WIth those properties in hand, can relax jer

What are you currently doing to make a living?

LHDN: Offshore worker need to pay tax if work offshore in Malaysia Water.

If you work offshore outside Malaysia water, no need to pay tax if you are out from Malaysia for 180 days.

Foe seaman special rules. to encourage Malaysian to join the seafarers industry, regardless you sail with Malaysian Companies ships or foreign ships companies, if sailing more than 180 days, you are exempted from LHDN.

However, regardless you are exempted, you need to have an account with the LHDN and every year you need to fill up the BE form but declared no income in Malaysia and also keep the supporting documents from your company.


I just highlighted that makan gaji can also become millionaires provided even though my academic is not good. Only SPM with grade two:-

you choose the right career. Usually, job that people don't like and for somebody to replace you it is difficult, they need to undergo the same process of certification, seatime (like pilots collecting fying hours) exams, modular courses, etc etc.

To emphasize that you need to control your spending even if you have high salary.



This what I observed from my colleagues during our young days working:-

1. Most of my friends (mostly the malays) starting work already bought the new Perdana V6. That time V6 and the new honda civic were hot selling cars. Some bought AMG cars.

2. Buy house more than a million loan. Then renovated and furnishing the house by the designer at a cost of 200K and above cash.

3. Every year came back from sailing, renovated kitchen for 60k cash. holidays in fie stars hotels and taking business class flight.


I am ok with the above, if you dont kacau me, i dont kacau them. But unfortunately it is not true. This is what I encountered during my working days as a seaman and overseas:-

1. I drove wira and later myvi.

2. During gathering, teh tarik or during modular courses, my colleagues always kutuk made jokes such as.

Duit tak boleh bawa ke mati, you need to enjoy life, u mati nanti somebody else will enjoy your money.


Now how? with this covid-19, no job, we nee to have savings to survive. Furthermore as seaman or working offshore, stringent medical check up is required yearly. Kantoi and you are grounded. If you are luck to find another office job the pay will be lower and unable to pay the loans.

I still remember there was on teh tarik session at mamak, mostly came with big cars, but when come to pay all look busy looking at the phone. The owner of myvi lah yang pergi bayar.


Yes is is true duit banyak-banyak tak boleh bawa ke mati tapi masalahnya duit dah habis tapi tak mati-mati lagi. So how?

Still working, but with much relax environment and small salary per month

Your ASB dividend is more than enough to cover your expenses.

Anyways, thanks for sharing.

No problem

Currently staying in Putrajaya. Since my wife is a civil servant, we stayed in the government quarters house. My properties I rented out. All for my kid later.

Wow...most of you guys successful at young age...I think I gg man...

Age: 24
Jobless since April, worked for 2 years.


(Normal life before Covid-19)
Monthly Expenses:
Food: 300 ~ 500
Phone bill: 30 (U mobile unlimited data)
PTPTN : 195.50
Medical Insurance : 150
Housing Utilities : 120
Give Mum allowance : 200
Car petrol : Covered by previous company otherwise around 300~400

Total Expenses before covid : about RM 1k~ RM1.2k

Cash on hand : 9,327.77
FD : 3,124.5
PRS : 2,000
EPF : 18,193.05
Stocks : 3,000

Total Assets : 35k

Total Liabilities PTPTN : About 26k left

I live with parents right now, car using secondhand car already paid off...now my concern is to find a job that pays me well...sad that i quit my job then covid happens. No choice now need to look forward ba

Don't give up start applying

Your EPF is quite high, have you worked for 2 years now?

Any reason for quitting your previous job before securing another one?

Last time i work for 1.5 years. salary 3.6k gross. EPF also 13k liao..

fat salary and thrifty =potent combination


?RM80k a year rental collection
investment return ?% pa

Hi all,

Looking for some advice building wealth as a young person.

Age: 23
Nett Pay: 4000 ( been working for about half a year)

Monthly Expenses:
Rent: 1200 (Rent is very high because I work in KL and prefer to live nearby, rather than being in the car for 4 hours per day)
Food: 600 (Every month since living alone have to buy groceries)
Phone bill: 60
Other bills: 130 (Electricity, Water)
LRT: 60
Entertainment: 200
-----------
2,250

Monthly savings: 1,750

Cash in hand: 21,000 (In a high-interest rate savings account)
ASM: 1000
EPF: 7000

Total Assets: 29,000 (although I don't like to count EPF as an asset at my age, what do you all think ?)

No outstanding loans.

I know the rent is high, but I don't pay for any petrol or car loan in this scenario. I do take grab sometimes but rarely.

Really appreciate any advice on how to improve my financial standing or grow my wealth.

Thanks in advance for all the help.

if this earning to saving ratio can be sustained for 20 yrs....then very good....
allocate some % for networking expenses (not only with the usual guys but more to the NEW network...

You save quite a lot for that income. I consider superannuities like EPF & PRS as assets, its just something you cant touch in short term.

Good on you not having a car I guess, cars arent just loan, petrol, also got maintenance, insurance, and repairs after accidents. It would be a huge money sink even if you own an Axia.

I would diversify the investments out from MYR denominated assets.

Assuming you don't have emergency cash
Set aside 6 month worth of monthly expenses in the high yield savings, as long as it's easy reachable.

The rest, invest it. If you yet to familiarise with investment, read and learn. Meanwhile I suggest the extra cash/saving/salary leftover either
1. Push around 50% to 80% of your cash (depending on how much cash on hand you need).

Or

2. FD, 1 or 3 month terms. Longer if you require more time to learn about investment.

Started already... but this time I want to choose the right job


Worked for 21 months to be exact. 1st company 15 months 2nd company 6 months.

1st company worked in a start-up. Well my boss has no prior experience in doing this industry (construction) but decided to jump in. Boss main business was a tech company, which I jumped from that tech company to here. As time passed I realize the commission they calculated went wrong every month, and brought up to them at the end they are unable to disburse back the comm owed to me(I brought in the most sales during my period here, which means a few thousands gone )....then they have a new structure for comm calculations. Oh btw, this company no bonus, no one received bonus before. So i decide to leave.

2nd company worked as cold hard sales in start up again. False promises here again as boss promise X% comm but give 10% lower than promised. But the main reason I left was that they are many problems with the service, and they decided to just brush it off. The company has only hired 2 person which I am one of them and the only one doing sales which gets me lost easily. Company operated for 1-2 years and making losses every month, however they have other business to cover . But I could not take it as I see no future here.

Think maybe start-up not suitable for me...I'm applying to corporate right now hopefully land a role in finance. Problem is my work experience is all sales and it seems like no future . I'll think I will start fresh in another role other than sales.

I’m not the best person to offer specific advise because of the positively lopsided remuneration I enjoy - as someone on this section has mentioned, I could effectively opt for safer, lower yield asset classes because I could “bulldoze” my way though the sheer size of my savings pot.

However, that aside, I believe in a few general rule of thumbs to live by:

1. Never be afraid of hard work: when I was a junior medical officer, while studying for my specialty exams, I did locum work at various hospitals and clinics. I was much younger and physically stronger - the night shifts were perfect because I could study while waiting for patients to come in - essentially I was getting paid to study. If you feel up to it, do free-lance or part time work. You’ll never know what the networking or connections can become useful in the future.

2. Always live below your means - make it a point to delay your gratification. I bought my first car in Singapore and drove the wheels off it. We continued to live in our HDB until our previous neighbours moved out and the new ones that moved in got into trouble with the loan sharks. Otherwise, I would never have moved into private housing.

3. Never ever spend money you don’t have on things you don’t need to impress people you don’t know. And those you know shouldn’t need you to put up a false front to impress them.

4. Have a realistic and honest analysis of what your risk level is and don’t try to overachieve your targets - meaning to say, if you really don’t have the appetite to punt on stocks because you’re afraid of losing your capital, then don’t. I only ever buy IG rated senior subordinated bonds - the yields are relatively modest but even in the midst of this COVID19 turmoil, I’m sleeping really well at night. I do have a smaller portfolio of blue chip stocks that I’m holding for their dividends, but that’s the limit of what I’m comfortable buying.

5. People always talk about leverage and I know there are 2 schools of thoughts on this, but I don’t subscribe to that particular philosophy. All my properties, bonds and stocks have been fully accounted for - no outstanding loans, no mortgages, no risk of margin calls. Granted, if my wife and I had utilised leveraging as a means for wealth generation years ago, we could have doubled our wealth or doubled the properties we presently owned - but then, we might still be in debt.

There’s no one single size that will fit everyone - I’m just offering my perspective for discussion. Good luck!

Out of curiosity, how is seaman salary calculated? How much do they earn yearly?

major shipping companies for Captain and Chief Engineer. 50k/m. Overseas about RM475k/year. In miidle east around 70k/m. Mostly on oil and gas carriers.

hi HumbleBF, i will say that you are not that bad either. Sometimes we always feel that we are not as good as others when we tend to compare. don't worry about that, you have your own goal to achieve and also different people is in different situation.

Really good that you can list out and have all those recorded.