Mayb you could provide more info before forummer give their valueble comments, such as :

What you have + what you owe
Do you have emergency fund
Are you adequately insured
What is your risk apetite etc

Do you have more info regarding the Allianz Investment Plan? Is it a saving plan or something?

Just curious why RM500 monthly to PTPTN.
I knew someone borrowed ~RM80k (Engineering field) but only pay around RM400 monthly @ 20 years.
Yours must be pay extra and very sure not medical/law field since the pay is only RM2.5k

I never knew company can opt not to pay EPF. Anything to do about it?

And yes, please review your investment plan again.
It may be a little overpriced and I don't think they can give much returns since it contains much charges.

How about the monthly for joint property loan?

If low risk, try to get ASNB. RM500 monthly is a good amount actually.

I see that you have left out the RM700 investment plan, so you have savings of 50% out of your salary. Good...

Maybe review the investment plan, and group it together with the other RM500 as monthly savings for consideration.

Ideally, one should have some long term objectives as well as short term objectives. Then split the savings accordingly to the objectives.

Not every ringgit we earn need to be in "investments" to gain returns.

Passive income refers to dividends or interests or profits earn from passive investments such as stocks, unit trusts, EPF or fixed deposits.

It is quite impossible, in the short term, to get an adequate and sizeable amount of dividend from these passive investments since it takes many, many years of savings to build up a big enough principal or capital to generate the dividend.

Say if you need 1k of passive income every month, and the dividend is about 10%, the capital will have to be 120k to get the income of 12k in a year.

And this dividend of 10% is an assumption. Statistically, the best possible return from equities and unit trust funds is about 8%... and this is the best. To be on the cautious side, it is wiser to use 6% and the capital is set at 200k to generate the passive income of 12k per annum.

To get higher returns with limited capital, it will be either riskier investments with active trading (trading forex, bitcoin or in stocks) or small businesses with active participation (pasar malam stall, burger stand, etc).

Or get a better job with higher pay… which requires no capital, and needless to say, don’t have to build up any capital from any savings.

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To Curious,

To help your sister, it would be easier to give her a few hundred or half of the monthly leftover of RM500. Keep the other half as savings for a rainy day or any short term needs that you wish to have.

Get a better job that commensurate with your qualifications… as it is currently, you are at welfare level and qualify for BR1M.

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How old are you?

If you are age between 20-30, i will suggest you start invest in PRS, Private Retirement Scheme. Under PRS Youth incentive, if you are aged 20-30 you are entitled 1k incentive from government (one-off).

https://www.ppa.my/prs-youth/prs-youth-incentive/

-build an emergency fund of 3-6 month of your monthly salary park at somewhere liquid, ie FD or Money Market Fund.

-Calculate your total networth & track your monthly expenses by using excel.

These worked perfectly well when I first started....
light, small and ease of use and on the spot recording is possible

I used Money Lover when I got started. For the few initial months I tracked where my money was going and next determined where I can cut. You may find it good/annoying because it reminds you at 8pm daily if you have not made any expense entries.

*Note: I'm not app author or linked to app developer company

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