farizmalek Impressive savings you have there on top of so many properties. How many years of your employment history that you earned over 20k/m?

precisely speaking, my exboss was on RM100k a month basis. our salary is just a small fraction of his salary.

so to achieve like what this forumer achieved, how many of us can achieve? his argument being, "who say salary earner cannot be a millionaire"?

Can, but definitely not multimillionaire like him only lo.

Yeah, I wish ASB can open for non bumi as well.

precisely, how many are pelaut? or can be pelaut?

if i mati pucuk, maybe will consider pelaut

Following on the theme of personal financial management, and taking a leaf out of farizmalek's example, I've updated my outgoing expenses:

Average monthly Expenses (in times of COVID-19)

Cluster Detached Landed Residence monthly maintenance/sinking fund: $1,500/pm
Private home lift servicing, pro-rated: $200/pm
Utilities (water/electricity/waste disposal): $300/pm
Property Tax on primary residence (owner-occupier preferential rate, pro-rated): $400/pm
Road Tax: $199/pm x 2 = $398/pm
Petrol costs: $250/pm x 2 = $500/pm $200/pm
Charity donations (combined): $2,000/pm
Meals (we hardly - ok, never - cook): [/s]$3,000/pm* [/s] $1,000/pm
Local part-time cleaners: $800/pm - $0 circuit breaker means no cleaners can come to the house, the 6 iRobots are working overtime at the moment
Hobbies/Club membership expenses: $400/pm - $0 we were given rebates on our club memberships, because the golf courses are closed
Overseas travel (tickets, hotels, food) pro-rated: $5,167/pm** - $0 no travelling, full stop
Discretionary spending: $1,000/pm

*this is being admittedly very generous in its allotment - we hardly ever eat $100's worth per day, but there are of course occasions that a single meal would set us back $1,000 (the food scene in Singapore being dotted with Michelin starred restaurants and Michelin wannabes), and I dare say the latter happens 2 or 3 times a month, so it averages out.

**We usually travel about once every two months and we've successfully maintained our individual SQ PPS status for the past 5 years. Minimum spending per annum to re-qualify for PPS status is $25,000 per person in airfares. We visit Sydney, HK and Liverpool for 10 - 14 days each, at least once a year, to see (and stay with) family. Otherwise, it's usually a week away elsewhere and I'll estimate $2,000 for hotels and $2,000 for food per trip outside of visiting family. COVID-19 has cut back on our discretionary travel plans, but our tickets to visit family in Sydney and the UK have all been booked and paid for, and we are on track to fly as planned.

Without taking our Singapore/Australia tax burdens into consideration, it looks like our outgoing expenses are about $16,000 $8,000 per month during this COVID-19 period. It's amazing how much of an impact this pandemic has had on our expenses and lifestyle. No wonder the world economies are hurting!

Thank you for the kind thoughts. Yes, my wife and I are OK. Income has dropped about 30% for me (since I’m in private practice and I can’t see my patients from ASEAN since the start of the outbreak), but she’s still drawing her full salary (for now haha).

Take care and have a blessed and peaceful Ramadan!

  senpai, what you work as?

Don't know whether you're still following this thread haha. You can actually park your cash in ASB2 even with 200k loan in ASB1. That's what i'm doing. 200k loan in ASB 1 and filling up ASB2 with cash. If i'm not mistaken there's limited units for ASB2 coz they only have like 10bil units in total. They might have added more. But so far I have filled up 60% in ASB2. In my opinion, you shouldn't cancel your ASB loan. You can still use your cash to invest in ASB2 and elsewhere. Just my 2 cents.

Yes, 200k for ASB1 and 200k for ASB2. Btw I read your post with your assets etc, very impressive sir. It is true that makan gaji pun boleh jadi millionaire. Especially when you start investing early.

But the part that you said 'kerak kena kecil..Keep liability to low such as cars, rumah juta-juta please avoid', I have a slightly different mindset. I spend on things that I want/like (not only needs) but within my means. I like expensive cars so I bought a 600k car. If I list down my monthly expenses I'm pretty sure a lot of people here will cringe and think that I am stupid hahaha. But to me it is up to the individual and the most important thing is you are happy. I do have a target for retirement and I do save. I also have an emergency fund. I try to live a balance life. I save and I also spend.

If I didn't buy an expensive car and just buy clothes at kamdar, sure i'll probably have an extra 2-3million 20years down the line, but i don't know whether i'm gonna even reach that age haha. So I save for retirement and I also spend on things that I like and I'm happy. And if driving a myvi(which is not a bad car tbh) and saving as much as you can, makes you happy, I respect that. To each his own 

Congrats on your achievement. Were u guided/mentored or self learned on your career n financial planning since young?

One should also read a post in its entirety.
That's why i said 'I do have a target for retirement and I do save'.
I'm 32 years old and not tech savvy either haha. Nice to hear of your achievement sir.

Age: 27
Nett Pay: 3,515
(Normal life before Covid-19 and soon to be back to normal life once again)
Monthly Expenses:
Food:                        400-600 (Breakfast + lunch)
Phone bill:                        10 (Redone Amazing 8)
Progressive Interest:        100 (Housing loan)
LRT:                                100
Investment allocation:      500 (SAMY)
Entertainment:                  200
                                -----------
                                    1,510

Monthly savings: 2,000-2,200

ASM:                            37,000
Stocks:                            3,500
House down payment:    35,000 (Rumawip)
Cash in hand:                38,000 (Aiming for some stocks, waiting for a better timing)

Living with family at the moment and single. Am I doing alright at the moment? Is there anything I could improve on? Thanks in advance for responding!

Occasionally I'll be treating my family for lunch/dinner during outings as well as groceries. They are still working at the moment, but yes pocket money for them will be furnished! Thank you sir!
Thank you for your kind and wise words sir! Was actually thinking of ship hopping but with the current situation, I would have to stay put. Giving them money as I grow will be my to-do list!

Hi all, I was wondering if anyone can help us to further save more and maybe earn more

Husband and i both 32 years old, SPM and working in Private Sector.
I work in finance sector, non bank
Husband work in property sector.

Breakdown

My Salary - 3968.1 (after deduction)
Husband salary - 2472.25 (after deduction)

Monthly deduction
Car - 471 (Axia, 7 year loan, ending March 2023)
Phone bills - 250.16‬ (combined)
Internet -147.34 (no choice, only Time in the place im renting,and i signup before they changed the package pricing  )
PTPTN -101.07
PL loan -382.53‬ (4 more years left, ending May 2024)
Rent  -1100
Insurance -221.7
NETFLIX -51
Spotify -22.9
Allowance -1300
Groceries -300
Wahed - 200 (total invest atm 600)
SAMY  - 300 (total invest atm 760)
Variable - 300 (for others such as, shopping, leisure etc)
Bal : 1,292.66‬

Cash in hand currently 7,662.85‬ (6k will put in ASB soon, the rest for emergency cash..currently only RM100 there, no loan)
My KWSP = 95,269.77‬
Hubs KWSP = 40,577.37

Long story short, we had a business before and didnt go well.
We just paid all the mess in Feb except for that 1 PL loan left
Also, we never knew how to save anyway due to no proper guidance.
We learn the hard way and now want to start from 0

Currently, both husband and I took the 7% EPF. I figure to put in ASB so our salary is + 442.3
I request to withdrew from KWSP I-lestari RM500 too, again this is to set aside cause both of us in high risk industry. So this will increase us to+500
(If all goes well, i pump it back in KWSP in Jan 2021)

I want to build the 6 months emergency funds in ASB and thought we could achieve this by end of year, but Covid happens and we are uncertain in the next few months if we still have job

I was thinking to do side job but husband dont quite agree. He asked to focus on full time work and dont want things to happen again in the past.
Also we quite comfy with current lifestyle

We dont have kids yet. Planning to buy house in 3 years down the road, as we want to build wealth first.
both parents well, dont need help from us.
Occasionally go out and belanja them dinner, normal place nandos or somewhere similar level, nothing fancy

I know we started late, but we are looking forward for any advice or comments on how we can build our wealth
TY

4. Robo advisors.
https://www.google.com/amp/s/www.imoney.my/...-comparison/amp

Hi, yes. Currently looking for alternative for phone bill. Actually its shared between 3 people. Husband, FIL and me.
Unfortunately renting a room will be the very last option. Or even renting the vacant room we have.
We value our privacy. We were younger when we rent with friends and strangers. enough to say, we're done with all the drama. Stealing,arguing, not paying eg eg.
Secondly, my mum has a room of her own here. My mum is nomad and comes and goes. She frequently comes to stay, cause its convenient for her. Nearer to KL, nearer to her friends too.
Actually, she dont mind "renting a room" and did so when we started to rent here. Early this year i told her we should be fine, and asked her not to pay anymore. I always feel guilty mother have to support her 32 yo daughter, even I know she more than capable.
My sister may come and stay too,she's studying in Indonesia and sometimes comes back
lastly, very rarely my in laws come here and stay.Enough to say, its kinda a family unit already.

In the beginning, we didnt mind to rent a unit cost RM800, but the places we scouted is more like PPR. My mum disagree to rent this kind of places.
Actually, the unit im renting is a modern version on PPR. Its just so happen its new and i got a corner unit which my mum likes. in 10 years time in 100% sure this place will change to a PPR

Also, if i were to lose my job, im 100% sure my mum will support bypaying half of rental. Worse come to worst, we just move back to my mums place in Kajang.
Actually yes. My bosses are very supporting if anyone wants to continue study and I was thinking heavily about it. Spoken to my husband a few times and have surveyed a few places.
For education, i will withdraw from KWSP, otherwise as what you mention, maybe PTPTN loan.
Actually, I am sharing my account with friends. husband and i using 1 account, and the other 3 account rented out to friends. So is spotify. You're right, my cost should be 13.75‬ for Netflix and 7.63 monthly for spotify
Wahed & Stash Away Malaysia.
Investment.

Hi, thank you. Referring to number 5, actually Im wanting to build the 6 months emergency fund in ASB.

After building that, I thought of reducing the loans which is the PL and the car. If possible, finish paying by end of next year (very tight but possible) so we can be financially free in 2022,
So for year 2022, we continue saving and partly will become our downpayment for a house, in 2023.

To be honest, when times were rough i thought of letting go the car. husband has a bike and I commute to work. We only use the car only on weekends. But husband adamant not to let go of the car in the past.
As of now I guess I will be driving back and forth to work since  covid.(Im a high risk as I have asthma)

Age: 30
Pay: 4500nett | Allowance: 500-1k (from outstation work)

Monthly Expenses
Car: RM200 (maintenance/insurance/road tax)
Petrol: RM500
Food: RM300
Phone: RM55
ASB Loan: RM2100 (400k@35y)
Parents: RM200
Entertainment + Misc: RM200 min. varies up to RM800 (netflix/spotify/shopping etc)

Accessible On hand
ASB - RM30k
Cash- 15k

Debt
Credit card - cleared off remaining 5k last month since had some time during MCO to go though my finances

Car-settled in full

Cash savings are pretty low as I've only started working for the past 4years. Pretty much spent all my cash during my 1st year in the work force. Late last year I had a job change from my previous salary of RM3600 nett. both ASB has been going on for 26months. Definitely struggle abit last year due to my lower salary. Initially used ASB loan as a forced saving for myself.

This year I have additional funds to spend due to increment from new job.

Currently, I'm thinking of using 20-30k of my funds for a small business investment while I still have the mindset & flexibility to do it. Initial returns are looking at 6-8k from the stats of prev. franchise. however I project the initial profit to be 50% lower due to the recent covid.

other than that, would stocks be a good place to venture into? I'm looking to allocate about RM500-800 every other month into it.

Petrol fees are high as I opt to live with my parents rather than renting a space nearby. Looking to getting a property within the next 3 years.

Would be great to hear your thoughts. I'm looking to grow my finances while I can still manage some risk.

Hi! & Thanks in advance!