Currently house around 1.2mil. Break into 400k 3 portion.( estimated 70% of unit price. By that time total 4 condo. 2 at 70% paid, 1 at 100% paid, final 1 for own stay. Monthly income still Rm10k. Car full paid Normal japan car. Should be able to withstand any storm even all unit nobody rent. I just want to generate asset during retirement. I'm not spendthrift type. The estimation if expenses is 10% extra of what i would spend. The income quoted is 10% lower then what I earn. I never over optimistic in my calculation. Just thinking my wealth progression suddenly become so slow after married.

Based on your post I like your LIFEstyle.

This post has been edited by re_freako: Jul 15 2014, 03:33 PM

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

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

no feel bro.
SG tax - max tax 20% and only for income >=SGD360K /yr (pls correct me re_freako if i'm mistaken).
That's like..MYR936K /yr
20%!

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

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

hehe IF i make RM900K+/year, 20% no probs and 10% GST - no issue.. (if SG AU TH also 10%GST).
but if 20% on my miserable current pay +inflation pa... bugger me

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.

Perhaps you should go to Bank Negara and get your CCRIS report printed out first.
As for your CC, if you cannot pay the whole sum now, you can opt to do a Balance transfer loan to settle it with
monthly installments.

If i may suggest:
Before "moving" to anywhere (AU, MY, TH, etc.), best to find out the below first and thus to see worthwhile or not + have a "battle plan" if worthwhile to move:
------
1. taxation, tax's relief &rebates and loopholes if any

2. investment options, costs and taxes + loopholes if any

3. "forced" savings - matching, costs to yr real cash flow, loopholes if any (like EPF - have 2 to 3 "purposefully created loopholes" for investors)

4. cost of living for the lifestyle U want (then add 20% to it just in case, yes yes i'm pessimistically optimistic )

5. earning capacity (less 20% just in case - as per above)

6. infrastructure of the specific area U want to live - "time planning" when sometimes monetarily it makes sense BUT when U see how long U going to commute daily... fergetit.

7. If with child / moving with parents - cost of education & (child/elderly) care.

------

IMHO - with the above, one can actually do a A (current) vs B (new place) vs C (another new place) VS etc - ignoring political shenanigans and stuff)
dollar vs dollar kind of thing since even time (manhours for daily commute, setting up, etc.) can be reduced to $/hr or $/pm and get U A's cost / payout VS B's cost / payout

Just a thought

Wong Sifu,
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.

aiya - the things than can't be rationalized into value of $, cannot compare logically mar
the thoughts shared are to break down a big prob into chewable chunks - eg. cost benefit analysis on $, then after that all the non$ can do lar.
IF the obvious already cannot "settle", no point analysing further ma

i'm a simple creature, simple/direct attacks on the options only ar.
all the qualitative thinggies only attacked when the logical at least makes sense (to me anyway)
NOT the only way to make decisions of course

BTW, life is definitely a compromise - especially when i was created (mum & pop was in a compromising position )

This post has been edited by wongmunkeong: Jul 16 2014, 02:04 PM

Wong Sifu,

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.

Yar bro and also Germany charges (generally lowest for tertiary education, even for pendatangs
There was an article last month i read - cost of tertiary education + student expenses in Germany is THE LOWEST. 2nd was Taiwan, 3rd China, etc etc SG was like equivalent to AU or higher

Been talking with my partner to educate my youngest in German (Gutten targ Herr Lym ) since my eldest already doing Mandarin. Hedging mar heheh.
If any forumers' interested - i'll post the overview snapshot in this thread. Just let me know - lazy to search for it (from my filed archives) without interested parties - yes, i'm a lazy fler

This post has been edited by wongmunkeong: Jul 16 2014, 04:55 PM

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.

Guten Tag Herr Wong,

That's what motivated me to stay here for 11 years and counting. The right to education for every human being is enshrined in the constitution and must be provided to every individual regardless of social status, financial constraints and political affiliation. Germans also hold on to the principle that education and the application of education is the only thing that can bring the country forward. Therefore, education is free (EUR100 admin fee per semester, reclaimable and students can even get financial help "BAföG").

Have fun bringing up your children in German.

I'd be honoured to buy you a locally brewed cold one if you happen to be in my corner of the woods.

Going back on topic, the hot issue in Germany now is the so-called bracket creep (Kalte Progression). More here.

http://www.economist.com/news/europe/21601...h.jzfJe7s4.dpbs

Would U be surprised if i tell U the saver may actually have:
better health due to eating simple & keeping healthy (thus lower cost of medication & insurance),
a better woman (attracts the right type of woman through similar activities & focus),
thus better sex (meeting of minds, values, healthy & fit bodies.. ooo)
AND their kids learn the value of effort * time + money, thus responsibility in budgeting their spending even in kindie or early primary school?
U'd be surprised how kids learn by observing their parents.
Parents say = no use.
Parents do daily/monthly + explain = absorb like sponges
Parents play games like Monopoly with kids & explain how Hello Kitty toys make McD rich = LAGI absorb like mad

anyhow, yeah - balance but just want to show the "other side's probability" as yr example doesn't make sense to me too (Guy B). Creating a mountain must be for a burning reason - not for the sake of creating a mountain .
Crazy ar - got millions BUT send kids to TAR? If can study AND have burning desire, shoot kid to choice country for experience & opportunities papa/mama never had lar
wear cheap clothes yes lar but must be comfortable heheh

This post has been edited by wongmunkeong: Jul 16 2014, 10:52 PM

It's too late for old me Herr Lym.

U or yr next gen may (hopefully) bump into my next gen
I may visit lar and "bump" into U for that free tankard in future - free is good

Anyhow, back to topic - even the Scandinavian countries put education as "the holy grail" and see who are the happiest & "well paid enough" people in the world?
Bolehland - FORCED to be a millionaire (RM) to afford better education options AND "escape velocity" for kids.
sigh..

Saver guy C (making 4K a month since 20, retirement 60) - spend 1K, save 3K (not married. no kids.)

3000x12 = 36,000 a year x 40 = Rm1,440,000 at retirement (not including capital appreciation.)

With an average interest rate of 10%, you will be worth Rm15,933,332.00 at retirement.

Then you leave it to your nephew or niece or whoever, she won't have to work a day of her life. She can be an artist if she wants to, travel the world learning from the best painters, set up a think-tank to study ways of eliminating poverty..

So how about that?

You suffer like hell
go makan in soup kitchen to survive with 1k..

Not necessarily, it's just priorities



I can show you how to eat like a king, all you really need is 200-300 a month and yes soup kitchens, why not? some people's salaries are not even 1K, the fact that they are not starving obviously means you can survive on 1K.. besides what can you do with your little money except to grow it and pass it on to your descendants? otherwise you work all your life, marry, have kids who work all their life, and marry and have kids who... kind of pointless if you look at it this way isn't it? might as well break the cycle


This post has been edited by wodenus: Jul 16 2014, 11:16 PM