Thank you for the link

My concern is that my beloved ones should have enough money to support their daily life just in case anything happens to me. MLTA will be bought when I buying my house next year.

Are you married yet, you mention girlfriend ma.

If you're buying a house just for yourself (no one else staying) then why need insurance to cover the loan? The house itself is an asset which can be sold to cover the loan (and with whatever profit goes to your loved ones).

Insurance is normally for dependents (esp children or non-working spouse). Right now you have neither.

saving can last 5 yrs of monthly expenses....
this expenses amount is for your current self only?

on this..."to ensure that either my parents or future wife have sufficient amount of money to support themselves if anything happens to me"

does that current available saving, includes "your future family" (1 spouse + 2 kids) monthly expenses......(next 5 yrs)

after your got the house next 2 yrs...will you be drawing money from that saving to do the house renovation?
if yes.......hope you had budgeted about RM70k + for that purposes....then how many more months of that saving can cover your monthly and family needs expenses?

after getting your house, in the next 2 yrs....will you plan to getting married with your current GF?
if yes.....will you be drawing money from that saving to do the marriage expenses?
if yes.....hope you had budgeted about RM20k + for that purposes...then how many more months of that saving can cover your monthly and family needs expenses?

This RM664 per month is about how many % of your net take home pay?
How much is the monthly housing loan + maintenance fees (if any)? This housing loan is about how many % of your net take home pay?
How much monthly per month do you think you will need per month after getting married + with a family in the next 3 yrs?

Does your current employer has any form of insurance coverage?
if yes....how is the coverage like....?
Does your family members has any medical history of critical illnesses?
Does your parent has any form of insurance coverage?
Does your GF has any form of insurance coverage?
Does your "kids" needs any form of insurance coverage?

with that...to add on to your current so call dilemma..... ...
how to ensure that either your parents or future wife (+ kids) have sufficient amount of money to support themselves if anything happens to any of THEM, without drawing into your savings or become a liabilities to you

Insurance is a good to have thing & it is a long terms commitment like marriage, plan the suitability, affordability and sustainability, else they would become a "useless" burden. (severely under covarage or permature termination)

Yr GF knows alot more about your current financial standing than me.......thus, on the side of err....i think your GF is right.


This post has been edited by yklooi: May 22 2019, 09:21 AM

i agree on the <better to die> part. I too hold to this believe but not against cash-saved up.

My take is, 10% on my monthly take home $$, invested in protection, which includes Life, Critical-I, PA & MedicalCard.

Started this 10% ruling since age 23 as i grew my take home $$ with one golden rule, the insurance cover is my limit of medical cost, any cost above that, better to die

This post has been edited by jojolicia: May 22 2019, 03:35 PM

Im not married yet, but am already planning a marriage with this gf in the next 2 years.

I will be buying the house jointly with my gf that's why I need to have it insured. As for insurance, the nominee will be my parents for the time being, but will be changed to my wife later.

reading from the info provided.........it is ok....with just RM664 per month
good to go....
check your GF's insurance for details.....maybe need to get your GF some more insurance coverage too while you do that...

This post has been edited by yklooi: May 23 2019, 01:42 AM

Will delaying both Auto repayment and Housing loan repayment for 1 month affect my credit scores?

I would say, you upgrade your policy AFTER you married. Not now. As anything can happen to the CURRENT you like breaking up with GF or PUTUS TUNANG. Save those extra money for your wedding or for the future.

After you’re married, take time to upgrade your policy. Start off with insurance around 260-320. You just started a new life ma. Dont jump to 6xx.

Hi there, quick question. So I'm currently applying for personal loan at Alliance Bank and the bank fella sent me some forms through email and he asked me to sign all the agreements without filling them up first. Is this normal? Seems kinda risky not knowing what I'm signing up for.

Set up an appointment with him, it’s his obligation to go through the documents with you, so that you are aware what you are signing up for. If he refuses, suggest you to get another officer.

Has anyone come across any online calculator that allow us to enter a negative amount withdrawn annually?

A simplistic scenario would be, at retirement a person has RM1mil in bank. He withdraws RM50k annually, and the balance continues to rake in compounding interest. Any online calculator that can calculate the balance after certain years for example?

I googled saving withdrawal calculator and these came out. Maybe u can give it a try

https://www.bankrate.com/calculators/saving...lator-tool.aspx
https://financialmentor.com/calculator/reti...awal-calculator

Yes, this is exactly what i am looking for. Thanks!

That's normal. If you worried why dont you hand them in person at the branch?

hi guys, would like to get some financial advice from pros and sifus here whether i should take a personal loan to purchase a bike and tutup all my previous lubang

Gross salary RM10k plus minus 500 depends on overtime
Net salary let say RM7.8k


Monthly expenses
Married

insurance pru 800 me n 2 kids n hibah
maybank cc 600 (fuel) outstanding 9k
uob cc 300 (fuel) outstanding 4k wife
fon bills 400 me n wife
coop loan 230 5% 9 years left
mbsb loan 450 3.99% 9 years left
parents 400
parents housing loan 120
car 600
TNB 100
Time 100
kutu 200
housing loan 1600
maint fee 300
maid 200

total 6400

so i left 1.4k for food, saving and other expenses. Groceries expenses under my wife.
and here is where i would need advice.

new RM120k personal loan at 3.8% interest for 10 years monthly RM1380 per month. if i take this loan. i can cover all my outstanding cc's and personal loan so

maybank and uob cc total 900 tutup = new fuel expenses RM500 only (400 saving)
coop and mbsb loan tutup = 680 saving
fon bills = 200 due to no more contract (200 saving)

my total saving from above = RM1280. this total saving only rm100 difference with the monthly payments of new personal loan. please advice. thank you in advance.

maybank cc 600 (fuel) outstanding 9k
uob cc 300 (fuel) outstanding 4k wife
total is 13k
fon bills 400 me n wife

coop loan 230 5% 9 years left
mbsb loan 450 3.99% 9 years left
total is 230+450=680 x 12 x 9 yrs = 73,440

total outstanding is 13k + 73k = 86k (early settlement maybe lesser amount)

why do you want 120K?

Extra coz i want to buy a bike.

then worth it wor...RM 100 pm for a bike worth > 35k

expenses coming with this bike...the maint cost and the need to an extra personal accident insurance.

maint cost for superbike is not cheap i heard


This post has been edited by yklooi: Jun 14 2019, 04:55 PM

your goal is to increase your debt

If buying bike is not good then im not gonna proceed with that. Btw another income is rent out house rm1.4k per month (housing loan finish d). But didnt put under income as that money goes straight to saving.