Totally agree with this. 2K income 20 years ago really A LOT more than 3k income today

No. The person is about to retire and he only earn 2K now. 20 years ago, he earn a lot less.

Dreamer

i must agree that older generations who faced through hardship manage to save much more money than the younger generation nowdays.

both my parents came out to work with the local majlis around 19 years old. both their total combined salary was about less than 2k including part time job, a typical day would be work from 8am to 7pm. expense is about RM200 (mainly thanks to the location as a remote village) a month. we only owned a kapchai motorbike to our name, we even lived in the government quarter house. on my part, i went to school by hitching a ride on the back of a garbage truck as do some other kids, cars were rare those days for even for average people.

and later through savings, my family finally ventured into business (from wealth preservation to wealth creation), have been going at it still and own several properties and nice investments.


mom with no education and dad only a standard 6 graduate managed to beat many educated people to achieve what they have today. they worked hard, spent only on things most needed and later invested it in wealth creating vehicle (business).

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Added on July 23, 2007, 9:35 pmand ejleemy, our transportation system is not as bad as you think they are.

i clearly know the difference. used to own a 2nd hand NEW 1.5 auto wira. life was great being able to drive around. then the fuel price hit all time high. for almost 3 months, i only used my car during emergencies. other times, i took public transport to go to work. after a year, i sold it off.

only plan to buy one when there's a mrs. 1stLaksamana and expecting kids.

undoubtedly, having a car does make your life much easier but comes with a cost.

This post has been edited by 1stLaksamana: Jul 23 2007, 09:35 PM

it seems like u always know about "real life" example of the others
so they never earn more than 2k a month and saves 50% of their income.
and he earn a lot less last time. lets just say he earn a max of 2k all this while.
saves 1k - bought the houses with it, maybe

then another k for expenses. so why is C valid?
the kids work in USA? or they eat grass? if scholarship, is C even valid here?

maybe some people choose to buy a car and have family vacations further than some people too
what ahsuknat said is true

y talks or compare other's life?

just make sure u plan ur financial well then is ok lo....u know wat u r spending...

aichiban,

1) You ask why © is valid. I am telling you about what is actually happening. C is financed by the family aka NO SCHOLARSHIP. Yes, the cost is lower since the children are living with relative in USA.

2) My statement should be they save at least 50% of their income. They probably saves a lot more.

3) They do collect rental on their second house. But, the husband is only 2k per month now.

Dreamer

I'm working as IT/Admin Assist (RM1900 without SOSCO and EPF deduction)

Fixed Expenses
RM300 - Foods
RM250 - Transpor(fuel)
RM500 - Insurance(2 policy)
RM103 - Study Loan
RM 66 - Stremyx

The balance are savings..
any comment??

mind to share why put so much (% wise) on insurance alone, type? really need? It seems like a bit high with RM6k annually considered that your income is 1,900 monthly.

no utility bills? HP? entertainment fee? your balance RM681 still have to be deducted further. but right now 65% of pay already gone.

net savings? you should save RM200 a month from now until you retire purely for your retirement savings since you don't have EPF.

glad you have insurance tho.

2 Policy
1.Medical Card
2.Life Assurance-Protection

err..i forgotten abt tat, actually im using DIGI 100/3 months. Then after SOSCO and EPF deduction roughly left 1600
so...saving ard 200+
later need to pay for car installment rm300..haih..swt..
instead of saving, i'm in debts lar..
how leh??

dun buy car lorrrr....save more lorr...change job get higher pay....

Car is to cover the installment for Dad's car, that idiot go buy car make me suffer oni..change job?easy for u to say, i just joined this co..for 5months after grad barely 1 year ago..

Anyone, know about this fund - AsiaPac Hybrid Capital Protected from Maybank ?

I'm quite interested but 100K for initial investment. and I almost invested similar fund - from CIMB two months ago. just that 100K initial amount worry me. any comments .

and i plan to apply for CC soon/near future for easier online payment and other payments...ok ka?

then pity of u to pay ur dad payment car...then u hav to work hard & patient for jumps others job lorrr....
betwn apply for CC....good luck to you....then u will be in debt more than ur car payment......unless ur control desire is very strong

what is CC a?

for fund, there is another thread for fund here...kindly discuss there better

i working experience still 1year, there more to come...i believe my income will not stop there or decrease..
CC is for insurance payment..easier that way..dun u agree?

I'd think when we gauge ourselves against others in defining average, it's already a wrong assessment process at the first step. Say you spend less than your peers, how do you know they are not actually spending ABOVE averagely and so making you actually just, average?

When you ask yourself "when you do things if it's financially wise", good, that's all that's required. Many become rich by living frugally, and many become rich by paying little attention to their spending habits. I'm not saying the latter is better; my point is most time should be spent in growing your portfolio, and if in the meantime you can delay the gratifications, you can live simpler, good. If you want to spend more, then find more income to supple that.

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Added on July 27, 2007, 10:34 amaren't the answer to any question is "it depends"?

This post has been edited by meejawa: Jul 27 2007, 10:34 AM

i'd say dun get cc (credit card). i know the benefits are there, but i'm afraid it will do you more harm later. there are charges to use the cc and also if you over use it to pay your debts, you'll end up in more debts. dun tell me you can't pay your bills without cc. it is harder yes, but you have to brace yourself and make the sacrifice.

hmm, i have to disagree with the term "idiot". better use "not investment savy", because my dad is one. he thinks landbanking, UTs are scams thus he only relies on his business and FD. i'm teaching him and opening his mind little by little. after all, dad's the one who raised us up and kids costs a bomb to raise. perhaps he bought the car for your comfort.

anyway, perhaps you can sell the car off if the family doesn;t need it. you can take public transport if you willing to be discipline and make the sacrifice. 2nd, perhaps you can combine both your insurance policies together. normally, a policy that offers both are cheaper than buying one each.

RM200 saved a month until you retire is only enough for retirement use, roughly based on 5% returns p.a, not inclusive of inflation calculation (that makes your purchase value smaller in future) based on current expenses level.

keep your current job for like a year or two for a good resume record. it is not easy to get a job. my friends who are degree graduates can't get a job after 6 months graduating. if you want to look for a job, please get a confirmed job offer first before quitting the current one. i know friends who quit their jobs and then look for one and complain not having money and job.

if you pay tax, or have stocks, unit trusts that issue you dividends/distributions, i recommend you to file them and claim if possible.



meejawa, for "average" description, i wrote down in one of topics. feel free to browse and go through them.

actually it's capital protected...means in the worst case scenario you'd get back your capital without any returns: you only lose the opportunity cost ie. investing in other instruments for return

from my experience you can usually get an above FD average returns with investments like this...not fantastic, around 6-7% but if the investment climate gets better you can get around 10%