considering 800 per month, that's about 27 a day... 9 per meal... well, shopping centre food court, that's about the right price. it's not cheap having a meal in klang valley, though one can always avoid the shopping mall restaurants.

Side note: back in australia, i spend $40 per week groceries (i don't eat out). sometimes even just about $30. Dang, must be really cheap in germany.

Not everybody has the opportunity to start at high-paying job like oil-gas and earn big bucks in the first few years of their working life. Just saying.

And travelling isnt so bad... Just saying.

Please dont use your bad experience and ask ppl to just simply terminate insurance.

Might i point out that if everyone floods government hospital... At one point, it will not be sustainable.

2. insurance is necessary, i would say... but you don't need to pay RM200 monthly for a good medical insurance. at your age, <800 (a year) is more than sufficient to get a decent one. also if your company covers a decent medical benefit, i would say this can be put on hold a bit, or get a medical insurance with high deductible, then you pay little for potentially high coverage. if your company doesn't cover, then, might need to think about it asap. like i said, insurance doesn't have to cost much, just need to find the right one.

3. PRS is basically investment in unit trust. the difference between PRS and normal unit trust is tax relief (up to RM3k)... and PRS doesn't allow withdrawal before age 55 (similar restriction to EPF). since you are not paying a lot of tax, the tax savings you get is not worth locking up your money for so long. BUT... there's the PRS youth incentive which is why i'm putting just enough money (Rm1k) just to get that youth incentive (RM500).

so, unit trust can be another way of investing, and you can DIY, and please visit the Fundsupermart thread to read up on what the regulars have to say and DO YOUR HOMEWORK.

PS: i'm your age, not sifu either. also... the other guy has an absolute hatred on insurance, very extremist opinion.

well... like everything in this world, there's a limit. we can't have EVERYBODY flocking government hospital and people not buying insurance and not going to private hospital... then government can't sustain the healthcare bill... price increase... everybody lose...

yes thankfully, with government hospital and also semi-private like ukm/um we managed the bill for 2 rounds of chemo for my dad. otherwise... ya, we wouldn't be able to afford it cause my dad ain't got insurance...

yes, about the reducing expenses thing, we can't have no spending as well... something needs to drive the economy... HAHA anyway, yes i do spend very little, but you know, just saying... so i encourage my friends who make money than me to continue spending

so yes, i still think medical insurance is necessary... because i don't want me to burden others like how my dad sort of became a burden... and well, when one is sick, one deserve some privacy and comfort after all...

BUT seriously, did you check with your employer? do you work in a big-ish company and check with HR about your benefits? like actual hospitalisation benefits...

also... when you are at the point of being approach by an agent, and seriously considering to get one, just drop by the forum insurance thread to get some input.

This post has been edited by adele123: Nov 20 2014, 09:50 PM

Average? If you want an idea of how much it cost, it depends on how much insurance you buy and also your gender and your age. i can suggest you to simply grab a brochure ONLINE and you can look it up. as easy as ABC. Don't need an agent.

and yes, just hospitalisation. i haven't heard of medical insurance covering medical check up. but then, even if they do chances are it's already factored-in in your insurance premium.

The sad part is… most normal consumers don’t opt for term insurance because it seems ingrained that they must get back money from insurance, whether dead or alive. IMO... the idea of NOT getting back ANY money if they DON’T die doesn’t bode well to them.

Even agents don’t quote because low premium translates to low commission.

wait wait... you were issued with a medical card by the insurance company for your employee benefit? that should be good enough. i mean, there are limits but my understanding is, you don't have to pay anything upfront. just carry your card to panel hospital. it shouldn't be that difficult if you have the medical card. i don't even have a medical card from my employer.

not sure. but certain things are too technical to be explained through videos.

i have friends who are smart, well-educated professionals. but when i blab anything related to financial services, they get what i tell them is important, but they are just too lazy to do further research about it. well, they earn professional pay. so, whatever la...

This post has been edited by adele123: Nov 21 2014, 11:57 AM

Disclaimer: it might not be textbook answer but I never read any life insurance related textbook aside from the one for PCE. And I’m not an agent.

Life insurance is the broad category, any insurance related to human life.

There are many types of life insurance, whole life, term, endowment, investment-linked.

Whole life is being referred to up to age 88 or 100. I don’t think there’s a fixed definition of whole life but 100 seems to be more common now.

Term is the opposite of it, short term, but short in insurance context is still many, many years. Anything from 5 years to 50 or even 80 years. (Provided you don’t cross their maximum age, usually about 80 or 85)

both with their pros and cons.

And then there’s insurance policy known as participating policies (the misunderstood savings plan) and non-participating policies. Both can be whole life or term.

basically all except term insurance... but but but... some short term insurance (example 25 years, still give you back money... which is those 'savings' plan)

PS: i give a general picture, best is still to understand the insurance itself.

This post has been edited by adele123: Nov 21 2014, 02:21 PM

erm... medication? electricity? beds? everything cost money. it is a serious issue when it comes to health care spending i believe. then again, we are not developed country where the population is aging...

are you really fishing for answers or rhetorical question?

what sort of logic is this...

when you use something, you spend... thus expenses... of course they are sunk cost, but you use, you spend... no use... no spend...

medication from stock? when you restock no need to pay?

really... apa logic???

Like the advice. I'll keep that in mind.

I understand the story, I get the concept of both loans. I can’t see the obvious disadvantage of flexi loan. It is an extreme example though to to compare 15 years to the longest possible loan tenure. I mean practically speaking, if I foresee I can settle in 20 years with some bonus and no big bills coming up, then to provide a buffer I get a 25-year loan.

Although if I did have that much money on hand… I would have taken a smaller loan <90% or something.

PS: debt free here, just trying to understand housing loans.

This post has been edited by adele123: Dec 1 2014, 10:19 AM

opportunity cost. you lock up your funds for so long you only get that little additional return... why not i put in something else... bla bla bla

actually i notice that the negativity is usually a result of the customer's ignorance as well and also half-truth by agents. if you set your expectations right, understand that you money gets locked for a long time and that your commitment MUST continue as specified (you know... suddenly no money to pay, then die lo).

and the thing about forum is... when they are angry, they complain... when they are happy... they rarely come and say they are happy right? now there's bias lo...

depends on how discipline you are at managing your investments...

depends on whether you need life insurance at this juncture...

most people nowadays are going for investment + insurance. doesn't mean you should.

yes, MYR has been down alot. i'm no currency expert but you do realise EURO is down faster than MYR? with QE coming EURO is like expected to go down, stay down for awhile. though vs MYR is more specific situation, requires more 'analysis'

I hope you notice what you have typed. Investment-linked insurance. English grammar will tell you it’s an insurance product first and foremost, which is linked to investment.

There is NO guarantee you will gain profit when it expires. Also, as far as I know, it expires at age 100. I doubt any of us will still be alive at that age. Looking at your situation, you might want to recheck your insurance policy. No point paying for insurance policy when you don’t even have enough in the bank.

Financial services provider marketed insurance as wealth protection. I agree. Now in your case, there’s not much wealth to be protected in the first place.

I’m not against insurance, I do think you need some protection element, especially a father-to-be. Then again, you have to make way for diapers and other expenses… so, something for you to think about.


This post has been edited by adele123: Jan 27 2015, 04:40 PM

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.

as pointed out by another forummer...

i like to point out is... it is NOT 'cheaper' even if you buy your medical card earlier... if you buy yours at age 30 and i bought mine when i was 20... when we are both at age 50 (barring any price hike) respectively 20 years and 30 years later... the premium is STILL the same

the only difference is
a) health condition on approval of medical condition. the older you get, the higher chance of having a health condition
b) loading on original premium as a result of health condition

cannot la wong sifu. like chinese saying you know, if we see any injustice on the road, one must draw out his knife to help

but yes, like you say, inflation whatever not or even premium increase by insurers, etc... but yes... i don't want to break rice bowl... just... hand itchy must type.

ABIT off topic but...

1) when you say compare during good economy days means it's not good now?

if you follow the FD thread though, the promo fd rate has been slightly higher than before, but is also slowing down.

2) actually while i'm not too sure about these buy now pay later scheme is about, deferring the inevitable doesn't really solve the underlying problem of having enough money for down payment or other expenses to own a house. so be wary of the so-called 'pay later'...