In sg I spent around sgd4k. Hard to reduce. Reminds me of robert kiyosaki. Poor dad, earn more tax more liability more. Need to find ways to escape this rat race is tough.

Seeking for some financial and maybe even life advice here.
Age 30, single, been working freelance programmer for 2 years, around 48-60k p.a., so that's around 4-5k per month.
Each month save around 3k, currently has ~45k in saving account.

45k saving is not solely for me but also for my parents, because:
- Their house still on loan (~70k), and also a car (but only left 3k installment to go)
- Just found out recently parents has personal loan ~50k from bank as well (borrowed for money game/stock/investment which I think they lost all...)
- Slow income and it's getting worse, retiring soon, ~2k per month which barely covers live expenses + debt repayment
- No EPF and savings AFAIK

For my side, cleared my PTPTN last year so I don't have any debt for now, my monthly expenses:
- Insurance RM320
- Utilities bill ~RM200 (water, electricity, internet, mobile)
- Travel ~RM150 (petrol, touch n go)
- Food ~RM150
- Misc ~RM200 (parents, personal expenses, etc)

I'm afraid they might not be able to clear their debt properly so I've been living frugally to save up to a amount I feel more relief.
For now I feel more 'safe' to have 45k saving, and thinking to start doing some investment with 3k gross income I can do every month.
I've 0 experience in investment and money management, only lately I've started to read and trying to learn in this sub-forum.

Currently my action plan:
- Place 30k into OCBC 360 (4.1% p.a.) (emergency fund for family, need to be liquid)
- Remaining 15k for investment (ASNB ASM1 ASM2, unit trust, ETF StashAway, Stock)
- Each month allocate 2k into investment, 1k into saving (FD/OCBC360)
- 6k-8k per year into EPF (ultimate aim is to have ~600-700k in EPF when I'm around 55 years old, by compounding I hope this is doable...)

I need some enlightenment on:
- How likely is this financial situation allow me to purchase a property?
- Is my action plan make sense? Too risky/'out-of-mind'/nonsense/full of hole?
- What can I do to improve my situation/income? I'm trying hard to increase my income but I'm not so confident that I can increase it a lot.

Honestly I don't feel good with this situation especially seeing many of my friends has already secured a property (be it PAMA or self effort).
Hopefully I can get some advice here be it harsh or soft.

I'm not bumi, but I just opened ASNB this week and trying to invest into ASM1/ASM2/ASM3 (looking at ~5% grow?)

Unfortunately they are retiring real soon, like, maybe in next 2 years?!
Because the business they have is really bad now (some tradition handcraft product) and they seems to have no interest in continue growing it or they couldn't.  They used to be earning ~10k per month, but now only ~2k per month or even 0...
AFAIK housing loan has 70k pending, and personal loan 50k pending.  They are trying to clear it especially personal loan but since their income is so few I doubt their repayment is enough...
I'm trying to get full detail but they are quite stubborn and refuse to disclose everything.

I wonder usually how people know it's time to allocate their portfolio to include mortgage?
Like, if I able to secure 4k every month in future, should I go for it? Or should I continue building up saving + investment for passive income first?

Hi all,

I'd like to seek advise from you guys. To. See if I miss any major areas in planning for my finances.

I'm 32, married with a kid.

My monthly pay is 10.6k

My expenses are :

1. House 2.5k
2. Car 1: 1.3k wife use
3. Car 2 : 400 own use
4. Insurance 1k for the 3 of us
5. Household : 500
6. Utilities : 100 +20
7. TM: 147
8. Digi : 53
9. House 2: 800 ( will dispose by year end)
10. Epf 1166
11. Pcb : 1.3k
12. Kid daycare 350
13. Petrol : 350

Wife earning 2k per month but I am letting her use it for her own

By year end, I am expected to receive 100k from the sale of the house, and by March next year expected 30k bonus.

My question is that, what is the better use for the 100k?

1. Use the 100k to pay off all the car loan?
This will free up around 2.5k of monthly cash flow
1.3k +400+800 (disposal of House)

2. Keep the 100k, put in ASB, earn 6k per year

3. Sell off expensive car, get a cheaper one. But have to bear the loss of selling while under loan. Currently hrv, planning either city or myvi or persona

I'm not a very good investor, very bad at it.

Any advise?

Greetings folks, just looking for your prospect and insights.

Here's a few details :

I'm aged 28 currently and working in retail.

Gross salary RM 4,000- RM 8,000
Its pretty random as its basics with commission and allowance.

Monthly expenses (Food, groceries, work related etc) RM 800
Parent RM 300
Rental RM 250
Car loan (Share with siblings) RM250
Insurance RM 210
Phone RM 50
Internet RM 100
Electric RM 100
PTPTN Loan RM 230 monthly (Left RM 17,000 more)
ASNB I max up to RM 200,000 (RM1,000 per month I paid) roughly. Been paying for 2 years already

Above are my total expenses.

As for my saving, I managed to save up to RM 184,000 in a saving account

also cash on hand RM 25,000

as for EPF : RM 70,000- RM 80,000

Just wondering should I park all my saving maybe RM 150,000 into my sibling ASB? with the dividend I receive per year, I can use it to pay for property if I'm looking for one within this 1-2 years? I personally think I can save RM 50,000 or more so that I can pay for 10% for property. What are your thoughts or move? Your advice highly appreciated.

Is EPF really a good option for a 28-year-old?

will that 60K be split into 70:30 in EPF, being 30% of that 60K in A/c 2?

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 

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.

Hi all,

Looking for some advice building wealth as a young person.

Age: 23
Nett Pay: 4000 ( been working for about half a year)

Monthly Expenses:
Rent:                            1200 (Rent is very high because I work in KL and prefer to live nearby, rather than being in the car for 4 hours per day)
Food:                            600  (Every month since living alone have to buy groceries)
Phone bill:                      60
Other bills:                    130 (Electricity, Water)
LRT:                                60
Entertainment:                200
                                -----------
                                  2,250

Monthly savings: 1,750

Cash in hand:                21,000 (In a high-interest rate savings account)
ASM:                            1000
EPF:                            7000

Total Assets: 29,000 (although I don't like to count EPF as an asset at my age, what do you all think ?)

No outstanding loans.

I know the rent is high, but I don't pay for any petrol or car loan in this scenario. I do take grab sometimes but rarely.

Really appreciate any advice on how to improve my financial standing or grow my wealth.

Thanks in advance for all the help.

The 21k I listed that of my cash on hand is listed there, the 6 months emergency cash is already part of it and it's easily accessible when I need it. The high yield savings account is paying decent, a bit higher than FD.

Hahaha, OPR just cut. The FD rate now is so low. Ready to take on some risk to see some growth, guess now is a good time since younger can tolerate more risk ..

Mine is in Stashaway 6.5% Risk portfolio. 

As of now 0.13% MWR
0.8% TWR

Don't need to be that liquid, I have CC to tide at least 30 days. While withdrawing.