Welcome Guest ( Log In | Register )

Bump Topic Add Reply RSS Feed
117 Pages « < 101 102 103 104 105 > » Bottom

Outline · [ Standard ] · Linear+

 Personal Financial Management V3, It's all about managing your $$$

views
     
tehoice
post Apr 22 2020, 12:24 PM

Look at all my stars!!
*******
Senior Member
5,529 posts

Joined: Oct 2007
QUOTE(farizmalek @ Apr 22 2020, 09:29 AM)
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.
*
i wonder how many ppl can make 22k/m let alone 50k a month.

if a cleark who makes 3k or 4k a month, it is very difficult to reach the one like your scale.


coolguy99
post Apr 22 2020, 12:32 PM

Look at all my stars!!
*******
Senior Member
7,351 posts

Joined: Aug 2015
QUOTE(tehoice @ Apr 22 2020, 12:24 PM)
i wonder how many ppl can make 22k/m let alone 50k a month.

if a cleark who makes 3k or 4k a month, it is very difficult to reach the one like your scale.
*
Maybe he is earning USD? RM50k per month in Malaysia must be senior management level already.
tehoice
post Apr 22 2020, 12:59 PM

Look at all my stars!!
*******
Senior Member
5,529 posts

Joined: Oct 2007
QUOTE(coolguy99 @ Apr 22 2020, 12:32 PM)
Maybe he is earning USD? RM50k per month in Malaysia must be senior management level already.
*
precisely speaking, my exboss was on RM100k a month basis. our salary is just a small fraction of his salary.

so to achieve like what this forumer achieved, how many of us can achieve? his argument being, "who say salary earner cannot be a millionaire"?

Can, but definitely not multimillionaire like him only lo.
MGM
post Apr 22 2020, 01:28 PM

10k Club
********
All Stars
18,412 posts

Joined: Oct 2010
QUOTE(tehoice @ Apr 22 2020, 12:59 PM)
precisely speaking, my exboss was on RM100k a month basis. our salary is just a small fraction of his salary.

so to achieve like what this forumer achieved, how many of us can achieve? his argument being, "who say salary earner cannot be a millionaire"?

Can, but definitely not multimillionaire like him only lo.
*
He also has a privileged tool that allows him to accumulate wealth without much effort, ASB.

This post has been edited by MGM: Apr 22 2020, 02:53 PM
coolguy99
post Apr 22 2020, 01:39 PM

Look at all my stars!!
*******
Senior Member
7,351 posts

Joined: Aug 2015
QUOTE(tehoice @ Apr 22 2020, 12:59 PM)
precisely speaking, my exboss was on RM100k a month basis. our salary is just a small fraction of his salary.

so to achieve like what this forumer achieved, how many of us can achieve? his argument being, "who say salary earner cannot be a millionaire"?

Can, but definitely not multimillionaire like him only lo.
*
QUOTE(MGM @ Apr 22 2020, 01:28 PM)
He also has a privileged tool that allows him to accumulates wealth without much effort, ASB.
*
True that. ASB is a great way to grow your passive income.
tehoice
post Apr 22 2020, 01:57 PM

Look at all my stars!!
*******
Senior Member
5,529 posts

Joined: Oct 2007
QUOTE(coolguy99 @ Apr 22 2020, 01:39 PM)
True that. ASB is a great way to grow your passive income.
*
it is a privilege that no many people here on this platform has it.
jieGeGe
post Apr 22 2020, 08:26 PM

Getting Started
**
Junior Member
62 posts

Joined: Jul 2019
QUOTE(coolguy99 @ Apr 22 2020, 01:39 PM)
True that. ASB is a great way to grow your passive income.
*
Yeah, I wish ASB can open for non bumi as well.
farizmalek
post Apr 22 2020, 10:21 PM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(tehoice @ Apr 22 2020, 12:59 PM)
precisely speaking, my exboss was on RM100k a month basis. our salary is just a small fraction of his salary.

so to achieve like what this forumer achieved, how many of us can achieve? his argument being, "who say salary earner cannot be a millionaire"?

Can, but definitely not multimillionaire like him only lo.
*
Can get that kind of salary. No need to become boss, CEO. Just choose the right profession. Sailing mana orang mahu masuk. Not glamour. Leaving families for 6-8 months. Sail onboard merchant ships. Many of my colleagues Malaysia sailed with foreign companies and earning net RM480K per annum. Pelaut Malaysia is exempted from paying tax if you are out from Malaysia for 180 days. Same for offshore under water diver/welding divers. Pay very high.
farizmalek
post Apr 22 2020, 10:27 PM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(jieGeGe @ Apr 22 2020, 08:26 PM)
Yeah, I wish ASB can open for non bumi as well.
*
My main point is your "kerak" kena kecil. No points if you salary is 1 million per month but your spending and liabilites also 1 million per month. We need to save a live below our mean.

According to Khazanah research Institute paper:-

http://krinstitute.org/Read-@-Cover_Story-...9t_Afford_.aspx

"Average savings in the ASB accounts of the bottom 73% stand at just RM538 while that of the top 0.2% amount to RM778,000. The scenario that emerges from this analysis is quite dire."
tehoice
post Apr 23 2020, 09:38 AM

Look at all my stars!!
*******
Senior Member
5,529 posts

Joined: Oct 2007
QUOTE(farizmalek @ Apr 22 2020, 10:21 PM)
Can get that kind of salary. No need to become boss, CEO. Just choose the right profession. Sailing mana orang mahu masuk. Not glamour. Leaving families for 6-8 months. Sail onboard merchant ships. Many of my colleagues Malaysia sailed with foreign companies and earning net RM480K per annum. Pelaut Malaysia is exempted from paying tax if you are out from Malaysia for 180 days.  Same for offshore under water diver/welding divers. Pay very high.
*
precisely, how many are pelaut? or can be pelaut?
raynmann
post Apr 23 2020, 10:42 AM

Getting Started
**
Junior Member
73 posts

Joined: Aug 2015
QUOTE(tehoice @ Apr 23 2020, 09:38 AM)
precisely, how many are pelaut? or can be pelaut?
*
if i mati pucuk, maybe will consider pelaut
Ryk
post Apr 23 2020, 11:51 AM

Getting Started
**
Junior Member
114 posts

Joined: Feb 2009
May I ask do you guys think any suggestion to get the Special Relief Facility (BSN 0% loan / SME 3.5% annum loan-both for 5.5 years tenure) and to maximise the effect?
farizmalek
post Apr 23 2020, 02:07 PM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(tehoice @ Apr 23 2020, 09:38 AM)
precisely, how many are pelaut? or can be pelaut?
*
Still not enough seafarer because the to qualified there is a process to follow from maritime academy until becoming a captain or chief engineer will take around 10-15 years.
farizmalek
post Apr 23 2020, 02:09 PM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(raynmann @ Apr 23 2020, 10:42 AM)
if i mati pucuk, maybe will consider pelaut
*
Mati pucuk cannot apply for pelaut... nanti engine kapal pun mati... bahaya
hksgmy
post Apr 24 2020, 07:53 PM

Doraemon!
*******
Senior Member
7,847 posts

Joined: Sep 2019
Oh, now I know why some people in /kopitiam felt raynmann’s post was sarcastic!
hksgmy
post Apr 25 2020, 10:10 AM

Doraemon!
*******
Senior Member
7,847 posts

Joined: Sep 2019
QUOTE(farizmalek @ Apr 21 2020, 02:12 PM)
» Click to show Spoiler - click again to hide... «

*
Following on the theme of personal financial management, and taking a leaf out of farizmalek's example, I've updated my outgoing expenses:

Average monthly Expenses (in times of COVID-19)

Cluster Detached Landed Residence monthly maintenance/sinking fund: $1,500/pm
Private home lift servicing, pro-rated: $200/pm
Utilities (water/electricity/waste disposal): $300/pm
Property Tax on primary residence (owner-occupier preferential rate, pro-rated): $400/pm
Road Tax: $199/pm x 2 = $398/pm
Petrol costs: $250/pm x 2 = $500/pm $200/pm
Charity donations (combined): $2,000/pm
Meals (we hardly - ok, never - cook): $3,000/pm* $1,000/pm
Local part-time cleaners: $800/pm - $0 circuit breaker means no cleaners can come to the house, the 6 iRobots are working overtime at the moment
Hobbies/Club membership expenses: $400/pm - $0 we were given rebates on our club memberships, because the golf courses are closed
Overseas travel (tickets, hotels, food) pro-rated: $5,167/pm** - $0 no travelling, full stop
Discretionary spending: $1,000/pm

*this is being admittedly very generous in its allotment - we hardly ever eat $100's worth per day, but there are of course occasions that a single meal would set us back $1,000 (the food scene in Singapore being dotted with Michelin starred restaurants and Michelin wannabes), and I dare say the latter happens 2 or 3 times a month, so it averages out.

**We usually travel about once every two months and we've successfully maintained our individual SQ PPS status for the past 5 years. Minimum spending per annum to re-qualify for PPS status is $25,000 per person in airfares. We visit Sydney, HK and Liverpool for 10 - 14 days each, at least once a year, to see (and stay with) family. Otherwise, it's usually a week away elsewhere and I'll estimate $2,000 for hotels and $2,000 for food per trip outside of visiting family. COVID-19 has cut back on our discretionary travel plans, but our tickets to visit family in Sydney and the UK have all been booked and paid for, and we are on track to fly as planned.

Without taking our Singapore/Australia tax burdens into consideration, it looks like our outgoing expenses are about $16,000 $8,000 per month during this COVID-19 period. It's amazing how much of an impact this pandemic has had on our expenses and lifestyle. No wonder the world economies are hurting!

This post has been edited by hksgmy: Apr 26 2020, 08:45 AM
farizmalek
post Apr 25 2020, 08:11 PM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(hksgmy @ Apr 25 2020, 10:10 AM)
Following on the theme of personal financial management, and taking a leaf out of farizmalek's example, I've updated my outgoing expenses:

Average monthly Expenses (in times of COVID-19)

Cluster Detached Landed Residence monthly maintenance/sinking fund: $1,500/pm
Private home lift servicing, pro-rated: $200/pm
Utilities (water/electricity/waste disposal): $300/pm
Property Tax on primary residence (owner-occupier preferential rate, pro-rated): $400/pm
Road Tax: $199/pm x 2 = $398/pm
Petrol costs: $250/pm x 2 = $500/pm $200/pm
Charity donations (combined): $2,000/pm
Meals (we hardly - ok, never - cook): [/s]$3,000/pm* [/s] $1,000/pm
Local part-time cleaners: $800/pm - $0 circuit breaker means no cleaners can come to the house, the 6 iRobots are working overtime at the moment
Hobbies/Club membership expenses: $400/pm - $0 we were given rebates on our club memberships, because the golf courses are closed
Overseas travel (tickets, hotels, food) pro-rated: $5,167/pm** - $0 no travelling, full stop
Discretionary spending: $1,000/pm

*this is being admittedly very generous in its allotment - we hardly ever eat $100's worth per day, but there are of course occasions that a single meal would set us back $1,000 (the food scene in Singapore being dotted with Michelin starred restaurants and Michelin wannabes), and I dare say the latter happens 2 or 3 times a month, so it averages out.

**We usually travel about once every two months and we've successfully maintained our individual SQ PPS status for the past 5 years. Minimum spending per annum to re-qualify for PPS status is $25,000 per person in airfares. We visit Sydney, HK and Liverpool for 10 - 14 days each, at least once a year, to see (and stay with) family. Otherwise, it's usually a week away elsewhere and I'll estimate $2,000 for hotels and $2,000 for food per trip outside of visiting family. COVID-19 has cut back on our discretionary travel plans, but our tickets to visit family in Sydney and the UK have all been booked and paid for, and we are on track to fly as planned.

Without taking our Singapore/Australia tax burdens into consideration, it looks like our outgoing expenses are about $16,000 $8,000 per month during this COVID-19 period. It's amazing how much of an impact this pandemic has had on our expenses and lifestyle. No wonder the world economies are hurting!
*
Hoep you and your family will be ok during the MCO time.
hksgmy
post Apr 25 2020, 09:12 PM

Doraemon!
*******
Senior Member
7,847 posts

Joined: Sep 2019
QUOTE(farizmalek @ Apr 25 2020, 08:11 PM)
Hoep you and your family will be ok during the MCO time.
*
Thank you for the kind thoughts. Yes, my wife and I are OK. Income has dropped about 30% for me (since I’m in private practice and I can’t see my patients from ASEAN since the start of the outbreak), but she’s still drawing her full salary (for now haha).

Take care and have a blessed and peaceful Ramadan!
farizmalek
post Apr 26 2020, 08:38 AM

Getting Started
**
Junior Member
182 posts

Joined: Apr 2020
QUOTE(hksgmy @ Apr 25 2020, 09:12 PM)
Thank you for the kind thoughts. Yes, my wife and I are OK. Income has dropped about 30% for me (since I’m in private practice and I can’t see my patients from ASEAN since the start of the outbreak), but she’s still drawing her full salary (for now haha).

Take care and have a blessed and peaceful Ramadan!
*
Thank you Tuan
Zenph
post Apr 26 2020, 06:56 PM

Getting Started
**
Junior Member
297 posts

Joined: Apr 2020
Age: 24 years old
Nett Pay: RM40000-RM50000+

Monthly Expenses:
Food: RM1000
Petrol: RM400
Phone bills: RM200
Car: Parents paid off for me during university days.

Savings per month - I invest roughly RM20k+ every month while keeping the rest

ASNB - RM50k
Cash - RM123k
Stashaway - RM13k
FD - RM10k
EPF - RM80k
Stocks - RM120k
Bitcoin - RM80k

Recently, my business has been blooming and I hope I can find other sort of income. Is it advisable to be adding property in my portfolio in 1-2 year time? I’ll still be adding more into my stocks portfolio from my business income

My financial goal is to have at least a million before 30 😂
« Next Oldest · Finance, Business and Investment House · Next Newest »
 

117 Pages « < 101 102 103 104 105 > » Top
Add ReplyOptions
 

Change to:
| Lo-Fi Version
 0.0328sec    0.35    6 queries    GZIP Disabled
Time is now: 7th December 2025 - 07:48 PM
All Rights Reserved © 2002- 2025 Vijandren Ramadass (~unite against racism~)
Removal Request
Powered by Invision Power Board © 2025  IPS, Inc.