Can there be too much personal financial management? Spending too much time overthinking/min-maxing our finances? I mean most of us here are takungzai's, so do we need to count so detail?

Should we focus more on earning or making more money?

Is depends how you want it to be.
For me, EPF, ASW and ASM are good for me, since all of them are doing > 5% dividend.
And if we are employee, our income are fixed. Some may trying to venture in to share, fund. But all in common are : they won't always make money all the time.
When you retired, just make sure your EPF account have a total of rm400k with 0 debts. This amount you can use it for another 20 years.

earn more then spend more?

haha. i do agree. one should have a balance and not micro-manage down to the last cent. become stingy and kiam siap.

400k is easy. Normal old man takungzai retire at 60 should have this amount compounded (2014 PV).

I feel sometimes we overthink. Some not educated people use the energy to focus to expand their biz and use the money to buy land and keep. Somehow ended up richer than our smart LYNers in this thread.

Make me feel like this PF is a feel good/feel smart exercise. To make us feel better at the small shit we are having.

Well, that's when we studied too hard, we tends to forgot what is more important.

U got high salary, ok

but we have some ppl who have very low basic salary and relies on commission...EPF is on basic, not on commission

these ppl would need to save/invest on their own

the 400k example is a 60 year old uncle that I know who retired with basic salary RM2.5k.

Compounding back in the old days and lower regression of MYR value.

So its not hard.

Well, my late mum basic only RM300-500

Commission all habis pakai, no savings/investments

That's why I inherited nothing from her...(I am FINANCIALLY) "lucky" she passed away early

According to statistics, the mean average malaysia's household income is 5.9k, whereby median number is 4.7k, this indicated Malaysian's income gap could be very wide.

In addition, out of the 7 million total households in Malaysia, 3.5 million are earning above 4.7k while 3.5 million are earning below RM4.7k. So most of the families are earning around or below 4.7k.

For those who are earning more than 4.7k to as much as 10k or above, they could be the top 5% among the total households in Malaysia. Very likely these top 5% only mingle around with the other top 5% and their view is affected by survivorship bias and have not much empathy that how hard for an average person to earn more than the average. For a human nature, everyone wanted to have a good pa job, then but why does our median income level still stuck in 4.7k?

I am looking to apply for personal loan. Can anyone recommended which bank provide the best rates? I heard CIMB rate is among the lowest. Is it true?

You heard this you heard that ?
Create a topic that you need a loan and your contact .... you will have a lot of calls to offer you.

Guys, how much of health insurance coverage do I need?
I am not married and currently age of 24.
I was being offered 1million by the agents, I am afraid I'll be over insured.

Best Regards.

while waiting for more value added info from sifus with the right unbiased insight to response...
may I know, how much is your income/net worth?
any liabilities/loan?
is your work risky or dangerous to one health?
are your engaged in any dangerous activities?
does your employer provide insurance coverage other than socso?
is your parents able to handle themselves financially (if you are not able to?) (any brothers or sisters can help)?


This post has been edited by T231H: Mar 28 2015, 03:45 PM

Thanks for the quick response.

Delete

This post has been edited by melvin471: Apr 6 2015, 07:13 PM

thanks for the provided info.....

personally I think for your case...1 mil is TOO much....don't buy for now is better.
well that is just my thought...I am no sifu on this insurance matters.....hope the sifus that is unbiased and professional can provide more insightful views, can response with the available info soon.

No need any.
Use the money to invest or enjoy business class tickets

You just need a basic medical card. Just stay fit and healthy and use the extra money to save/invest

I already have 40k medical card from my company but It is only there for me to use while im employed.
So you are saying i need to buy one myself? If yes how much coverage do i need?

Thanks.

Best Regards!

while waiting for response from unbiased and professional responses....
I googled and found these...hope they are not biased and can provide some basic info for consideration....

How Much Critical Illness Insurance Cover do you Need? -

See more at: http://kclau.com/insurance/how-much-critic...h.XFQJK5jR.dpuf

http://www.investopedia.com/articles/pf/06/insureneeds.asp

http://www.forbes.com/sites/lawrencelight/...ance-do-i-need/

http://money.cnn.com/magazines/moneymag/mo...on20/index4.htm

http://www.cnbc.com/id/102046262

Hello folks,

I understand that the general recommendation is that a person's total monthly repayment for loans (housing, car, etc.) should not exceed 30% of his/her net income.

However I'm just curious, with the current high prices of housing are you actually able to do this in real life ?