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 My Thrill of Earning RM50k a month, I want to share how I did it

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FreedomX
post Apr 23 2014, 01:53 PM

Getting Started
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QUOTE(alexcky @ Mar 18 2014, 09:44 PM)
Cool bro, when is ur next meet up session? Location?
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i would like to join as well! count me in,!
deodorant
post Apr 23 2014, 02:59 PM

Surfing LYN instead of Working.
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Joined: Mar 2006


QUOTE(Fiona Chin @ Mar 31 2014, 11:43 AM)
EPF contribution doesn't have a ceiling cap?

Malaysia one don't have cap.
iceypain
post Apr 23 2014, 06:07 PM

On my way
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Joined: Jun 2008


QUOTE(seantang @ Mar 31 2014, 11:38 AM)
Any residence is always considered part of net worth (net of the loan on it, of course).

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Not always. It's not included when we're talking about HNWI and accredited investors -- and that's where calculating net worth is not just a d*** measuring contest.
seantang
post Apr 23 2014, 08:34 PM

With Adult Supervision Only
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From: singapore & ipoh


QUOTE(iceypain @ Apr 23 2014, 06:07 PM)
Not always. It's not included when we're talking about HNWI and accredited investors -- and that's where calculating net worth is not just a d*** measuring contest.
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I think you're confusing net worth with investible funds.

jwrx
post Apr 23 2014, 08:44 PM

On my way
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QUOTE(Jadedbanker @ Mar 30 2014, 02:22 PM)
RM50k a month sounds like a lot but in actual fact is not a lot. Ppl wants increased with their income and 50k a month will not go very far...

Gross salary :50,000
EPF deduction sad.gif5,500) (11% of income)
Tax : (11,000) (circa 22% of income)
Housing loan : (10,000) ( 2 million loan at 4.5% for 30 years) before ppl bashed me saying don't need a 2m house, note that at today's price, 2m - 2.5m don't actually buy you that much. A semi d in puchong is already around 2m
2 cars sad.gif4,000) (one car around 350k (audi a6/5 series) and another 80k car)
Car running costs (2,000) (petrol, toll, parking, insurance etc)
Utilities (1,500) (electricity, water, Astro, broadband, 2 handphones (own + wife)
Private school fees (2,000) (2 kids at 1,000 a month)
Wife and household allowances, insurance (3,000)
Kids allowance (1,000)
Own spending (2,000)
Net for savings and holiday etc. : 8,000

So there's actually not much left 8,000 a month is only 96k a year and it will take you 10 years to save a million ringgit. And have not include the children tertiary education fund.
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no lar, your budget is really too much...even driving a lambo, you wont use 2k a month in petrol etc

you are also assuming the wife doesnt work, in most modern families, the wife would work as well, no matter how much the husband brings in.

1k kids allowance? thats the road to bringing up very very spoilt bratty kids.

Private school fees. You will be surprised, many HNWIs send thier kids to SRJKC, not all send to gardens/KTJ/alice smith etc




Fiona Chin
post Apr 24 2014, 03:08 PM

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From: Singapore / Sabah


QUOTE(deodorant @ Apr 23 2014, 02:59 PM)
Malaysia one don't have cap.
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I see I see, I am half foreigner now.

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