U r nit consisten. Your children no generate income did not ask he/she to  be born
ur motorcar also not generate income. also your car cant / did not ask u to buy wo.

this is personal financial mgmt right?

U got to take into consideration if u wanted to be good parents.

once the child born. You have future commiment/liability. N it is confirm one.

if you ignore recognised this commiment.  U can have 10 childs. Not give them cloth. Food. Education etc etc. Ler them beg on the street.

we r discuss in adult way right? I am just learning.

Why do the attack ?. how u dont know i dont have something put aside for my child? You are very narrow minded.
Which book said it must be a milliom?

u said it is responsible. Respobsible no need money meah.

need money them it is not fibancial mgmt meah?

Oh. Now i understand. U think all thise ppl put aside 2k per month for thier children education is not financial mgmt!

Thanks. I am retiring ma. My spelling not good and i dont know how to do spell check with lowyat ma.

i have  3 suggestion to you.

Try to learn interpersonal skill. Avoid attacking ppl. It is very bad example to your children  if u did that infront of them.

your financial mgmt good. But you still have areas need improvement.  I am still learning this despite retiring at 42yo

Learning is continue process. U look like thinking you yourself too smart already. No need to learn.

Where did i said. I am rich?

Wah! You not just like to attacking ppl. Also like to win over by saying ppl rich blar blar blar.

Let u win lo.

At least i dont go and attacking ppl like you do

Wong seafood 

Just in case you still don't know our bro tikaram, everywhere he goes he sure quarrel with people. He normally post in Property Talk. Just go there and you will find his post. When moderators like b00n and cherroy warned and banned him, he will pick on them every time he got the chance. If I am the moderator I also    So, I always have fun "discussing" stuff with him. Just happy happy talking to him with some kaka because his comment is also like kaka. No need serious with him one 

Don't ignore him. He is fun when you need to pass your time. He is one of my favourite forummer in LYN. Especially his mood no good (like today) he will spend time entertaining us 

Hi all, I need opinion for family financial standing. (This is quite close to current scenario)

Fixed Income
Salary RM3450 net + Salary RM4220 net + Rental RM4000 (4 units) = Total RM11670.00

Fixed Expenditure
Home Loan (5 units) RM4223 + No Car loan except Expenditure RM300 + Family Expenditure RM3000 = Total RM7523.00

Balance after fixed expenditure RM4147.00

CC o/s RM35k - paying RM2.5k to finish in paying around <2yrs time

Balance fixed disposable income – around RM1.647K

We do work part time that generates around RM1-2k+ monthly and we try to save around 2K monthly for cash

Currently we do have Cash in Hand around RM40K (this is for contingency)

I am looking to buy another Apt around RM160K for rental purposes – RM800-1300

Which I will fork out D/P RM48k, Legal RM8K

Loan RM112K, RM630P/m no issues of getting loan

I have to look for cash RM16K i.e drawing from CC to top up from the contingency monies

By buying the house I will have CC debt increase nearly RM50K in short term and w/o contingency cash.

(I ended having 35K CC debt is due to I purchases apt early of the year for d/p purposes)

After I purchased the unit I would still be able to keep >RM2k a month, but I will need time <2 yrs to built 50k contingency cash again. What is your take on this kind of situation? Will you buy or forgo the purchase…Many thanks

 

Wong Sifu,
Cannot be chicken in life leh... to win we must take risk... more risk more enterprising... more enterprising more successful... more successful more rich la.

I invest in gold... gold price go up or down, I make money... the secret is I pusing pusing the gold, I pajak and buy more, gold price go down, cheaper price and I get more grams, pajak again, and buy more. I started with only a few grams, now have many, many grams.

I invest in mutual funds... price go or down, I make money... the secret is I buy one fund and sell after distribution, buy another fund with cheaper NAV and sell after distribution to get more units. I started with several thousands units, now the units more than double and triple.

I invest in condo... I only put 20k as down-payment last year, now I have a condo valued at 800k. And that 20k down-payment, I only have 3k cash at that time. Yet I turned 3k into 800k.

What you talking.... you must be smart to take more risk when young lah. Then more successful and rich...

"Fools rush in where angels fear to tread."

Let's tell some truths before someone take everything in - hook, line and sinker. 

Me and you know you can afford the gold and condos if you want to. And that the ways of creating excellent returns in my previous post was a joke.

What really puzzles me is this thread, version 4 and more than 200 replies... is there any replies with substance or are they mostly empty chit chat?

I meant how much is there to "Personal Financial Management" that one thinks his or her situation is so unique that he/she cannot find a answer from all the previous posts. Afterall, the situations are generally described... which beg general replies.

i think it is better that you guys seeking for personal loan or promoting personal loan to go to the personal loan thread. This thread is more to discussing personal financial/money management and ways to improve it.

   

Wong <see food >, any comments on the recent opr hike?

My passive income not enough. Might sell my 3 storey landed and break it into 3 self funded condo, rig it to the point of breakeven from rental enuff already. Increase monthly income in Malaysia means increase personal tax. As for my wife she interested in business but I got no confident in her business skill yet. Just take care kids okie already. Also help me to offset my tax. Malaysia tax is super scary, earn little pay a lot of percent. Now my tax hit around RM 26K per annum in sg. If in Malaysia I do not know how much it will cost.

Next year >100k got 3 categories. 100k - 250k is 24% tax

http://www.malaysiandigest.com/opinion/484...cy-changes.html

Patient bro. By 2020, potentially you pay only 20% like sg. But gst increase to 10% 

http://m.thesundaily.my/node/229981

Last time I saw some where the percentage ladder SGD 100k around 6k tax. More than 1st 120k around 8k. Subsequent at 15%. More than that will be higher. Last time see website Malaysia at rm100k need to pay rm14.7k.

Wong <see food>,
Life would be real easy if we can put a value to all things and rationally summarised the whole situation. 

We can also ignore the politics of the country which is above our daily lives, but there are some politics which will greatly influence our actions - home politics and office politics. 

Compromises have to be done, and some would even say that life is a compromise.

I feel you man.  After my wife moved to Germany to stay with me, she had to forgo her income in Malaysia.  Although I pay less tax than before due to joint-filing and main income earner, the growth in net worth is slower.  However, I love my wife, so there's that.
Singapore has one of the lowest tax rates in the region if not the world.

I'm paying 16% income tax in Germany on top of social insurance, 19% VAT, 25% on investment income and 1.8% solidarity tax.  That's when I'm married.  When I was single, I was in the 22% bracket.  Plus compulsory health insurance etc.  Highest tax bracket is 45% for EUR250k and above.

Good planning mr Wong.

@the rest: TBH I think we should save a portion but please do spend the rest. I feel no point living life if you save save save and you retire richer but sadder.

Hypothetical scenario:
A normal guy in KL making 4k a mth. He spend 3k and save 1k.
B saver guy in KL making 4k a mth. He spend 2k and save 2k. Drastic change to lifestyle compared to A. Saves 12k more a year.

Saver guy B
20-30 yrs old stay at home, weekend no go watch movie and date
30-40 yrs old small/no wedding, everyday homecook to send kids to SRK
40-50 yrs old change new local car (e.g. protong to protong), everyday homecook to send kids to SK
50-60 yrs old spend on TAR college for kids, wear cheap shirt cos uncle age de
Retirement = kids start to earn RM 2.5k/mth PV, EPF and extra income from UT (from 12k more/year money) not significantly better than normal guy A.

Normal guy A *Rmbr 1k extra spend makes a lot of difference at 4k/mth income level
20-30 yrs old weekend out watch movie and date, sex with nice young girl in love with him
30-40 yrs old small wedding, bring kids out once in a while, wife happy got wedding- heard wife B complain cos no wedding
40-50 yrs old change new CKD car (safe and comfortable), kids turning out normal and happy cos got holiday when young
50-60 yrs old spend on kids go to local govt uni, wear clean shirt
Retirement = kids start to earn RM 2.5k/mth PV, same EPF and some saving.

I dunno la. Please dont kill your life (which is worth more) by oversaving.

My 2 cnts.