Not sure where to post, so here I am again. Just realize the importance of personal financial management, hope its not too late to start. Need advice from fellow gurus on financial priorities. All comments are welcomed, I am here to learn.

Background

Living in KL
1. Me, 25, salary 2.6k, no debt.
2. Partner 25, salary 2.5k, ptptn loan 31k.
3. Monthly saving 1.5k to 2k after all the obligations.
4. We only have joint saving of 21k and few k in epf. No portfolio (please kill me), mainly because we are financial illiterate and our risk appetite which is very low.

What we want

1. Retire in Melaka.
2. Low cost house to live in, preferably 100k~200k, the lower the better.
3. Marry by 30 y/o, will not have children, just us for the rest of our life.

What we think need

1. Eliminate ptptn loan.
2. Emergency fund.
3. Insurance.
4. A sound portfolio.
5. A retirement plan. (not sure if this is included in the portfolio, would be great if someone can point out for me)

This is what we came out with on what we should focus right now, but the problem is we do not know where to begin. Please advice and thanks in advance!

while waiting for more value added response from others...
I found this while googling...
hope it helps to provide some info while waiting

Getting Started
It is never too late to start taking control of your money matters.

Get started by thinking about how you manage your money everyday and what goals you have for the future that will cost money, e.g. further education, a wedding, your retirement. Our guide on Financial Planning can help you with basic money management, like setting a budget, working out how much you need for your goals and how to go about achieving them.

MoneySENSE guides can help you assess insurance products for your healthcare and also to protect your loved ones. We can help you understand debt and how to manage it. You will also find information to help you build up some basic investment know-how as well as guides on common financial products. Get started by clicking on Financial Planning now.

http://www.moneysense.gov.sg/Getting-Started.aspx

Hey jrkt,

It's better late than never, you're only 25 so you've still got a long way to go.
I like that you're specific on what you want.

Questions off the top of my head:

1. Do you have a specific retirement age?
2. When you say low risk appetite, how low can u go?

On to your queries:

1. Regaring your PTPTN loan, pay the minimum monthly which enables you to get the 10% discount if the discount is still there. The interest from PTPTN is quite low and there's nothing to worry about there.

2. Emergency funds, yes. From many of the previous posts, try to keep a 3 month buffer for yourselves.

3. Speak to the many experts here in the forum. Since u dont plan to have kids, maybe focus on your hospitalisation and surgery insurance.

4. What kind of portfolio? Do u like shares? Properties? Unit Trusts?

5. The plan depends on your monthly expenses now and when u plan to retire. Maybe u can provide those figures? I can come up with a rough calculation for you. Also I'm a certified financial planner and if you need a more detailed plan, you can always buy me coffee and I'd be more than willing to spend some time to go through your plan. No charge.

Hi Dividend Magic, seen you helping so many people, would like to seek for your advice as well.

I am currently serving my notice period. The next job would gain approximately RM3000 after deduction. I am planning to do some restructuring on my finance since I could not save much in my current job. I do have a partner and planning to get married in 2018. She's earning around RM3800 after EPF and we are planning to get a house with the budget of RM500k. In my next job, I am planning to force save RM1000 from my salary and use whatever that remains. Have plans on doing fashion business but have no idea where to begin.

Under my name I have house and car debt. Both added up close to RM2200. Good luck for me, I am not paying the installments so I have the full control of my own money. For now the one thing that might generate income in future is my investment from Eastspring for RM150 per month. Just started like 2-3 months ago. Do have plans on increasing the ES investment or sign on other investments but not sure which is more suitable for low income like myself.

Would like to ask what should I be doing with the force save RM1000? Do I go for emergency fund first, save up to six months then only consider other investments, or I break into few parts and invest on multiple places? My property friend asked me to invest on houses, but don't think I have the capability of doing so as my name is pretty much "debt ridden".

EDIT: Currently I am asking for 11% in my new company. Should I drop to 8% and channel those remaining 3% into investment/savings?

This post has been edited by Belphegor: Mar 1 2016, 12:53 AM

Hi Belphegor, just doing my part and hope I am of help.

Force saving and paying yourself first is a very good idea. The RM1K is from your side I hope, maybe your partner can do the same as well.
The money you saved should be used to purchase assets that can generate you income. I know nothing of the fashion industry so I won't comment there. But going into a biz, I would like to assume you know everything about it and you will make money. If u don't know where to begin, please don't waste your money.

I take it that you're investing RM150 per month into Eastsprings? May I know if it is Unit Trusts?
I am personally not a fan of UTs as the fees charged are exorbitant.

You should save up to maybe around RM20K first. Wait for the right opportunities. No use rushing into investments for the sake of 'investing'. Do not break up your savings into small amounts and invest in everything. For one, you will waste too much time monitoring your investments, secondly you will be paying through your nose in fees.

I'd say you continue with the 11% epf payments. Until you can find an investment that suits you, keep it in EPF. This is not because I have total faith in EPF, but I believe they are much more capable than the avg investors like you and I. Take the time to read up and educate yourself. Find out what are the investments that suit you. The ones that you will still love even in horrid times.
And then invest.

Wow, thank you so much for replying me at this hour. Wasn't expecting a reply that quick.

As you mentioned, money saved should be used to purchase assets that can generate income. Do you have any examples that I can put my money into? As for the Eastspring, it is UT. My sister, she works as an insurance agent so she recommended me that. I would actually want to be sleeping partner in fashion business and since I have marketing knowledge, thought I can get into it and be back end support.

And last, any websites that can enpower myself in finance management?

Haha, sometimes I stay up till the morning.

Like I said, you have to find investments you understand and have a passion for. Something you can take control of and handle.
To each his own, I personally have no love for UTs, you may very well succeed with it.

As for your personal finance, there are tons of resources out there. May I suggest the book The Millionaire Next Door.

Also, feel free to join our little FB group, you may even find your partner there XD

https://www.facebook.com/groups/malaysiastockinvestment/

There are various type of asset that can generate income, be it :

1) High dividend yield stock
2) REIT
3) Rental from property etc

But before you start to invest, it is always recommended to have 3-6 month emergency buffer. Where to park your emergency buffer? Refer to this thread :

https://forum.lowyat.net/topic/3873512

One thing about UT you have to beware of all the sales charges, annual management charges or any other hidden fees. As all these fees may eat into returns on unit trust. You may join into this thread :

https://forum.lowyat.net/topic/3805145

Lastly, if you are interested in KLSE stock market, i will suggest you to start invest in REIT first. Then slowly venture to the stock market.

https://forum.lowyat.net/topic/3487044

Many thanks for the suggestion. KLSE is like insane mode to me, while I can barely survive playing in beginner mode. But nevertheless, appreciate with all the suggestions given. Nowadays economy is bad and everything is getting price hike. Wonder when the property bubble burst.

Btw, saw in FD thread, currently the highest FD for 12 months entitle me to get 4.5% (glance through only). Is it good or consider moderate compare during good economy days?

OFF TOPIC: I overheard on radio that OSK are having the scheme of buy now pay later, where you can pay after you purchase the house 2 years later. Is this a good deal? OSK do have property near my area and that's what I am looking for also..

FD 4.5% p.a. is consider promotional rate and usually comes with term and condition ie minimum 10k fresh fund etc.

Fixed deposit board rate is around 3.x% p.a only.

Personally i think 4.5% 12 month is a good deal.

Oh okay. Didn't know that rate is considered promotional rate.

BSN Bank - Fixed Deposits/ CM Deposit-I Account. Minimum Fresh Fund RM1K. Promo until 31 March 2016. - Contributed by yowhoong

12 months - 4.50%p.a.
60 months - 4.75%p.a.


This do look like a good deal.

You are very keen to invest. Give some considerations to a foreign market,...choose one that is closest to us for now,...

https://forum.lowyat.net/topic/3727515

Start to convert some MYRs into the SGD, and invest small first,...think about it,...

That's share right? Don't think I would be going for it at anytime in near future. Need to spend some time to learn more on self-sustain + savings for future use. When there's a passive income on the side, will consider going for shares.

It's not OSK, it's IOI Properties that's offering the buy now pay later scheme.
http://buynowpaylater.ioiproperties.com.my/

Passive income from shares is in the form of dividends. =)

THIS is what I received in January as passive income.

This post has been edited by Dividend Magic: Mar 1 2016, 12:18 PM

Oh my bad. IOI still one of my consideration as my partner and I staying in between Puchong.

Yeah but I doubt I can pick it up in such short period of time. It requires some time and commitment to learn the whole thing right?

Thank you for taking your time to share and hey! I just learned something new today->budgeting<-. I will look into it and show my partner this article later tonight. Cheers !

Sorry for the long post and quote, I will try to make it clearer with my formatting!

Hello there! Had some reading, I'm quite blur in my personal financial management. Need advice from the finance gurus here

Background
1. I'm 24 this year. Worked straight after SPM (didnt want to get into student loan), studied online while working.
2. Since 18 salary steadily rose every year.
3. Income source : tuition
4. Average monthly income: 8k
5. Married at 22 (my husband has own business )




Commitment

Car : 450
House loan : 500 (husband pays 1000)
Petrol: 200
Phone/Data : 200
internet at home :156
ikea installment (till end of the year):177
CWA (cimb unit trust) :600
Parents:200
Dog food:100
food, self expense:400

Balance 5017 (after deduct EPF and PCB is...
somewhere around 4.5k)
I do pay insurance, every year about rm900 (I think..)

My goal is to save up enough to be able to migrate to New Zealand.
Do I continue saving or...?

try work backwards...
how much do you want to have before you want to migrate?
how much to you want to leave behind here as a legacy?
how much do you want bring over to NZ?

how much do you current have? what is your net worth now?
how many years till your intended migration?
how much more do you need for the migration?

after having had some figures, (value and time frame)..then it is easier to set your sights and plan what to do?

there are some tools in the net that can give you some added info...
ex....
https://www.kenangainvestors.com.my/KIB/KIB...dependence.aspx

http://www.moneysense.gov.sg/

This post has been edited by MUM: Mar 2 2016, 10:59 PM