that's nice on having medical insurance coverage by the companies you worked/work in.

as mentioned in my previous post, one gets to save money for other area of redeployment since it's cover by company. but the downside is that any pre-existing illnesses will be excluded if one is to take up ones own later.

as for medical costs, depending on the type of illness, i guess. minor illness, money saved over the years could cover. but major one, which requires hospitalization, the fees could be more than the premium saving.

still, not saying one must get medical insurance. just need to know both side of pros and cons.

indeed, it will depend on personal need.

I think if one has, let's say half a million saved up and set aside for medical cost - one can forget medical insurance.

If your medical costs is more than that, perhaps better to die!

Edit: It is much easier to reach half a million if you start young, and while company covers your medical costs


This post has been edited by Bora Prisoner: May 10 2019, 02:44 PM

true true. nowadays, orang cakap, boleh mati, tak boleh jatuh sakit. sigh... it's this type of world we live in now.

on another note, i think it's better to buy term insurances for all. then use the extra to invest/savig.

Indeed, I have my own term insurance (to cover critical illnesses that is not covered by company medical insurance).

The extra $$, I use to save/invest.

nice. same here. although this type of insurance we don't want to claim but still... call it a peace of mind bah.

Hi all, I've started working about 10 months now and would like to seek your advice.

Salary after deduction: 2.7k

I usually save RM 1k per month into my savings, any remaining monies are for my expenses. However, I won't splurge all the remaining, only spend on what I need. Any leftover will be rolled to next month.

I've been thinking of growing my savings as I feel like the money should be invested somewhere else instead of sitting in my account, however I do not have a single clue where to start. Any advice?

As a % of your gross/net active income ie. man-at-work, very good start, even for a veteran saver/investor

IMHO, vehicles to invest in, ranging from "no-brainer" all the way to "hm.. maybe not.."
1. FD <-- checkout thread/topic in LYN
--
2. Fixed Price ASB / ASN <-- checkout thread/topic in LYN
--
3. Mutual funds / unit trusts - equity funds, bond funds, REIT funds, money market funds <-- checkout fundsupermart thread/topic
4. Private Retirement Scheme (PRS) - in reality, unit trusts but under Gov incentivised scheme <-- has tax relief up! google it <-- checkout thread/topic in LYN
--
5. Stocks - listed Bursa, SGX, US, HangSeng, can buy individual stocks/REITs or baskets like ETFs which are similar to unit trusts but listed as a stock <-- google ETFs, REITs, individual stocks
6. Properties - leverage is the game here but it cuts both ways ya. be aware
--
7. Stock Options - Sell / Buy US stock options. Not condoning BUYING options/warrants ya but i do sell options while hoping to get the price i want, and at very low leverages - ie. i'm able to pickup the stock if assigned.
--
8. Stock/Commodity/Index Futures, FOREX, Bitcoins & other ICOs - totally different kettle of fish here. Trading mostly, not investing (ie. buy good & go zzz & watch once awhile)

This post has been edited by wongmunkeong: May 10 2019, 04:02 PM

may I suggest that you start to build up an emergency fund consisted of about 6 months of required monthly expenses.

then once your 1st level of financial stage are built, then try buy some personal accident insurance if you travel by bikes to work or high risks exposed employment, else priority would be buy some medical insurance (term type) to prevent oneself from relying of others financially incase of medical hospitalisation.

in the meantime while doing /planning that, read more about investment to try to gauge where/which you will feel more "comfortable" to start....

btw, this new thread has some info provided by othere forummers...

Anyone kena burnt in investment?, Experience and your lesson learnt (Investment)
https://forum.lowyat.net/topic/4774851

thus on this "I've been thinking of growing my savings as I feel like the money should be invested somewhere else instead of sitting in my account, however I do not have a single clue where to start. Any advice?"

growing your saving by putting money in FD is also growing

Do I need to differentiate between savings and investment?
Or can it be stored in the same account?

My current understanding is:
Investment : Long Terms with set target (e.g. 10 years with 8% return p.a)

Savings : Short Term (e.g. Vacation in 1 year)

May I know what is stashaway?
An app?

Your insurance is medical?
Now medical card got annually renew up to 1M
Check with ur agent can lower down to 250 mthly or not
Room n board just 50?

Yes. It's an app/robo advisor

Yup. Medical card now 120k a year for my case. I've downgrade my insurance plan to 300/month. Where the death and Ci has been reduced to 100k each. Room n Board is 200 n 1.2m annual limit.

I have tried to consult with my agent. But he is those young hot blood that go for commission. So impossible to get a lower price quotation from him. Unlucky me I guess haha.

congrats for the downgrade! but abit too high for your age. if I were you, I reduce it to <250, around 200. and increase my expenses in healthy food.

Thanks
But I think i will keep it for now. Found another agent and might change to him (a more honest one). That time I might change my plan xD

Currently have a quite healthy diet xD.

Really thanks all the sifu here for helping!

Hmmm

From what I see here, you can reduce your expense on food by about RM100+. To do so, you should cook during weekend and 1-2 times per weekday.
You can save some cash on petrol and toll if you use Setel app to earn cashback for Petrol and TnG 20% Pay Direct cashback.

As for housing loan and maintenance, you can do a house hack. You rent out one or two of your rooms. You can also rent out your living room as well.

DSR>30% is financially stretched, you could be piling up cc debts.

This post has been edited by icemanfx: May 19 2019, 12:05 PM

Did he show you min sustainable amount? You can also go to the GE Service Center, get a quote and do changes to your policy there directly.

Thanks for the recommendation. Will try it out. Currently using SpendLog after trying out countless of money management app.

Need some advices here.

Im currently 27. Planning on getting married and buying a house within the next 2 years. My savings are able to cover 60 months of my monthly expenses.

I have been considering about getting a life and accident insurance just in case anything happens to me. A friend of mine who works as an insurance agent quoted me RM664 per month for a sum insured of 1.1m for life, 500k for illness, around 200k for accident, and a medical card of 1.2m per year.

I had a discussion with my gf and she thinks that it is not necessary to insure that much when im still young. Im in a dilemma about this because I see it as an important thing to ensure that either my parents or future wife have sufficient amount of money to support themselves if anything happens to me, but my gf thinks that I shouldn’t be spending so much on insurance at this young age.

Would anybody mind giving me some opinions please?

There is an insurance thread with great sifus here
https://forum.lowyat.net/topic/4712323/+980

At your age I don’t think you need to have such an expensive insurance plan. Work on your priorities, for instance do you really need a 1 mil life plan? The reason I bought a life plan is as MLTA, in case something happens to me, my family won’t be burdened by my house loan.