FD, ASNB, Unit Trust - FSM, Stock Market, Stashaway, anywhere but not your savings account. The interest is too low, with close to none compounding effect.

You have got a truly great savings progress my friend.

very very well done!

RM2700 salary after deduction, following 50% needs/ 30 % invest / 20% spending rule.

1. In a relationship
2. House utilities are paid by my parent.
3. House area no fibre optic thats why went for Digi Infinite 150 for tethering purpose and unlimited data.

50% - RM 1,350.00
30% - RM 810.00
20% - RM 540.00
RM 1,350.00 Expenses
 Foods – RM 600.00
 Car Installments – RM 750.00
RM 1350.00 – RM1350.00 = RM 0.00


RM 810.00 Investment/Savings
 StashAway – RM 200.00
 OCBC Max Yield – RM 500.00
RM 810.00 – RM 700.00 = RM 110.00

RM 540.00 Expenses
 Shopping – RM 100.00
 Entertainment – RM 50.00
 Petrol – RM 240.00
 Haircut – RM 20.00
 Digi – RM 120.00
RM 540.00 – RM 530.00 = RM 10.00

Still analyzing where else can I save? Kindly advise!

Thank you.

this OCBC Max yield, you put in RM6000 pa...how much is the average returns pa after the completion of "saving" plan?

good start, manage to have 30% put aside for money generation.....but unknown to that max yield pa from this max yield plan, thus unable to tell if this is a good money generating plan

What car you are using? Maybe save on food? I generally do not spend so much on food per month, on average about RM400 and I do eat out once a while.

Every year they give Guaranteed Cash Payment which is RM 300.00 if I put in RM500 per month(6000 p.a)
Based on the illustration they shown, the average returns is around 4% to 6%.

I've decided to go with Max Yield because it is also considered as an insurance.



Honda CRZ, I am sharing the installment with sibling. Do you usually cook? How can you survive with RM400 per month .

Yes I do cook, that is like the best way to save on food lol.

on the initial yr, you put in RM6k pa....you get back RM300 pa at the end of the 1st yr,
it is about 5% after the 1yr

on the 2nd yr...you would have placed RM12k, you will still get back RM300...that is 2.5% at end of the 2nd yr
on the 3rd yr....you would have placed RM18k, you will still get back RM300...that is 1.66% at end of the 3rd yr
on the 4th yr....you would have placed RM24k, you will still get back RM300...that is 1.25% at end of the 4th yr
on the 5th yr....you would have placed RM30k, you will still get back RM300..that is 1% at the end of the 5th yr
on the 6th yr.....
so on so on...

if want to consider it as insurance,....then there should be better insurance plan option rather that for this insurance cum saving plan?
which could make better or more efficient use of that money?


found this "old" thread of "better" returns insurance plan
".....if you save RM10,000 every year, there is a guaranteed yearly income of RM2020 and cash dividend of RM 202 each year."
that is 22%
https://forum.lowyat.net/topic/2778479/all

This post has been edited by MUM: Oct 31 2019, 09:45 PM

If you refer to the illustration, from year 6 to year 13(last year) they are giving 13% instead. I only place until year 5. Which is 30k, then they will re-invest my GCP in the market in year 13 I will get maturity bonuses.

https://www.ocbc.com.my/personal-banking/In...ield/index.html


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Hello,

Good to hear that you are aware of your spending and works towards personal finance management. I believe you are ahead of your peers.

Probably just 2 questions for you :

1. Have you build up sufficient emergency funds? Ie 3-6 months of your take home salary.
2. OCBC Max yield is considered as your insurance?

Hi, I have Max Yield as my secondary insurance and mid term investment. Since it matures in Year 13 which is consider midterm for me.

I currently have diversified my investment to StashAway/MaxYield and FD. I do not have rainy day funds saved up yet as I am saving up for trip in Jan 2020.

Currently thinking ways to save up for rainy day funds too but seems kinda tight in hand.

This post has been edited by jeffboon97: Nov 1 2019, 10:25 AM

I noted the words....."% of Basic Annualised Premium"...
thus if your annualised payment is RM6k, they will gives you 5% of it, thus it is RM300 each year.

after 6 yrs, you had paid RM30k, they will pay you 13% of that RM6k (annualised premium amount) = RM780
RM780 of RM 30k = 2.6%pa

well that is my interpretation....I wish you well....

hahaha if your interpretation is correct, that makes me felt stupid to sign-up for this MaxYield with such rate.

Do you think I will do better with OCBC 360? Sorry if the topic has deviated, I just want to make sure I get the most out of my options.

I think my interpretation is correct bcos it was based on the printed words ....
go ask and confirm with your agent?
and tell us?

I am on a more cautious side, thus I think you still need an insurance plan to mitigates your risk.
does OCBC 360 has that?

Is it good to have more than 1 insurance plan? Because I already have Prudential insurance.

The bad thing about this MaxYield that I've came to realized is that the money I put in is basically locked. I can't do anything with it until Year 13.
Can't believe I am fooled by the agent so easily. I was planning to use that savings to pay for my 1st house downpayment.

on this....can't comment based in just that....

it needs to be holistic,...not based on number of plan......
if only have 1 plan, but if it is holistic than it is ok...
if have 10 plans but if they are just for 1 focused area...then it is not good too.

need to post more queries in the insurance thread of LYN....many active and qualified sifus there.

If i were you, i’d keep pestering my banker to check if ASB2 loan is open again.

If yes, take the full 200k loan, then dump the 168k in ASB3.

If no, then park the 168k in ASB2 till it opens again.

Hi guys, I'm 21 working in singapore & single right now. (non bumi) Please take a look at my monthly cash flow and financial information to advice better suggestions if possible.

Income :
Salary - RM 5950

Investment:
Stashaway - RM 2100

Expense:
Phone - RM60
Rent - RM960
Car - RM750 ( 7 years to fully settle)
food - RM410
Parent - RM300
Petrol - RM50
entertainment - RM300
Transport(SG) - RM180

Saving - RM840 (minus off investment already)


Current assets & investments:

Saving account - RM6000+
Stashway - RM6000+
Cryptocurrencies - RM14000+

Yes I know it is not wise to invest so much in cryptocurrencies but I have prepared to lose the money so not an issue for me. Kinda want to try my luck in cryptocurrencies since I'm still quite young, personally I think worth the risk.

a good start....having about 30% saving per month out of the income
i would suggest you try save more as i think you don't have EPF or CPF saving too.
try squeeze another few hundreds per month and self contribute into your KWSP?
save for your retirement....