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Personal Financial Management V3, It's all about managing your $$$
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kelvinftg
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 Dec 15 2015, 07:27 PM
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Getting Started
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I have a very optimistic plan. That is to put money into an eFD monthly for 4 years. From 5th year onwards, compounded funds to be placed in yearly tenure FD (higher interest), while still committing to a monthly 1 year tenure eFD.
At the end of the sixth year, I aim to be able to achieve >RM500,000 taking into an estimated consideration of a property being sold at net profit of RM150,000 around Year 4 or 5.
Year 1: RM3,000/month
Year 2: RM4,000/month
Year 3: RM4,000/month
Year 4: RM4,000/month
Year 5: RM5,000/month + RM150,000 (property net gain)
Year 6: RM5,000/month
This is the general idea, but obviously I do not want to place all eggs in one basket only relying on FD. Please give some ideas on how to split investments based on the above commitments. Thanks.
Purpose of this is to see what are my options for short term (non-retirement) saving + capital growth.
This post has been edited by kelvinftg: Dec 15 2015, 07:36 PM
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kelvinftg
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Dec 15 2015, 08:11 PM
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Getting Started
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QUOTE(Ramjade @ Dec 15 2015, 07:48 PM) You can just put 1 month eFD at min RM1k with Ambank Islamic. Once you have Rm10k, STOP monthly eFD and dump into promo rates FD. Differences of 1% is significant in the long run. Just remember to uplift and place your eFD every month with interest credited + extra money that you have. Monthly chasing of promo rates can be quite laborious and tiring. Then there is the minimum fresh funds requirement to qualify for promo rates, which is why my plan is to only stop eFD when these funds reach approx. RM200,000 by end of year 4 or RM100,000 by end of year 2?? If I don't chase these promo rates monthly, then I will end up having lost interest.. This is the dilemma.. This post has been edited by kelvinftg: Dec 15 2015, 08:12 PM |
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kelvinftg
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Dec 15 2015, 08:33 PM
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Getting Started
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QUOTE(Ramjade @ Dec 15 2015, 08:18 PM) Who asked you to monthly chase FD promo rates?  What I meant is place and uplift each eFD monthly. Upon placing eFD for the next month, make sure to put in the interest earned + any spare change for the month. For promo FD, just pick the one with the highest rate and dump into it for 1 year. There's no monthly chasing promo FD. Why do you need to wait until RM100k? Promo rates FD start at Rm10k. When I was active in FD back then, once the money reached Rm10k, automatically dump into 1 year promo FD rates. Erm... RM10,000 means I can only do that roughly every 3 months. And that means I will end up having lost interest in those 3 months, that is what I meant. End of the year might end up having 4 or 5 certs.. A part of me feels that RM10,000 doesn't return enough for that sort of trouble.. That's why I want to look at other possible options. |
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kelvinftg
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Dec 15 2015, 09:17 PM
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Getting Started
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QUOTE(Ramjade @ Dec 15 2015, 08:46 PM) Let's take 3 months Ambank islamic eFD which will give you 3.15%p.a + OCBC FD interest at 4.5% for 1 year with min RM10k which will give you RM450 after the first year. Compare that with monthly eFD for 15 months (3 + 12 months) I am sure from here you can do the maths. I do not know the results but I feel the 3 months with Ambank islamic eFD will give you better returns compare to 15 months of eFD. The reason I am using Ambank islamic eFD is min RM1k for 1 month. True that Ambank eFD is great for the low 1k for 1 month requirement. Maybbe someone can do the maths? lol. I reckon the difference is not too much or I may be super wrong. |
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kelvinftg
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Dec 15 2015, 09:21 PM
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Getting Started
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QUOTE(Dividend Magic @ Dec 15 2015, 09:07 PM) Please factor in inflation into your plan. Then you will see that your actual 'gains'. I don't really want to factor that in as as these funds is primarily to grow to RM500,000 in about 6 years. Just trying to see what other options there are apart from FD? |
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kelvinftg
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Dec 15 2015, 10:11 PM
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Getting Started
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QUOTE(Dividend Magic @ Dec 15 2015, 09:28 PM) Ok as long as you understand that the same house that cost RM500K now will be worth way more in the future. Putting your funds into FD is not an investment in my humble opinion. Yea, that's why I am hoping to get some suggestions here with the exception of another property. |
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