If you can redeem the loan without too much penalty do it because by putting 183K in ASB you are getting a return of RM10,980 per annum (@6% p.a.) For ASB loan half of that goes to the bank so your return is close to what others are getting from FD. In 5 years you would get RM61800 in interest but only half of that in ASB loan.

For property, look at landed as condo's are overpriced and have not much capital appreciation. Developers are pricing their products way too high. Seeing that you can save an average of RM3.5K per month, the property that you can afford should not be more than 750K. Save 20% of that and you are ready to buy as 20% is enough for a downpayment, legal fees, stamp duty and simple renovations.

Hi, need some opinion on how to manage my financials better

Age: 30
Monthly salary: 8000 after EPF and tax

Month expense
Car installment: 800
House installment: 2200
Insurance: 700 including house MLTA
Phone: 40
Living expense: 1500
Leisure: 500
TOTAL: 5740

Asset
House equity: 50,000 (house price - loan)
Stock: 25,000
Unit trust + robo advisor: 100,000
EPF:150,000
Cash: 25,000
P2P lending + crowdfunding: 8,000
TOTAL: 358,000

Quick question, if I have exceeded the PIDM amount for the current bank, is it advisable to start putting future money in a different bank?

At least tell people what is your goal? And your expectation?

You just say better.. how much is better? What is better? It's so vague..

House is not an asset unless the house is generating income..

If not too late, get rid of the car installment and downsize your house. Get more free cash so that you can invest and potentially profit when the economy downturns.

i envy to have very good salary like you, but why need to keep cash until 25K

This post has been edited by ixaRA: Feb 10 2020, 07:15 PM

His monthly expenses is 5k
So keeping 25k (around 5 month of commitment + expenses) with him seems like a wise idea.

On a side note. The 25k can be kept in a high interest saving account like sc privilege$aver or ocbc 360.

sc or ocbc is better in your opinion?

Now is sc with 4%. ocbc revised to 3.6% now

can you share your unit trust and robo advisor performance?

=Delete=

This post has been edited by gordonchin: Aug 4 2020, 02:40 PM

Good job at age 28.

The easy way to answer your question is dont buy a house that cost 1.2mil. But in your comment you mention wanting to purchase another house in 4-5 years time.

I'm not sure how you are planning your first house but if intention is to move again, why buy in the first place? Unless there is an intention for renting and investment for the 1st house else financially it does not make sense. Even if intention is investment, have to keep in mind the cost and potential liability tied up that may affect purchasing your 2nd house.

Potentially understanding your partner's income will make it easier to plan for the 2nd house to project what house can be bought later i guess.

If you were to put aside savings for retirement, like self contributions into epf, your net income is about 9k per month.

193 - 30k = 163k
163k x 30% = 48.3k
163 - 48.9 = 114.1k, or 9.5k/month

You should keep tighter track of your expenses to better know your own finances. Put some thoughts on big expenditures on special occasions in the next several years... you will need to plan for them too.

I'm aged 29 currently and working in office.

Nett salary RM 4,400/ (just found new job, start April 2020)
Side income - possible making RM600-RM800 per month coz just get grab license planning to drive grab clear off my credit card debt

Monthly expenses (Food + Grocery - RM900)
Parent RM 200
Rental RM 0 (stay with family till end of year 2020)
Car loan RM 525 (left 6 years more to settle) (9 years loan)
Car Petrol - RM350 per month
Renew road tax + Car Insurance = RM125/month
Car Maintenance average RM200 per month
Insurance RM62.50 per month
Phone RM 80
Internet RM 104.94
PTPTN Loan RM316.25
Entertainment RM300
Total Expenses Exclude Credit Card and Personal Loan Debt = RM3,200/per month

Mininum Credit Card Payment Per Month = average RM700 per month
Gross Salary - (Total Expenses +Minimum Credit Card Payment) = Balance RM500

Credit Card A debt = RM1,000
Credit Card B debt = RM3,000
Credit Card C debt = RM2,500
Personal Loan Debt = RM2,080 balance left 8 months to pay/monthly repayment RM260
Total Debt = RM8,580

Currently my status still single, no gf, no house

Its my fault previously I have overspend and expecting got bonus from the company but after 7 years working I only get one year bonus. 2 months ago I went to get a PSV license to drive grab plan to clear off my credit card debt ASAP. I not sure my new job will be stable or not. I not surely have extra time to work grab to make extra RM600-RM800 per month. I cant think off any other side income other than work as grab driver. I am just hoping to clear off my debt ASAP and get some savings for my future planning. I hope you guys can gv any recommendation to me since Im in this kind of situation. Do you guys recommend me to do balance conversion plan for my credit card B & C.

just a note:

since your car is 3 yrs old....there is a Puspakom inspection...
https://asklegal.my/p/PUSPAKOM-e-hailing-Gr...ication-licence

if you do grab, do add in the budget for Petrol and car maintenance cost...

also not to forget insurance premium for grab..

This post has been edited by MUM: Apr 16 2020, 09:35 PM

Apply for AEOn credit card, then procced to apply for their 0% 6 months balance transfer. Transfer all your card debt there. 6500 over 6 months is about 1083 a month. bite the bullet and cough up this money for 6 months after that you are done.

then perhaps after this you can continue the habit of coughing up 1k but put it into savings.

do you have big pay and maybank credit card? try to balance transfer to clear your debts ASAP

Age: Coming 44

Working: Manager

Salary: Use to get RM50K/m tax free (working overseas), RM22K/m in Malaysia and after 24 years working, applied VSS and now settle down with less burden work with a salary of almost to RM9k/m contract (epf)with a Government agency.

Wife: Government officer (Gred 52) about 8k/m (pension scheme)

Children: A dotter of 16 years old.

Asset:-

EPF: RM1,127,092.45
ASNB: RM2,096,195.19
Total cash: RM3,223,287.64

Dividen per months from the above: RM12,750.00

Properties:-

1 Semi-d Shah Alam
2. Double Storey Terrace Sentul
3. Condominium in Cyberjaya
4. Banglow lot near Putrajaya
5. 1 acre kebun in Rembau
6. 1.12 acre kebun in Bukit Rambai

All above loans already finished.

Car: MYVI 2016, wife Proton Wira 2005 (Car loan already finished)

Monthly expenses for familu and self: RM4,000 (Food + Grocery + Electricity, etc etc)
Parent RM 300 ( My mom don’t want because her pension is 10K/m from government) But I still gift.
Rental RM 0
Car loan
Car Petrol - RM350 per month
Renew road tax + Car Insurance = RM125/month
Car Maintenance average RM200 per month
Insurance RM62.50 per month
Phone RM 120
Internet RM 138
PTPTN Loan Nil
Total Expenses Exclude Credit Card and Personal Loan Debt = 1000/m on CC for minyak and medical isurance premium.

Mininum Credit Card Payment Per Month = Nil

Who said makan gaji cannot become a millionaire. Just need to keep savings and kerak kasi kecil regardless you have big salary. We will not know when we will be retrench, vss or sick cannot work anymore.

Yang penting kerak kena kecil dan hidup di bawah kemampuan.

Keep liability to low such as cars, rumah juta-juta please avoid.

Pakaian buy at kamdar. Only kasut beli di sketchers because of overweight.

farizmalek Impressive savings you have there on top of so many properties. How many years of your employment history that you earned over 20k/m?

16 years sailing on mechant ships salary range for after school to Captain of the ship RM2,500 to RM22K/m
8 years working overseas RM50K/m tax free.