Greetings folks, just looking for your prospect and insights.

Here's a few details :

I'm aged 28 currently and working in retail.

Gross salary RM 4,000- RM 8,000
Its pretty random as its basics with commission and allowance.

Monthly expenses (Food, groceries, work related etc) RM 800
Parent RM 300
Rental RM 250
Car loan (Share with siblings) RM250
Insurance RM 210
Phone RM 50
Internet RM 100
Electric RM 100
PTPTN Loan RM 230 monthly (Left RM 17,000 more)
ASNB I max up to RM 200,000 (RM1,000 per month I paid) roughly. Been paying for 2 years already

Above are my total expenses.

As for my saving, I managed to save up to RM 184,000 in a saving account

also cash on hand RM 25,000

as for EPF : RM 70,000- RM 80,000

Just wondering should I park all my saving maybe RM 150,000 into my sibling ASB? with the dividend I receive per year, I can use it to pay for property if I'm looking for one within this 1-2 years? I personally think I can save RM 50,000 or more so that I can pay for 10% for property. What are your thoughts or move? Your advice highly appreciated.

may I ask?....
why can't you direct put inside ASB 2, instead of putting in your sibling ASB a/c?

This post has been edited by MUM: Feb 6 2020, 08:34 PM

Been told by the banker I cant put in ASB anymore as I already made loan with ASNB 200k

so it is to say, if you have a loan in ASB fund you cannot invest in ASB 2 fund (even with cash)?

Im kinda puzzled with this whole ASB thing. So that's why I'm thinking in putting those fund in my sibling or my parents.

nice so young has rm184k saving.

Did you have any other loans. Saw that you mentioned in another thread that you took another loan not sure whether I read correctly.

Just 200K ASNB Loan, just seek any advice that may helps in growing the funds.

Very good to have so much saving. Congrat bro. But the idea to park 150k into sibling ASB is could be very bad idea. Think again properly.

Very impressive saving you have there at the age of 28. Well, by putting your money in your sibling account, by law, the money is belong to your sibling. Not yours. So think again.

This post has been edited by ongonglai89: Feb 7 2020, 10:06 AM

Suggest to clear off your PTPTN loan and save RM230 monthly.

Since your income fluctuate from 4k to 8k
Suggest you clear off students loan, free up some monthly cash because your monthly expenses here is approximately 3.3k.

Not a good idea park 150k in your sibing ASB.

Since your planning buying property in 2 years
Park 60k in EPF
Invest in stashaway or wahed with the remaining 90k
Personally invested with stashaway for approximately 7 month ROI 7.5%

Is EPF really a good option for a 28-year-old?

He mentioned he want to buy property within 2 years and want to earn some interest from the saving

Afaik, you can withdraw from acc 2 for house purchases.

will that 60K be split into 70:30 in EPF, being 30% of that 60K in A/c 2?

I think yes. The purpose of EPF is to help an individual to save money for retirement, not for interest earned in the short term.

MUM already express my reservation on that:-

Basically EPF locks away 70% of your money. Not a bad thing for retirement but if you're already planning to buy a house short term then you probably need as much liquidity upfront as you can!

if can trust your parents....use their a/c to proxy deposit.....
most probably they are at retirement age, thus can withdraw anytime...

Yes. Since poster did not mentioned if liquidity important or not

If you have 183K in savings why did you take an ASB loan? ASB interest is around 6-7% per annum but you are only getting 3-4% with ASB loan. Putring the whole 183K in ASB will net you better returns