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 SSPN, Skim Simpanan Pendidikan Nasional

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lyc1982
post Nov 17 2019, 11:46 PM

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sspn is not a place where you can earn good returns...

it's mainly to reduce the income tax
wym6977
post Nov 18 2019, 09:43 AM

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QUOTE(lyc1982 @ Nov 17 2019, 11:46 PM)
sspn is not a place where you can earn good returns...

it's mainly to reduce the income tax
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Agreed... the longer your money stay in the account it dilute the return. Just deposit enough for tax relief and withdraw when your kid ready for college / university.
wongmunkeong
post Nov 18 2019, 09:43 AM

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QUOTE(lyc1982 @ Nov 17 2019, 11:46 PM)
sspn is not a place where you can earn good returns...

it's mainly to reduce the income tax
*
true and from another point of view, what U save = what U earn, right?

IMHO: per input, up to $8K pa = 20%+/- "returns" first year (due to tax relief) + 4%+/-pa
= dang good % * FOR SURE
= hands down best "investment", at least for several years until the CAGR drops below 5%pa compounded XD

This post has been edited by wongmunkeong: Nov 18 2019, 09:49 AM
jefftan4888
post Nov 18 2019, 11:58 AM

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QUOTE(lyc1982 @ Nov 17 2019, 11:46 PM)
sspn is not a place where you can earn good returns...

it's mainly to reduce the income tax
*
People can use it to park their emergency fund. Most people park at FD. Unless they don’t have emergency fund then another story.
Dexter
post Nov 18 2019, 03:38 PM

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The amount we accumulated in SSPN account is real shocking after many years.

Able to discipline us to have some prudent saving for our future or child's future. rclxms.gif
extinct_83
post Nov 18 2019, 04:30 PM

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QUOTE(wongmunkeong @ Nov 18 2019, 10:43 AM)
true and from another point of view, what U save = what U earn, right?

IMHO: per input, up to $8K pa = 20%+/- "returns" first year (due to tax relief) + 4%+/-pa
= dang good % * FOR SURE
= hands down best "investment", at least for several years until the CAGR drops below 5%pa compounded XD
*
Hi Sifus.. do you know how the interest would be calculated? If I put 8K in December and wait till announced for the interest 4% in January for example, will I received RM 320 after that?
MUM
post Nov 18 2019, 04:37 PM

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QUOTE(extinct_83 @ Nov 18 2019, 04:30 PM)
Hi Sifus.. do you know how the interest would be calculated? If I put 8K in December and wait till announced for the interest 4% in January for example, will I received RM 320 after that?
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while waiting for his responses,...
on this....I put 8K in December and wait till announced for the interest 4% in January for example, will I received RM 320 after that?
I think it is NOT like that.
think of it .....like bank FD rate.....will bank gives you 4% rate (RM320) in January 2020 if you to put 8K in December 2019 ?

jefftan4888
post Nov 18 2019, 05:52 PM

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QUOTE(extinct_83 @ Nov 18 2019, 04:30 PM)
Hi Sifus.. do you know how the interest would be calculated? If I put 8K in December and wait till announced for the interest 4% in January for example, will I received RM 320 after that?
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It depends on when (the date) deposit & when (the date) you withdraw.
mephyll
post Nov 18 2019, 06:24 PM

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Just my 2 cents

Sspn interest 4% + boost 2% (level 4) + shake unknown % ( depends on luck) + boost mission ( depends )
The return is 6%+++++

Some may include tax relief % as well
extinct_83
post Nov 18 2019, 09:24 PM

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QUOTE(jefftan4888 @ Nov 18 2019, 06:52 PM)
It depends on when (the date) deposit & when (the date) you withdraw.
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So it means the interest will be calculated daily?
jefftan4888
post Nov 19 2019, 08:52 AM

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QUOTE(extinct_83 @ Nov 18 2019, 09:24 PM)
So it means the interest will be calculated daily?
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The interest is calculated monthly but they have a cut-off date every month. That’s why they are doing maintenance every month.
ronnie
post Nov 19 2019, 01:43 PM

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QUOTE(extinct_83 @ Nov 18 2019, 04:30 PM)
Hi Sifus.. do you know how the interest would be calculated? If I put 8K in December and wait till announced for the interest 4% in January for example, will I received RM 320 after that?
*
Put in December 2019 won't earn any dividend for 2019 ... my colleague didn't get his 2018 dividend when he open account Dec 2018.
familyfirst
post Nov 19 2019, 02:20 PM

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QUOTE(mephyll @ Nov 18 2019, 06:24 PM)
Just my 2 cents

Sspn interest 4% + boost 2% (level 4) + shake unknown % ( depends on luck) + boost mission ( depends )
The return is 6%+++++

Some may include tax relief % as well
*
Agree to the above. Even without Boost (2%), I still ok with 4% pa to park a little more than the 6k/8k per year since its quite liquid. Save some time hunting for FD deals here and there.
saitong09
post Nov 19 2019, 09:08 PM

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QUOTE(mephyll @ Nov 18 2019, 06:24 PM)
Just my 2 cents

Sspn interest 4% + boost 2% (level 4) + shake unknown % ( depends on luck) + boost mission ( depends )
The return is 6%+++++

Some may include tax relief % as well
*
boost 2% (level 4) + shake unknown %, too bad I already hit 8k this year, wait for next year smile.gif
jefftan4888
post Nov 20 2019, 09:51 AM

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QUOTE(mephyll @ Nov 18 2019, 06:24 PM)
Just my 2 cents

Sspn interest 4% + boost 2% (level 4) + shake unknown % ( depends on luck) + boost mission ( depends )
The return is 6%+++++

Some may include tax relief % as well
*
CCs (CB depending on CCs) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified)

As a results, the return is min. 6%. This return is even better than OCBC 360 and other FDs. It is good to park our emergency fund. At the same time, it can be used to reduce the PTPTN loan amount for your kids.
lionking7791
post Nov 20 2019, 09:54 AM

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QUOTE(jefftan4888 @ Nov 20 2019, 09:51 AM)
CCs (CB depending on CCs) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified)

As a results, the return is min. 6%. This return is even better than OCBC 360 and other FDs. It is good to park our emergency fund. At the same time, it can be used to reduce the PTPTN loan amount for your kids.
*
Add one more level

CC -> BigPay (Earn AirAsia point) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified)
jefftan4888
post Nov 20 2019, 10:04 AM

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QUOTE(lionking7791 @ Nov 20 2019, 09:54 AM)
Add one more level

CC -> BigPay (Earn AirAsia point) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified)
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CCs (Cashback depending on CCs) -> BigPay (Big Points = 0.1%) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified) -> Tax Relief (% depending on your tax bracket).

As a result, return is min. 6% and above. Interesting?
mephyll
post Nov 20 2019, 01:34 PM

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QUOTE(jefftan4888 @ Nov 20 2019, 10:04 AM)
CCs (Cashback depending on CCs) -> BigPay (Big Points = 0.1%) -> Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified) -> Tax Relief (% depending on your tax bracket).

As a result, return is min. 6% and above. Interesting?
*
CCs (Cashback depending on CCs) -> BigPay (Big Points = 0.1%) -> Shopback (2%) ->™Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified) -> Tax Relief (% depending on your tax bracket).


angel&demon
post Nov 20 2019, 02:36 PM

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QUOTE(mephyll @ Nov 20 2019, 01:34 PM)
CCs (Cashback depending on CCs) -> BigPay (Big Points = 0.1%) -> Shopback (2%) ->™Boost (guaranteed 2% + up to 17% bonus) -> SSPN-i (4% + 0.5% bonus if you qualified) -> Tax Relief (% depending on your tax bracket).
*
Just take note, Shopback -> Boost (max cap per month is RM8). biggrin.gif
familyfirst
post Nov 20 2019, 03:02 PM

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QUOTE(angel&demon @ Nov 20 2019, 02:36 PM)
Just take note, Shopback -> Boost (max cap per month is RM8).  biggrin.gif
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Not true and not sure if they didnt manage to control, I got cashback for every single transaction.

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