2) Not doing this business. Can you use your time some where to earn money??

Dreamer

ah_suknat,

r u in malaysia? since u mention smuggling malaysia ppl...so it make me confuse here...

and if u wan to maximize profit, then u hv to cut expenses...

but if u wan to make things easier, then u hv to hire ppl thus reduce ur profit since expenses increase..

yes, i am not in malaysia. how can hire people thus reduce profit since expenses increase can make things easier?? don't understand...ofcourse hiring people is easier, but it's not worth it. i will probably end up earning a lot lesser but still need to take care of my own business. you can't trust most people you know? you hire somebody to do the job you still need to monitor them most of the time or they will curi tulang what so ever.

dreamer,
i had pm you last time about my business planning regarding starting an e-learning courses. if i am not going to do this business,i will probably work in some restaurant here in uk. but i don't like to work "for" somebody else, i like to work "with" somebody, or work for myself atleast. that's why i really hope this e-learning business can be a success, i am just started to plan to do a business plan. need to research a lot more. but it's not an easy task, furthermore i have 0 experience in education industry, i my self is not very good in academic performance. but the personality test says i am good with teaching so what the heck.

other than that....i will probably try everything i can, i tried every single odd job, waiter, musician, chef trainee, receptionist, mechanic even gardening lol.

any idea how can i look for management team?i need some partner to make it happen. part time courses and flexible learning are booming recently. lot's of people wanted to improve their career prospect with some qualification.

This post has been edited by ah_suknat: Jun 7 2007, 12:49 AM

ah_suknat,

1) You need to separate yourself into thinking in two separate dimensions:

A) Pay yourself a "virtual salary" so that you can honestly assess whether this particular business is profitable.

B) Do you like doing this stuff?

Now, if this business is NOT profitable, then, you are losing money and time. And, unless there is hope for this to turn around, you should look for something else. And, preferbly, you should look for something that is profitable and enjoyable.

2) Your e-learning business.

A) You need people that you can trust.

B) You need people with experience and contact for education business in Malaysia.

So, it looks like you have to check out your friends and family for that kind of people. The best kind of people will be Malaysian in UK that is retiring back to Malaysia. They might be looking for something to do while they are retiring in Malaysia.

Just some of my ideas..

Dreamer

the business that i am doing is really doing profit. but i just don't bother to calculate the actuall amount of net profit. i am just sure it's making profit, just 5 month of business i have made my capital back, so now my business is in the state of growth.

unfortunately i don't like doing the job who the hell like doing ironing anyway? that's why people send it to us to do it for them.


it's hard to find people that's trustworthy, it's even hard to find people that trust me.

looking for retired malaysian in uk is just like looking for needle in the sea...

but i will try to ask few of my friends, some of them work in college as admin staff, while my sis is a lecturer in UMS, they would assist. but doing business with family is hard and very emotional. you can't fire your own family don't you?

my next concern is can e-learning really make money?big one.
thanks for the advice anyway.

This post has been edited by ah_suknat: Jun 8 2007, 01:00 AM

I really like this thread. To make my financial management more better.

indeed it is.



it sucks. family business you just have to be professional. it could hurt, want to fire nephew also auntie / cousins will be affected blablabla.



and what kind of courses would that be? (sorry if you mentioned earlier).

then you have to consider your target market too.

Got any good tips for managing money in our lives?

Curently wana know whether my recent financial management is reasonable..
Curent im at age of 26 & my savings in FD uptodate is RM20k. I start save when im 23. Is this figure that i save is reasonable?My average income is Rm3.9k...i save Rm1k/month...i have hobbies into modify cars...so with the calculation i should had saved more uptodate.

Car :Rm1097
Rent : RM280
Food : RM300
Misc : Rm100(entertainment & gf expenses)
Maintenance :Rm250(estimate include tyre & schedule maintenance)
Credit card:Rm600
parents :no fix (occasionally when back home give Rm200 or CNY give more)
Gym: RM166
Insurance :Rm73
My target is to clear off my credit balance but till to date still not in good sign (debt Rm9k)..i did pay off monthly duly my car mode hobby.Eventually in early car mode i paid cash.Somehow currently wana mode my car audio..>>
Now planning is to accumulate another Rm5k first into FD then i start to clear off the credit card debt with all my income.

know what you earn.
know what you need.
know what you want to save.

wow derek, RM 9k is a lot. your RM 4k income is a lot already, so i don't see how you can't clear the CC off within 4 months - 6 months period.

i would say clear off the CC before FD, because the CC it costing you much more in the long run.

parents no fixed meh? monthly mah.

Hi all experts,

I need some financial/investment advice. I'm a 28 year old professional earning about RM20k a month. Currently have little debt (a car loan around rm500 a month for the next 1.5 years) and about RM200k in cash and equities. I am thinking of purchasing a property within 1 year period. Can any of you advice me on how I can invest my money and grow them?

Thank you very much.

AC

i was so curious that a ppl like u earning 20k + professional job require advise from ppl for how to invest?
i believe if knowledgable enough or mature enough to handle ur financial.

Hi Derek,

Although I make decent money as professional, I also understand that as a salaryman, our job is not certain. So it's important to protect whatever I have for rainy days. I'm sure heard of some ppl who won lottery spend all the monies within few years of winning it.

Also, many ppl know how to make money but few know how to guard them. The more you earn, the more you spend. Like some of the forumers said, it's not about how much you make, it's about how much you save.

I need advice to invest my savings and an opportunity to look for more income to better secure my financial plan.

Cheers,
AC

This post has been edited by achcmy: Jun 25 2007, 03:13 PM

Just put in FD and work in the company until retired, that's how u grow ur money. Ur money ll outperform most ppl with that kind of sum.

how did u get 200k in cash and equities?

I second that opinion. When you have earn a lot of money, you do not NEED to grow your money faster. You do not need to take the risk. You just have to make sure that you do not lose your money.

Stay in FD.

Dreamer

self-control, self-control, self-control

earning 20k i dun think is a prob to have that sum of money.
Besides mayb grandparents left a lot to him.....
My frens is a hundredaire ..when his grandparents pass away....how he enjoy life with the current work...no pressure at all....

If you are willing to let inflation eats away your money, i.e. you getting less than what you actually earn at the end of the day, sure go for FD. It's the least risky of all, but then again, you are LOSING the value of your hard earned money!

If you really want to grow your money, you have to take some calculated risks and allocate certain amount to beat inflation at least. People say don't lose money, and thats the first mantra they preach. I say you have to risk losing money if you want to make some.

I'm not saying it's stupid to put your money in FD, it's just NOT SMART. Remember PIDM only insure up to RM60k of your money in the banks, it's very unlikely the banks will go bust, so just FYI.

Invest in yourself, learn of the many investment vehicles out there, then when you know the basics, concentrate on a couple that you are most comfortable with. Diversify is the key, and I do recommend keeping the minimum recommended amount in FD. For what? Contingencies, nothing more.

---

Added on June 27, 2007, 10:28 amYes, at the end of the day, it's how much you manage to save. There is no such thing as job security, and all salarymen need to understand this. The closest you can get in job security is when you are worth more than you are paid, and you company knows it, and i don't think there are many are in this category.

You are 28, so you still have the luxury of time. If you see yourself settling down in the near future, why not get a place to stay, and for family set-up, you can consider investment-linked insurance.

The reasons are simple; many will think that your own house is a liability, well in a way that is true. Which is why I always advocate ppl to buy the best house at the best location that they CAN AFFORD. And then spend the least amount of money in a car that you can live with. So you max out good debt and minimize bad debt.

As for insurance, I believe unless you have millions in your account, everyone need some. Investment linked insurance give the options of allocating part of your premium to earn more, at the same time give you protection and some peace of mind for your family as well. Remember they are all invested in stocks, like mutual funds, so if you don't have the time nor enough knowledge, you can consider as well.

These are the BASIC, MOST BASIC, necessities, i.e. having a roof on your head, a reliable transportation mean and protection on rainy days. These will give you a peace of mind, and to add to that, take all the expenses on these and your family's, and put away 12 months in the FD, and forget abt it.

You may realize by the time you finish doing all that, you will have little money left, so you're thinking what's the point? Well, you are planting the seed, and as I said, you have time. In 10-20 years, you will see that it's the right thing to do. Just talk to the ppl nearing retirement age, and ask what would they do differently, money-wise, if they can start over.

You case is unique in the sense that you are a high income earner, so it will not be long before you have snough to venture out on other investments. Till then, good luck!

---

Added on June 27, 2007, 10:36 amCredit card can be your good friend, or worst enemy. The deferred payment every month is good, but you have to make sure when the time comes, you have to pay off ALL the amount, not the minimum, not partial settlement, but pay in FULL. You are actually digging a deeper hole and if this continues, you will be in serious trouble. Exercise some restrain and control in your hobby, and with almost 4k at 26, it's not too late at all.


This post has been edited by meejawa: Jun 27 2007, 10:36 AM

Property is not bad but you need consider the cost including all the legal fees, stamp duty and misc maintenance.
With 200k, you can separate the amount of money and put into different investment vehicles. You can invest in unit trusts for long term, create an investment portfolio that includes equity fund, bond fund, FD, and maybe some insurance policy. Be sure to monitor their progress.
Oops... do you mean that you want to gain extra money to buy property or just want to invest 200k and pay the property loan using your current income? Quite blurred.