bro - it is because of my children & wife that i CAN save & build
else i'd be a gadget + gaming freak

This post has been edited by wongmunkeong: May 12 2014, 11:25 AM

I agree to save 50% of your income. Anything more, will probably downgrade our lifestyle quality BUT
if someone plans to retire early, saving >50% is required. How much we earn monthly is a huge factor as well, earn more + save more = win

from what I can see in generation X in their retirement age, RM300k is a lot for them
Tell them about inflation and medical costs and they dont even care.. die then die lor like that

btw, i save around 25-30% of my monthly income and the amount it's not enough

single
no car loan

monthly expenses:
+insurance
+unifi
+phone installment(thanks god, going to end soon)
+PTPTN
+food & groceries
+ mom & dad allowance

yearly expenses:
car road tax & insurance
car maintenance

Play game also can save a lot

U know how much them gaming rigs cost ar?
those are JUST electronic gaming setup.. then the non-electronic wan leh (which is way more expensive )?
pokai man heheh.. well been there, done that - younger & stupider days

now my "games" make $ (long term lar) hehe
buy low, sell high (investing in value companies and/or net DY%)
buy high, sell higher (trading trend/momentum)
sell strikeprice with low probability to be hit during fear / greed (trading options)

In my case saving 50% of income is a bit crazy considering i already lost almost 30% to tax and epf combined. I know the epf money is mine but then again it does not contribute in paying up my monthly commitnent (except for housing loan).

To save 50% of net should not be a problem though.

Yeah - best is to EARN as much as possible, SAVE as much as possible and when reach goals - then only spend more on "non-priority" stuff to one.
I was in the EARN only camp several donkey years ago - can see $ coming in BUT one or two bad trade(s) +emergency cost = forced selling.. wasn't fun.

i am in genX..
er.. RM300K is definitely not enough leh,
not enough for retirement even if single,
even if the RM300K is excluding EPF - ie just cash investments.
EPF i give U RM2M lar by retirement of 55 (lazy to extrapolate for 60 ) - doable for couples earning RM4K/mth and above.
Even with EPF - nearly not enough if live long & healthy life even assuming no funding of children's Uni and gifting back to charities.

This post has been edited by wongmunkeong: May 12 2014, 01:35 PM

U play Mario, Pacman, Dig Dug, Contra 3 Force...

All this game is very cheap only la bro..

Not asking u to play those super geng punya game.

MatLio, PuckMen, DickDuck, ConTra...
no fun to me lar - grass growing & paint drying more oomph

in todays' terms - need 3x50+inch LED TV with 4K playback
+PS4 & Xbox One
+super tricked out laptop with 3 displays output (left, centre, right)
+dolby surround with THX certification
as a basic setup excluding good enough controllers & headsets

nice... but watching my financial targets being hit = nicer *100
.. and waaaay more realistic / impact rather than "virtual".

So sophisticated one... No wonder u will go broke la.

Unless u be a professional gamer, play game as your job.. Good income also.

I used to play free MMO.. although its free.. got one year i get pretty hooked up.. spend at least rm500 / mth on it. Now thinking bout it, feel so stupid LOL

Not really, there are a lot of vegetarian dogs in this world. Ya there is no free lunch but getting a waterfish is almost the same. Haha.

TS did state "after DEDUCTING EPF, Tax, etc" right? or i misassumed?
ie. net income (as in cash in pocket monthly +yearly bonus)

heheh.. lost 30% to tax & EPF combined?
Trust me - it'll be more as U earn more - U don't want to earn more meh?

This post has been edited by wongmunkeong: May 12 2014, 05:56 PM

independent house, single
monthly save around 9 to 15k depend on mood
averagely 13k per month.

yes, i guess, i was replying to the comments before that saying 50% of income(i assume gross income). Yes, I do know the percentage will increase as you earn more, that is why percentage doesn't work anymore here if we compare to gross, if my income increase another 10% , the total deduction will be almost 32% instead of 30%. Just an example. If 50% of net, definitely OK.