Jun 19 2014, 02:04 PM
QUOTE(adolph @ Jun 18 2014, 01:50 PM)
Hi,
A good day, I bet it the time to review my finance. hope you may assist based on your past experience,
Age : 23 year old
Income: Not fixed, sometime payout up to RM8,000 and sometime RM3,500 below.
Fixed Deposit: RM50,000
Physical Silver: 570 grams
Paper Silver : 600 grams
EPF : RM16,000
Property: RM535,000 (loan approved amount RM480,870) / Under Construction, flexi-loan
Car Loan : RM41,310 left ( installment RM459)
Credit Card : Zero, full paymaster and never late, limit up to RM26,000. Only installment credit card with maximum 12 month tenure as effective interest rate is higher, installment credit card amount RM750 per months.
Mortgage: RM2300
My mortgage not for own stay but for investment purpose, current rental price around PSF RM2.00 in that area.
I do not use my cash reserved as it only for emergency and once we utilize, it's no points to have a reserved funds.
The reason I go for full paymaster is to avoid any compounding interest and I need to increase my bureau score as I will go for more investment in future, as my real life mentor teach me on how to get rich.
Any advise?
Not bad! 23year old have rm50k FD. I would dump this Rm50k to pay the housing loan. Reason being at the early stage of housing loan basically you are serving the interest portion only. That's how the bank making billions every year. I only buy my house using cash basis. Not letting the bank makes money out of me.A good day, I bet it the time to review my finance. hope you may assist based on your past experience,
Age : 23 year old
Income: Not fixed, sometime payout up to RM8,000 and sometime RM3,500 below.
Fixed Deposit: RM50,000
Physical Silver: 570 grams
Paper Silver : 600 grams
EPF : RM16,000
Property: RM535,000 (loan approved amount RM480,870) / Under Construction, flexi-loan
Car Loan : RM41,310 left ( installment RM459)
Credit Card : Zero, full paymaster and never late, limit up to RM26,000. Only installment credit card with maximum 12 month tenure as effective interest rate is higher, installment credit card amount RM750 per months.
Mortgage: RM2300
My mortgage not for own stay but for investment purpose, current rental price around PSF RM2.00 in that area.
I do not use my cash reserved as it only for emergency and once we utilize, it's no points to have a reserved funds.
The reason I go for full paymaster is to avoid any compounding interest and I need to increase my bureau score as I will go for more investment in future, as my real life mentor teach me on how to get rich.
Any advise?
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