calculator & the total interest for 30 yrs loan is RM380,000++.

I plan to sell back the house & buy cheaper house (dunno if there are cheaper houses around Klang Valley area). Or anyone have better idea? The interest is huuuuuge. We can afford the monthly payment but I'm looking forward to other smarter way so that we can get away from paying huge interest.

Thank you.  notworthy.gif
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How big is the house? where is the location? Think whether you can rent out the extra rooms in your house to other tenant to cover the loan. Sooner or later you might need a bigger place too. However if it's not a hotspot where every one want to rent then see whether by that time it appreciated if it is you can just sell of anytime. 2% penalty though. which suppose to be around 20k +-


Added on September 27, 2011, 10:22 pm
QUOTE(cynthusc @ Sep 27 2011, 10:07 PM)
You and your wife's expenses are very high. If I were you my first action plan would be to reduce expenses. You want higher pay but you want a 9-5 job. Unless you have a special skill that is in high demand, that is unlikely to happen in the near future. This is what I would do:

1. As you are renting, move to a house nearer to your workplace or your wife's workplace whichever is cheaper. Sell off one car (the one with the installment) and share with your wife the other. If staying near your work place is cheaper, she can send you to work and drive to work after that or you can take a bus or walk. Save RM800

2. Cut out the entertainment. RM400 for both of you is excessive. Perhaps RM100 per person. Save RM200

3. Cut out the 3G. You already have Unifi or cut out the Unifi and utilise the 3G. Save RM70/150

4. Groceries RM400 and eat out another RM220. That is a total of RM620. Way to much. It can be reduced to RM400 per month. Just cook at home more. Save RM220

5. What is AOWA set? If you have to pay installment for a 4K purchase you shouldn't buy it in the first place. Save the 4K and then buy.

6. Utilities is very high especially when both work. My household of 2 only uses RM30-35 per month of electricity and RM6 of water.  You should target below RM80. Use energy savings bulb and switch of unused lights, appliances. Save RM70

Total saved is about RM1400.00. Since you are a bumiputra, you should save most if not all your money in ASB which is giving 8-10% return per annum. You can easily save RM1800 to RM2200 per month in your ASB. In two years you can afford to put a downpayment on a property of RM300K-RM350K and with low interest rate of 4% (and I think your company can even give you a 100% loan) you have a distinct advantage as your monthly for a 30 years loan is less than RM1000 per month. You can also have a child then.
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+1

This post has been edited by kidmad: Sep 27 2011, 10:22 PM
kidmad
post Oct 20 2011, 06:52 PM

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It's been a while since i've asked advise from dear folks in this section. Now i need another favor tongue.gif

1) Currently i have a life insurance which i'm paying around RM1xx. Is there any insurance which covers critical illness + life insurance as well? Man i'm confused. Ppl are telling me that life insurance do not cover critical illness thus being a Kiasi guy i am now thinking of getting an insurance which covers 36 illness.

2) Need some recommendation, i just bought my 2nd unit condo which depleted all my saving resources. Is there any good saving plan now days which give me a not bad % of return in a tenure of 2 years? Considering i am going to save at least 2k - 2.5k per month. 1 1/2 years back i asked it seems like the best bet for me was FD. What about now?

*Next target is for marriage! can't let my other half waiting so long. tongue.gif

kidmad
post Aug 5 2013, 07:55 AM

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QUOTE(izwanz @ Jul 25 2013, 09:38 AM)
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.
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the interest rate is just higher. are you bumi bro? if it is i think it's a good option. for a unit of rm140k i still you still have some spare left.
kidmad
post Aug 6 2013, 10:35 AM

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QUOTE(Kaka23 @ Aug 5 2013, 05:05 PM)
wow... this is real good, young age already got 150K.
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that's because his thrifty ma.. I believe the scholarship mentioned includes allowance and they are paying him in USD probably studying oversea. Every penny you don't spent will accumulate and for someone at the age of 27 he could be talking about the only few profession which would take him approx. 10 years to complete his studies.

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