Look at it this way. Mr guy, is still dumping money into ASX.

Well I don't drink. Smoke, go shopping for fancy shoe, clothes, latest gadgets, drink Starbucks/chatime, eat at fancy restaurant, never spend my angpao money. All pocket money given to me, will be put into FD, (before this was using fd) short term money in maybank2savers/Truesavers.

Buy only what is needed. Shop for clothes at pasar malam, bundle and tesco only when needed. No car. So no petrol cost. Cinema also like 2x/year. No loans.

In short, I am cheapskate and frugal guy. Dream of having rm1m in ASX but dreams are just dream.

This post has been edited by Ramjade: Aug 13 2015, 03:03 PM

Sarcastic or what?

This is how I save
Clothing
My t-shirt RM5.
Shorts also RM5
Slacks RM 25-35
Cargo pants RM25

Gadgets (going to push until they spoil)
1 x laptop (almost 5 years old). - Maximum budget to change when spoil is RM3000 so that my parents can get relief from income tax.
1 x handphone android (will never buy iphone) - (almost 2 years old) - If change will get xiaomi.
1 x ipad air 2 wifi (on promo - save about RM300) (less than a year old) The trick with ipad is JB so can get apps for free and DON'T UPDATE the ipad unless it is ios8.x-8.x. If is ios8.x-ios9.x DO NOT UPDATE Each update will cause it to slow down. After all, I am using it to just read uni textbooks. No games nothing. Why ipad? Battery life cannot be beaten by any android tablet. Why need to buy 3G when I am always on WiFi? (save another RM200-RM300)

Internet
Wifi - Go starbucks, sit down don't order anything and use their wifi.
Campus internet
Worse come to worse use my own 3G internet. RM68
Phone - Call & SMS using WA, Reload RM30/year

Shoes
RM72/year (cannot save as I need to have waterproof and non-slip shoes)
Sandals RM6-RM10 (can last for 2 years like that)

Lifestyle
Food & drinks
- No fastfood, no starbucks/chatime/alcohol. Just buy chapfan and lots of vege dishes. Only 1 meat dish. Total RM6-7/meal
- Groceries shopping = RM300/month (all fruits and veges, soap)
- No girlfriend yet.
- No birthday celebration. If I go for friend's birthday celebration, sure burn minimum RM50

Fun
- No cinema unless is Marvel and get recommendation from friend. That one also make sure ticket is about RM10. See post on internet
- No mamak. Waste of time and unhealthy
- No clubbing/karaoke (no alcohol and karaoke will spoil your ears in the long run)

Transportation
- Walking everywhere
- Public transport

Others
- Using ebooks so no need to waste money to buy real books
- Use Maybank2Savers/Ambank True Savers and 1 month eFD from Maybank (3.25%. Results can only be known next month)
- Online business (small side income helping people to bypass internet restriction)
- Not using credit card yet as parents don't trust credit card. But when I do get one, I will be able to boost my savings further.

So that is how I save. My parents told me the pocket money is yours. Up to you, you want to do what with it. Kind of sad, some of my friends don't even know what is FD. Also, some of my friends by end of the month, no more money (cause alcohol/clubbing/celebrating friend's birthday). Any extra all goes into the online saving account + eFD.

This post has been edited by Ramjade: Aug 13 2015, 06:24 PM

Talking to me or Hansel?

- Maybank2savers give you interest of 2.25% provided if you have >RM2000. Unlimited withdrawal/transfer
- Ambank TrueSavers 2.8% on any amount. Gives you only 3x/withdrawal a month/ which includes IBG to Truetransect/other bank and ATM.

What I do is I leave a buffer of ~RM400 inside M2Savers (no interest) to prevent closing of the account (need RM250 to maintain). This is also for in case any refunds for my customers (which until today didn't happen). I cannot touch the Ambank account or else they will charge me RM5+ if I exceed my 3x limit

Any unused money is dump into there generating 2.8% interest no matter how much the amount. What I do is ask my parents bank into my maybank account. Take what I need in cash. Any balance dump straight into Ambank until enough amount to place 1 month FD.

When amount is enough (RM5k + interest from ambank) transfer back to Maybank and put Maybank Islamic FD and leave RM100 inside Ambank. Saw this on FD thread. Most one month FD will earn you 3.15. But I happen to see a screenshot which shows Maybank Islamic FD giving 3.25%. Not mudarabah. Name is Maybank Islamic Fixed Deposit No brainer which you will choose. For me I don't care islamic ke conventional. Main point is they give high interest.

Lock up money inside there for 1 month (this require few months - accumulating RM5k). Why 1 month and not 1 year? In case I need the money next month. You never know. Besides why go for miserable 1 year FD board rates when I can go for higher promo rates? I don't believe in working for the bank. I believe in squeezing every drop of money from the bank.

After 1 month, auto credit principle + interest, back into M2Savers. Transfer savings for that month into 1 month eFD and repeat the whole process. BTW, I just started doing this only this month. Before this using only M2Savers.

Why not OCBC eSavers? Because although OCBC eSavers give 3.05% (now promo is 4%), you cannot withdraw money or else the account drop to 0.5% for that month. Ambank can withdraw up to 3x/month. I have yet to find other good savings account.

I am in the process of transferring FD into ASM. Just hope that's crisis is not resolve until I transfer 80% of my FD into ASM. Or else later no chance.

When do I put ASM?
1) When I am on holiday. So if got holiday, all money dump into Ambank if maturity date cannot fall on the day when I go back. If can, eFD with Maybank and autocredit into M2Savers. Use money in ASM to top up. Any FD matured during my holiday, uplifted and place into ASM. Early morning on the day I go back, transfer from Ambank into M2Savers.
2) When FD matured and I am not around, my mother will uplift and dump into ASM (FD account joint account) . Mother not working so can help me. Father is working. Same time she try luck for AS1M/ASM.

This post has been edited by Ramjade: Aug 13 2015, 07:00 PM

Nope. You can only earn dividend when you deposit on say 31/7 or 1st/8. Deposit on 2/8 - 31/8 won't earn you dividend for the month of august. But they will earn you dividend starting Sept.

But seeing that opportunity like this does not always come, I recommend you to just taruh. Don't wait No dividend also nevermind. Main point is you know you will get dividend starting the next month.

This post has been edited by Ramjade: Aug 13 2015, 06:57 PM

1. Are you bumi or non-bumi?
2. Did CIMB try to sell you any products? Don't buy from banks. You can buy online as FSM and save the service charge. Why want to give the agents free holiday/new car/new house?

Read Post 2285

This post has been edited by Ramjade: Aug 13 2015, 08:09 PM

See my edited post regarding which want you should buy. Sorry. I point you to the wrong post All funds EXCEPT ASX can be bought via FSM. Charge you only 1% SC. Buy from banks will be charged about 5%

Couldn't agree more. If you are of poor health, it could wipe out your savings. That's why I don't smoke and drink. Eat lots of fruits and veges.

I do not use medical insurance as both parents are working in the government sector.

Also, any unexpected events, we use government hospital service.

I agreed with supersound on this. Medival insurance, easy to pay, hard to claim. More trouble than worth it.

Medicine also same. You are paying for personal waitress, and hotel room.

This post has been edited by Ramjade: Aug 13 2015, 09:25 PM

Fund Super mart. You can check out the thread on fsm a online platform where you Can buy unit trusts, prs without paying for the agent new car/new house/ holiday.

This post has been edited by Ramjade: Aug 13 2015, 10:21 PM

Full time student with part time income from online sales. Very small (about Rm100/month if it's good. If no, then just rm20/month or sometimes zero) Let's call it a hobby of mine maximising returns and learning new ways to make money legally. Have yet to try out stock market and UT. Or maybe I am too obsessed with getting rich. Haha...

Initially was just doing FD at board rate for years. Then decided to step into LYN Finance section. Voila. Learn about promo rates. Decided not to be "generous" to the bank.Why should I help banks to become richer by placing at board rates or placing at not so high promo rates? Get the best deals. Join musical chair or rather go with affin promo. The highest rates with pidm in town. Found GenX's blog and Read all of Gen-X's post from start until finish and got a burning inspiration from him with new knowledge. Banks and government must work for you and not you who are working for the bank/government (giving banks/goverment free money). The inspiration is still there.

Still not satisfied. Check out ASX thread. Then decided to try open ASM. Now feeling quite satisfied. But next on the list is going to learn stock market to buy reits.

Decided to stick around and help others.

I have seen my friend who shops like Rm700+ of shoes and clothes and then complain no more money. Try helping out some friends by giving them some advise, no one was interested except one. So that's that. I just keep quiet and go about my own ways.

Goal in life is retired and live off and interest or dividend without touching the principal and taking my parents on overseas vacation at least once a year. The least I can do for them. Fancy cars, foods, shoes and clothes does not interest me. One must give something to gain something. Nothing is free in life. One gives up the enjoyment of life now and reap the fruits later. Also be healthy now, rather than be sickly when you are old.

Until today I don't event know how to play dota. well I did play counter strike and call of duty against bots. That's about it

This post has been edited by Ramjade: Aug 13 2015, 11:34 PM

Oh I did. Put foreign fd aud (that time was 5%)with hlb for one year. After that aud went downhill. But I think 5 years. Effective returns = 1%/year. Decided enough waiting. Withdraw and put inside ASM. 1% also better than nothing.

Silver with Maybank rm2k there. Until today, cannot withdraw or give bank free money.From Rm3.XX to rm1.XX. I didn't think the Spread was too big

ASG value, wipe out a lot. From 1.2, it became 0.9. Didn't count in the 5% SC some more.

So yeah. I learnt my lesson. Never dived in without knowledge. If want to invest. I thought it was perfect investment that time. How can aud depreciate? Aud is a white people country with good economy and management. Sure go up one. Silver and gold are precious metal. If drop also sure rebound. World needs gold and silver. Ah, ASG is stable. Fluctuations will minimally affect my cost.

Lesson learned
1) Banks will not let you win. You are always on losing site if you want to open foreign account with bank.
2) Again. Bank will not let you win. Their spread is big to ensure that you don't win.
3) Something calm like ASG have its dangers
4) The world is unpredictable. Anything can happen.
5) Stick with something guaranteed and consistent.
6) Seeing that banks will not let you win, only option is exploit them too the max. No more giving them free money.
7) Going to put #6 to good use when I can apply for a credit card. Banks will never gain any money from me via late payment or AF. Going to call up CS and ask to arrange my payment date to this xx date. Going to deploy GenX's method of 1 month eFD on max how much I am going to spend for that month. Upon maturity and before payment date dump into Ambank Truesavers /m2savers. If there are any balance, bring forward to next month. After that pay my bill on time. About AF, I can't post as it is considered illegal. So don't asked me.

This post has been edited by Ramjade: Aug 14 2015, 05:30 AM

Few people ask me why are you so stingy? I told them for what I spend money on useless things? Did advise a few people. "All of them say, not interested. Not working yet. When working then only I learn all this." In the end I let them say what they want and do what they want. Their money is not mine money. I sleep better knowing that my compounding interest is at work without needing to lift a finger. Let them enjoy their life. Once they started working they will be shocked no savings. That time want to buy car, pay loan, buy house, pay credit Card OB, they will have big headache unless they have bottomless pocket seeing that they don't have any immediate plan for the future. Will be easily coned by banks and end up working 2 jobs. One their normal job. Another one is as GenX mentioned making other people richer (banks in this case).

I think i learnt to control my greed already. Thanks to this forum, I am able to consult with sifus first before making any more decision.

Thanks for the advise.

This post has been edited by Ramjade: Aug 14 2015, 05:42 AM

SemiD? Nah. Not for me. Most is a double story terrace house will some small land inside to plant my own veges.

Kind of true. But you didn't guess all correctly. Handle family finance no. Handle my own finance yes. Listen to my advise not really. They only listen to my advise on FD musical chairs (use to put board rates) and ASX. Asking them to use credit card, until today no. They still prefer cash. Asked to open a CDS account kena reject strongly.

By the way, how you know?

Why should I go watch crappy movies? I usually go for marvel movies and movies which friend said are good. Tgv ticket are RM14. The last I checked (few months back). Besides I usually go and watch when the movie is not so popular anymore. Less people, less kids screaming, less people with phone on, less people walking up and down.

Second, watching movies mean you are supporting MAFIAA of America. They are not somebody you want to support. There's always free WiFi at Starbucks.

Thanks for the recommended book. Will look into it.

Don't worry I use a VPN when I am on public WiFi. Hehe... One Cyberghost license only RM45/year. 5 servers. More than enough for me, If you know how to use say android TV/chromecast, with Cyberghost VPN, one does not need Astro provided one have access to high speed internet.

Few ways of controlling your kids
1) Restrict their finances.
As they say money is the root of all evil. When you have too much money you start wasting money. Starts smoking, drinking, clubbing, spending unnecessarily on girls who are not your GF just to look cool. Imagine if you are living on a tight budget, do you have the extra money to smoke, drink and "play" with girls. You will think about having a full stomach first before anything else. I am lucky my parents didn't restrict my finance.

2) Teach them from young the value of money
Act like you are poor/middle class. Drive a normal car, stay in a normal house. Don't buy like those expensive handbags and watches. Show them what money can buy and how to preserve it That way, they will realise oh I must be rich someday so that I can afford all those luxury. As Dr Erskine said in Captain America

Same concept here. If you bought them up in a rich environment, they will never know the value of money as they have been rich since young.

3) Don't spoil your kids
I strongly in not giving into your kids for everything they asked for. Make them want that thing so badly and make them earn it.

4) Sniff their breath
I know this is extreme. But if your kids have been smoking, they will try to refresh their breath. You can smell the difference (based on friends who smoke).

This post has been edited by Ramjade: Aug 14 2015, 04:28 PM

ASM higher chance. Tell them if got empty units, I know can open account. Can you please check? I tell this in all my post everytime someone said cannot open.

By the way Hansel, don't listen to me. I am considered "odd" as I don't follow the normal norm.

By the way, I think withdrawal limit is just a rumour. Or else it will appear on online news and local newspaper.

Maybe is TT money overseas.