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 Personal financial management, V2

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teehk_tee
post Apr 8 2011, 07:55 AM

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From: กรุงเทพมหานคร BKK

just wanna ask you guys, ideally how much % should I be saving? about to start work soon in the later half of the year.

net income after EPF : 4450
deductions
Parents : 1000
Food : 600
Car Loan, Petrol & Misc : 1300
Phone : 100 (2 phones)
--
Balance : 1450 // ~30%
of which : 500 to build emergency fund

--
net savings : 950. ~20%

am i doing it right? Im not sure what allowances I can claim from the company and i havent account for insurance.

note:
-staying with parents.
-got some further side income from equities, but i try not to use that.

This post has been edited by teehk_tee: Apr 8 2011, 07:56 AM
teehk_tee
post Apr 11 2011, 04:22 AM

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From: กรุงเทพมหานคร BKK

QUOTE(SilverfoX @ Apr 9 2011, 03:03 PM)
wow, pretty good pay for a freshie.
Being able to save 30% is pretty good. Make sure you stick to your budget, track your expenses carefully and start to size up your investment portfolio gradually (equities, properties etc).

kudos to you for honouring your parents by giving them ~25 % of your pay.
Not many youngsters are willing to do that nowadays.
Keep it up.
*
QUOTE(Ericpoo @ Apr 10 2011, 09:20 AM)
Good planning everything is well planning. But i will suggest you to get anu insurance which the premium maybe just about RM 150 - RM  200 per month which focusing on coverage purpose. This is because in case emergency happen who going to pay for you?

Regards
Eric Poo
*
thanks for your comments. i sincerely appreciate it very much!
yeah, i'll feed the rest of the cash back into the equities, .. not planning to get into the property ladder within the next 3-4 years. insurance.. i dont know im quite skeptical about insurance (like the likelihood, touch wood, of something happening). anyway i'll look into the plans.

thanks again. take care.
teehk_tee
post Apr 25 2011, 01:24 AM

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From: กรุงเทพมหานคร BKK

QUOTE(cynthusc @ Apr 19 2011, 02:43 PM)
Your food costs is very high.  If you consider eating packed lunch twice a week, you can probably reduce that to RM400 per month. If you live with your parents and really control your spending, you can easily save 50% of your salary.  With that 50% which is RM2225, you can first build an emergency fund of about RM10K++(in 5 months) and subsequently save the rest in an interest bearing account.  In one year you will have approximately RM15K.  With that money you can then invest in various investments like property, shares and even a business.

As for insurance, I would suggest not buying life insurance unless you have dependents but you should get a medical card (unless your company already insures you for that). It doesnt cost much...about RM500-RM700 per year depending on the type of room package and coverage you are looking at.
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15K for property investment?
that's quite difficult isn't it.

i've got some ready savings to dig into for business purposes. and thanks for the advice on insurance. rarely get sick though.. hmm.gif
teehk_tee
post May 21 2011, 03:16 AM

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From: กรุงเทพมหานคร BKK

wmkeong, thanks for your uploaded file on portfolio management.

have you had training/exp in investment advisory before? because it looks like you do.

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